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以2006~2014年宣布实施股权激励的上市公司为样本,通过考察股权激励解锁情况、行业业绩水平和股票溢价情况与股权激励实施之间的关系,研究股权激励执行情况与股权激励终止之间的关系。研究发现,企业达到股权激励解锁条件的可能性越低,股票价格相对于行权价格的溢价越低,企业越容易实施股权激励终止,而行业业绩因素对于股权激励终止无影响。这说明当股权激励无法执行之后,失去了激励的意义,于是企业不得不实施股权激励终止,而这一行为是企业的个体行为,不具有行业特点。
Taking the listed companies which announced the implementation of equity incentive from 2006 to 2014 as a sample, this paper studies the relationship between the implementation of equity incentive and the termination of equity incentive by examining the relationship between equity incentive unlocking, industry performance and stock premium and the implementation of equity incentive relationship. The study found that the lower the probability of enterprises reaching the condition of unlocking equity incentive, the lower the premium of stock price relative to exercise price, the easier it is for the enterprise to terminate the equity incentive, while the industry performance factor has no effect on the termination of equity incentive. This shows that when the equity incentive can not be implemented, the incentive to lose the meaning, so companies have to implement equity incentive termination, and this behavior is the individual behavior of enterprises, do not have the characteristics of the industry.