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投资者是否欢迎上市公司的股权激励计划?股权激励方案的具体内容是否会影响到他们的态度?本文基于中国A股数据,研究发现:投资者对于采用股票期权方式的激励方案比采用其他方式的股权激励方案的回应更为积极;投资者对于激励有效期5年以上(不含5年)的激励方案比激励有效期5年以下(不含5年)的激励方案回应更为积极;投资者对于行权业绩条件量化的股权激励方案比行权业绩条件不量化的股权激励方案的回应更为积极。本研究表明,投资者可以识别股权激励方案中内容设计的差别,并会对此产生不同的反应。
Does the investor welcome the equity incentive plan of the listed company? Will the specific content of the equity incentive plan affect their attitude? Based on the data of China A-Share, this study finds that the incentive scheme of the investor for using the stock option is better than that of other ways The response of the equity incentive plan is more positive. The investor’s response to the incentive plan that the incentive period is valid for more than 5 years (excluding 5 years) is more active than that of the incentive period of 5 years (excluding 5 years) Equity Performance Quantified equity incentive programs respond more positively than equity incentive schemes that exercise performance-weighted terms. This study shows that investors can identify differences in the content design of equity incentive programs and react differently.