股权激励对员工长期忠诚度的影响
摘 要
随着现代企业治理结构的不断完善，股权激励作为一种重要的长期激励机制，逐渐成为提升员工忠诚度和企业绩效的关键手段。本研究旨在探讨股权激励对员工长期忠诚度的影响，并分析其作用机制及边界条件。基于社会交换理论与心理契约理论，本文选取了2015年至2022年间中国A股上市公司为样本，采用多层次回归分析方法，结合定量与定性数据，深入考察股权激励计划的设计特征、实施效果及其对员工行为的长期影响。研究结果表明，股权激励能够显著增强员工的长期忠诚度，这种效应主要通过提升员工的心理归属感和组织承诺实现。此外，研究发现激励计划的覆盖范围、行权条件设计以及企业文化氛围等因素在这一过程中起到重要调节作用。
关键词：股权激励 员工忠诚度 心理归属感
Abstract
With the continuous improvement of modern corporate governance structure, equity incentive, as an important long-term incentive mechanism, has gradually become a key means to improve employee loyalty and enterprise performance. The purpose of this study is to investigate the influence of equity incentive on long-term loyalty and analyze its mechanism and boundary conditions. Based on the theory of social exchange and psychological contract, this paper selects China's A-share listed companies from 2015 to 2022 as samples, and adopts multi-level regression analysis method, combined with quantitative and qualitative data, to deeply investigate the design characteristics, implementation effect of equity incentive plans and their long-term impact on employee behavior. The results show that equity incentive can significantly enhance the long-term loyalty of employees, and this effect is mainly realized by enhancing employees' psychological sense of belonging and organizational commitment. In addition, the study found that the coverage of the incentive plan, the design of exercise conditions and the corporate culture atmosphere play an important role in regulating this process.
Keyword:Equity Incentive Employee Loyalty Psychological Sense Of Belonging
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 1
2股权激励的理论基础与机制分析 2
2.1股权激励的核心概念界定 2
2.2股权激励对员工行为的影响机制 2
2.3长期忠诚度的理论框架构建 3
2.4激励机制与忠诚度的关系模型 3
3股权激励对员工长期忠诚度的影响因素分析 4
3.1激励计划设计对忠诚度的作用 4
3.2员工感知价值与忠诚度的关系 4
3.3企业文化和股权激励的协同效应 5
3.4外部环境对激励效果的影响 5
4实证研究：股权激励与员工长期忠诚度的关系 6
4.1研究假设与变量设定 6
4.2数据来源与样本选择 6
4.3实证模型构建与分析方法 7
结论 7
参考文献 9
致谢 10
摘 要
随着现代企业治理结构的不断完善，股权激励作为一种重要的长期激励机制，逐渐成为提升员工忠诚度和企业绩效的关键手段。本研究旨在探讨股权激励对员工长期忠诚度的影响，并分析其作用机制及边界条件。基于社会交换理论与心理契约理论，本文选取了2015年至2022年间中国A股上市公司为样本，采用多层次回归分析方法，结合定量与定性数据，深入考察股权激励计划的设计特征、实施效果及其对员工行为的长期影响。研究结果表明，股权激励能够显著增强员工的长期忠诚度，这种效应主要通过提升员工的心理归属感和组织承诺实现。此外，研究发现激励计划的覆盖范围、行权条件设计以及企业文化氛围等因素在这一过程中起到重要调节作用。
关键词：股权激励 员工忠诚度 心理归属感
Abstract
With the continuous improvement of modern corporate governance structure, equity incentive, as an important long-term incentive mechanism, has gradually become a key means to improve employee loyalty and enterprise performance. The purpose of this study is to investigate the influence of equity incentive on long-term loyalty and analyze its mechanism and boundary conditions. Based on the theory of social exchange and psychological contract, this paper selects China's A-share listed companies from 2015 to 2022 as samples, and adopts multi-level regression analysis method, combined with quantitative and qualitative data, to deeply investigate the design characteristics, implementation effect of equity incentive plans and their long-term impact on employee behavior. The results show that equity incentive can significantly enhance the long-term loyalty of employees, and this effect is mainly realized by enhancing employees' psychological sense of belonging and organizational commitment. In addition, the study found that the coverage of the incentive plan, the design of exercise conditions and the corporate culture atmosphere play an important role in regulating this process.
Keyword:Equity Incentive Employee Loyalty Psychological Sense Of Belonging
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 1
2股权激励的理论基础与机制分析 2
2.1股权激励的核心概念界定 2
2.2股权激励对员工行为的影响机制 2
2.3长期忠诚度的理论框架构建 3
2.4激励机制与忠诚度的关系模型 3
3股权激励对员工长期忠诚度的影响因素分析 4
3.1激励计划设计对忠诚度的作用 4
3.2员工感知价值与忠诚度的关系 4
3.3企业文化和股权激励的协同效应 5
3.4外部环境对激励效果的影响 5
4实证研究：股权激励与员工长期忠诚度的关系 6
4.1研究假设与变量设定 6
4.2数据来源与样本选择 6
4.3实证模型构建与分析方法 7
结论 7
参考文献 9
致谢 10
