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进入20世纪以来,经济全球化的深入发展使得无国界竞争逐步形成,企业经营的市场已不再是政治疆域内的国内市场,而是一个全球一体化的市场。面对日益激烈的国际市场竞争,企业将如何提升公司绩效和持续成长能力,如何在激励与绩效相匹配的情况下,更好地发挥公司高级管理人员的管理才能,已成为理论界与实务界共同关注的课题之一。学界对于股权激励的研究多集中于股权激励机制的实施与企业业绩之间的关联性。本文则研究股权激励方案实施完成后的企业业绩的变化,从一个较长的期限来考察实施股权激励机制的效果,探究股权激励的三个敏感因素:时间、价格、数量与企业业绩的关联性。分析研究结果,反思股权激励在实践中存在的问题。
Since the 20th century, the deepening development of economic globalization has led to the gradual development of borderless competition. The market in which enterprises operate is no longer the domestic market within the political boundaries, but a globally integrated market. In the face of the increasingly fierce competition in the international market, how to improve corporate performance and sustainable growth ability, how to better exert the management ability of the top management of the company under the circumstance that the motivation and the performance are matched, has become the theoretical and practical One of the topics of common concern. The academic research on equity incentive mostly focuses on the correlation between the implementation of equity incentive mechanism and the performance of enterprises. This paper studies the changes of corporate performance after the implementation of the equity incentive plan, examines the effect of implementing the equity incentive mechanism from a long period of time, and explores three sensitive factors of equity incentive: the correlation between time, price, quantity and business performance . Analyze the research results and reflect the problems existing in the practice of equity incentive.