基于效率视角的上市公司股权激励工具选择研究

本文运用2011-2016年发布股权激励计划的我国A股上市公司数据，从激励效率的角度，探讨公司规模、成长性及产权性质等异质性要素如何影响公司股权激励工具的选择。研究发现，公司规模能够显著影响股权激励工具的效率，大型上市公司更适合使用股票期权，而小型上市公司更适合使用限制性股票；且公司成长性越高，上述匹配关系对股权激励效率的影响越显著。对于国有上市公司，选择股票期权作为股权激励工具比限制性股票更具有激励效率。

Research on the Selection of Equity Incentive Tools for Listed Companies Based on Efficiency Perspective

Stock option and restricted stock are treated as two of the most popular equity incentive tools used by listed companies at home and abroad. A large number of literatures have conducted comparative studies on the incentive effects of the two incentive tools from different perspectives, but there are significant differences in the research conclusions. How to choose equity incentive tools for listed companies with heterogeneous characteristics in terms of scale growth and property rights? Existing literature does not provide effective recommendations.The factors that influence the selection of equity incentive tools in listed companies are revealed from the perspective of incentive efficiency, so as to scientifically address the above question. To be specific, from the perspective of incentive efficiency, the data of China's A-share listed companies that issued the equity incentive plan from 2011 to 2016 are employed to explore the influence of heterogeneous factors such as the scale, growth and the nature of property rights on the selection of equity incentive tools. It is found that company scale can significantly affect the efficiency of equity incentive tools, and large listed companies are more suitable to use stock options, while their small counterparties are fitter for restricted shares. Moreover, the higher the growth degree of the company is, the more significant the influence of the above matching relationship on the equity incentive efficiency will be. Compared with restricted stock, state-owned listed companies are suitable to choose stock option as equity incentive tool.A mechanism for selecting equity incentive tools of heterogeneous listed companies under the premise of ensuring incentive efficiency is constructed. It provides not only a new perspective and thinking for the existing relevant research, and also direct empirical suggestions for the selection of equity incentive tools for listed companies.