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本文通过数理分析发现股权激励能否激发管理层努力工作与企业组织复杂度相关,在规模更大、组织复杂程度较高的企业中股权激励的效果更佳。在此基础上,本文采用中国上市公司数据对股权激励的有效性及在不同组织复杂度企业中效果的差异性进行实证研究。实证结果表明,在中国股权激励的总体效果并不显著,而股票型激励好于期权型激励,且在组织复杂程度较高的企业效果更佳。
Through mathematical analysis, this paper finds that whether the equity incentive can inspire the management to work hard is related to the complexity of the enterprise organization, and the incentive effect of the equity incentive is better in the enterprises with larger scale and higher organizational complexity. On this basis, this paper uses the data of Chinese listed companies to study the effectiveness of equity incentive and the differences in the effectiveness of enterprises in different organizational complexity. The empirical results show that the overall effect of equity incentive in China is not significant, while the equity incentive is better than the option incentive, and the better in the organization with higher organizational complexity.