股权激励计划契约结构对其激励效应的影响

摘要

The impacts of equity incentive plan contract structure on incentive effect of the plan are studied in this paper.The Chinese listed companies who first implement equity incentive plan during the period 2007-2013 are selected as research objects.The result shows that propor-tion of managerial ownership,exercise price,rigidity of exercise conditions,incentive intensity and incentive term all has positive impacts on incentive effect of equity incentive plan.In order to enhance the incentive effect of equity incentive plan,companies should improve the proportion of managerial ownership,exercise price,rigidity of exercise conditions,incentive intensity and in-centive term appropriately.%依据2007年1月1日至2012年12月31日期间首次公告股票期权计划激励方案的上市公司数据，考量股权激励计划契约结构对其激励效应的影响。结果表明：股权激励计划中高管激励比例、行权价格、绩效条件严格度、激励强度及激励期限均将对其激励效应产生正向影响。上市公司设计股权激励计划契约时，应适当扩大高管激励比例、提升行权价格、提高绩效条件严格度，增加激励强度、延长激励期限以增强股权激励计划激励效应。