相对业绩评价能提高企业绩效吗——来自民营上市公司股权激励方案的证据

当代财经 ›› 2021, Vol. 0 ›› Issue (5): 138-148.

• 现代会计 • 上一篇

相对业绩评价能提高企业绩效吗——来自民营上市公司股权激励方案的证据

凌筱婷, 薛雨佳

中国人民大学商学院,北京 100872

收稿日期:2021-02-10 出版日期:2021-05-15 发布日期:2021-05-31
通讯作者: 凌筱婷,中国人民大学博士研究生,主要从事资本市场财务与会计研究,联系方式lingxiaoting@ruc.edu.cn。
作者简介:薛雨佳,中国人民大学博士研究生,主要从事资本市场财务与会计研究。
基金资助:
国家社会科学基金重大项目“面向国际趋同的国家统一会计制度优化路径研究”（16ZDA029）

Can Relative Performance Evaluation Improve Corporate Performance: Evidences from the Equity Incentive Schemes of Private Listed Companies

LING Xiao-ting, XUE Yu-jia

Renmin University of China, Beijing 100872, China

Received:2021-02-10 Online:2021-05-15 Published:2021-05-31

摘要/Abstract

摘要： 以2008—2018年A股实施了股权激励的民营上市公司为样本,考察了民营上市公司在股权激励方案中实施相对业绩评价对企业绩效的影响。研究发现：民营上市公司在股权激励方案中实施相对业绩评价可以显著提升企业绩效。进一步研究表明：在管理层能力较弱的民营上市公司中,实施相对业绩评价对管理层的激励作用更强,对企业绩效的提升作用更显著;与强势相对业绩评价相比,使用弱势相对业绩评价更有利于提升企业绩效。

关键词: 相对业绩评价, 管理层能力, 公司绩效, 民营上市公司

Abstract: Taking 2008-2018 A-share private listed companies that have implemented equity incentives as samples, this paper examines the impact of private listed companies' implementation of relative performance evaluation in equity incentive schemes on corporate performance. The findings show that by implementing relative performance evaluation in their equity incentive schemes, the private listed companies can significantly improve their corporate performance. Further research shows that among the private listed companies with weak management capabilities, those implementing the relative performance evaluation will have a stronger incentive effect on their management and have a more significant promoting effect on corporate performance. Compared with the strong relative performance evaluation, adopting the weak relative performance evaluation is more conducive to improving corporate performance.

Key words: relative performance evaluation, management ability, company performance, private listed companies

中图分类号:

F275.5

凌筱婷, 薛雨佳. 相对业绩评价能提高企业绩效吗——来自民营上市公司股权激励方案的证据[J]. 当代财经, 2021, 0(5): 138-148.

LING Xiao-ting, XUE Yu-jia. Can Relative Performance Evaluation Improve Corporate Performance: Evidences from the Equity Incentive Schemes of Private Listed Companies[J]. Contemporary Finance & Economics, 2021, 0(5): 138-148.

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相对业绩评价能提高企业绩效吗——来自民营上市公司股权激励方案的证据

Can Relative Performance Evaluation Improve Corporate Performance: Evidences from the Equity Incentive Schemes of Private Listed Companies

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