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随着市场趋稳的信号增强,近期银江股份、亿利达、中炬高新、当代东方、盛通股份等上市公司纷纷双管齐下,出台并购重组与股权激励的有关公告。作为推动企业成长的主要动力,股权激励和并购在上市公司中发挥着越来越重要的作用,更有愈多的公司将两者结合起来,以期发挥“1+1>2”的效果。然而,股权激励与并购之间是否存在博弈,其相互作用的内在机制以及上市公司将两者共举的动机都值得进一步研究。
As the signal of market stabilization has been strengthened, recently, listed companies such as Yinjiang Co., Ltd., Elite Leader, Zhongju High-tech Co., Ltd., Orient Securities Co., Ltd., Shengtonggufen Co., Ltd. and so on have made a two-pronged approach in implementing mergers, acquisitions, reorganization and equity incentive announcements. As the main driving force for the growth of enterprises, equity incentive and M & A play an increasingly important role in the listed companies. More and more companies combine the two in order to play the “1 + 1> 2” effect . However, the existence of the game between equity incentive and M & A, the intrinsic mechanism of its interaction and the motivation of listed companies to both should be further studied.