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本文选取2007-2014年实施股权激励的80家沪市A股上市公司为研究样本,并引入因子分析法得出公司绩效综合指标,引入虚拟变量表征股权激励水平,在Hausman检验和协变分析检验基础上,建立变截距随机效应模型。研究得出,股权激励与公司绩效呈现弱正相关性,且激励效果表现出滞后性。
This paper selects 80 Shanghai A-share listed companies that implemented equity incentive from 2007 to 2014 as the research sample, and introduces the factor analysis method to obtain the comprehensive index of company performance. By introducing the dummy variables to represent the equity incentive level, this paper uses the Hausman test and covariate test Based on the establishment of variable intercept random effects model. The research shows that there is a weak positive correlation between equity incentive and corporate performance, and the incentive effect lags behind.