The Empirical Study on the Correlation between Equity Incentive and Enterprise Performance for Listed Companies 上市公司股权激励与企业绩效相关性的实证研究 汇报人：白欣蓉 学 号：17721006

I.Basic information 1.Literature sources：SpringerLink 2.The author：Xiao-feng Hui&Shan-shan Zou Finance, School of Management Harbin Institute of TechnologyHarbinChina 3.Published time：04 June 2013

Taking stock prices and macroeconomic factors into consideration. II.Abstract Research purpose In order to study the correlation between equity incentive and enterprise performance 为了研究股权激励与企业绩效之间的关系 Samples the listed companies which executed equity incentives from 2009 to 2010, are taken as samples in this essay. 本文选取了2009年至2010年实施股权激励的上市公司作为样本 Consideration Taking stock prices and macroeconomic factors into consideration. 考虑股票价格和宏观经济因素 The research methods Analysis of principal component and multiple regression. 主成分分析和多元回归分析 The research conclusion The result shows that there is no significant correlation between equity incentive and enterprise performance. 结果表明，股权激励与企业绩效之间没有显著的相关性

III.Keywords Enterprise performance 企业绩效 Equity incentive  股权激励 Executive Stock price 执行股票价格 IV.Background As the equity of company is changing scattered and the technology of management becomes increasingly complex, companies carry out equity incentive in ways of stock options, in order to incite the management personnel and innovate on incentives. Equity incentive has been thought as the “Golden Key” in solving the principle-agent problems of companies in the late 20th century. It makes great efforts to improve the performance of companies and the working efficiency of management. As equity incentive was introduced late in china, lots of methods have been proposed to improve the effect of Stock option incentive plan in listed companies. 随着公司股权的不断变化和管理技术的日益复杂，公司在股票期权的方式上进行股权激励，以激励管 理人员，创新激励机制。股权激励一直被认为是解决20世纪末公司委托代理问题的“金钥匙”。它为 提高企业绩效和管理工作效率做出了巨大的努力。随着股权激励在我国的引入，我国上市公司股票期 权激励计划的效果也得到了很大的提高。

V.The innovation points Different from previous studies, this paper this essay takes the market factors into consideration and discusses whether equity incentive can make efforts in firm performance or not by adopting the changes of the share price, which makes the research more practicable.And the available remuneration for executives, which benefits from equity incentive, is made as explanatory variable in this essay. 不同于以往的研究，本文考虑了市场因素并讨论股权激励是否可以通过股价 的变化来实现公司的业绩，这使得研究更加可行。从股权激励中获益的高管 的可用薪酬在这篇文章中被作为解释变量。

VI.Variable Design Dependent Variable Independent Variable The performance of the management is comprehensively evaluated by four aspects in this paper, which includes investment and profit, profitability, debt paying ability, and growing capability. 此篇论文从投资与盈利、盈利能力、偿债能力、增长能力四个方面对管理绩效进行 了综合评价。 Independent Variable When market factors are considered, the changes of share price have an influence upon the effect of equity incentive. The Earnings generated by equity incentive (SY) is regarded as equity incentive effect in this paper, which is used in studying the influence that the equity incentive has exerted on the performance of the listed companies. 当市场因素被考虑时，股价的变化会对股权激励的影响产生影响。股权激励(SY)产 生的收益被认为是股权激励效应，用于研究股权激励对上市公司绩效的影响。

Control Variable VII.Model Construct 1.Composite Scoring Model of Enterprise Performance 企业绩效综合评分模型 2.Performance Evaluation Model of Equity Incentive 股权激励的绩效评估模型

VIII.Conclusion As is shown by the result of regression testing in the paper, when the effect of stock price is considered, there is no obvious positive correlation between equity incentive and enterprise performance. In other words, equity incentive which is directed to the management personnel makes less effect on enterprise performance. Simultaneously, there is no obvious correlation between macroeconomic factors and enterprise performance. Nevertheless, it is shown by regression results that high market-oriented degree helps improving the enterprise performance. In addition, the larger the scale of the company is, the better the enterprise performance can be. 此篇论文的回归测试结果表明，当考虑股票价格的影响时，股权激励与企业绩效之 间没有明显的正相关关系。换句话说，直接面向管理人员的股权激励对企业绩效的 影响较小。同时，宏观经济因素与企业绩效之间没有明显的相关性。然而，回归结 果表明，高市场化程度有助于提高企业绩效。此外，公司规模越大，企业绩效越好。

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