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，逐渐成为提升企业财务绩效和实现可持续发展的重要手段。本研究旨在探讨股权激励对企业财务绩效的影响机制及其实际效果，通过构建理论模型并结合实证分析，为相关实践提供科学依据。研究选取了2015年至2022年间中国A股上市公司作为样本，运用面板数据回归方法，从股权激励的实施比例、对象范围及 vesting 期限等多个维度展开分析。结果表明，合理的股权激励方案能够显著提升企业的财务绩效，尤其在提高净资产收益率和增强企业盈利能力方面效果明显。此外，研究发现激励对象的覆盖范围与激励效果之间存在非线性关系，过窄或过宽的激励范围均可能导致激励效应的减弱。本研究的创新点在于引入动态视角，考察股权激励的长期影响，并结合行业异质性进行分组分析，揭示了不同行业中股权激励作用的差异性。总体而言，研究结论为企业优化股权激励设计提供了重要参考，同时丰富了股权激励与财务绩效关系的理论框架，对推动企业治理结构完善具有重要意义。
关键词：股权激励；财务绩效；激励对象范围；净资产收益率；行业异质性
Abstract
As the modern corporate governance structure continues to improve, equity incentives, as an important long-term incentive mechanism, have gradually become a critical tool for enhancing corporate financial performance and achieving sustainable development. This study aims to explore the impact mechanism and practical effects of equity incentives on corporate financial performance by constructing a theoretical model and combining it with empirical analysis, thereby providing a scientific basis for relevant practices. The research selects A-share listed companies in China from 2015 to 2022 as samples and employs panel data regression methods to analyze multiple dimensions of equity incentives, including implementation ratios, target scopes, and vesting periods. The results indicate that a well-designed equity incentive plan can significantly improve corporate financial performance, particularly in terms of return on equity and profitability enhancement. Additionally, the study finds a nonlinear relationship between the coverage scope of incentive targets and incentive effectiveness, suggesting that both overly narrow and overly broad incentive scopes may weaken the incentive effect. The innovation of this study lies in its introduction of a dynamic perspective to examine the long-term impacts of equity incentives and its grouped analysis incorporating industry heterogeneity, which reveals differences in the role of equity incentives across industries. Overall, the conclusions provide significant references for optimizing equity incentive design and enrich the theoretical fr amework regarding the relationship between equity incentives and financial performance, contributing meaningfully to the improvement of corporate governance structures.
Keywords：Equity Incentive; Financial Performance; Scope Of Incentive Targets; Return On Equity; Industry Heterogeneity
目 录
摘要 I
Abstract II
一、绪论 1
(一) 股权激励与财务绩效的研究背景 1
(二) 研究股权激励对企业财务绩效的意义 1
(三) 国内外研究现状综述 1
(四) 本文研究方法与结构安排 2
二、股权激励的理论基础与机制分析 2
(一) 股权激励的核心概念与类型 2
(二) 股权激励的激励机制解析 3
(三) 股权激励对财务绩效的作用路径 3
三、股权激励对企业财务绩效的影响因素分析 4
(一) 激励对象的选择与财务绩效的关系 4
(二) 激励强度对财务绩效的影响 4
(三) 实施时机与企业生命周期的匹配性 5
四、股权激励效果的实证研究与案例分析 6
(一) 实证研究设计与数据来源 6
(二) 股权激励对企业盈利能力的影响分析 6
(三) 典型企业股权激励案例剖析 7
结 论 8
参考文献 9
