建立激励约束机制是解决公司治理中代理问题的核心,股权激励作为一种重要的长期激励机制是完善上市公司治理的重要环节。本文以股权分置改革以来已实施股权激励的中国上市公司为样本,对股权激励实施效果以及股权激励契约结构选择的影响因素进行实证分析。研究结果表明,股权激励对上市公司的业绩提升有明显的推动作用。在股权激励取得显著成效的上市公司中,契约结构的选择与设计充分考虑了企业自身的特点,其中,企业性质、成长性与企业规模是影响股权激励类型选择的主要因素,行业特性与企业规模是影响股权激励对象范围确定的主要因素。研究结论旨在为股权激励理论的发展与股权激励方案在中国的设计与应用提供有益参考。 The establishment of incentive and restraint mechanism is the core of solving the agency problem in corporate governance. As an important long-term incentive mechanism, equity incentive is an important part of improving the governance of listed companies. This article takes a sample of Chinese listed companies that have implemented equity incentives since the equity division reform as an example to empirically analyze the effect of equity incentives and the influencing factors of equity incentive contract structure selection. The research results show that equity incentives have a significant role in promoting the performance of listed companies. Among the listed companies that have achieved remarkable results in equity incentives, the choice and design of the contract structure fully take into account the characteristics of the company itself. Among them, the nature of the company, its growth and the size of the company are the main factors affecting the choice of the type of equity incentives, industry characteristics and size of the company. It is the main factor affecting the scope of the equity incentive object. The research conclusions are intended to provide a useful reference for the development of stock incentive theory and the equity incentive plan in China.