摘要：股权激励作为一种有效解决企业委托代理问题的长期激励机制，是在企业的所有权与经营权相分离后出现的。良好的股权激励机制能够起到实现人力资本价值，降低委托-代理成本等作用，有利于上市公司治理结构的不断完善,提高上市公司业绩。本文以2008-2009年实施股权激励的公司为依据，比较上市公司在实施股权激励前后两年的公司业绩，分析股权激励对公司业绩的影响，揭示对股权激励实施效果产生影响的因素。通过实证分析和理论分析，我们得出结论，成长性较高，竞争性较高，股权集中度较小，风险水平较高的企业实施股权激励的效果较好。公司应该提升产品的竞争性，规范高管人员的选择市场，根据公司自身的特性，选择适合自己的股权激励方案，进而有效的提高公司业绩。
关键词：股权激励； 激励效果； 经营业绩 ； 上市公司
Abstract：Equity incentives，as an long-term incentive mechanism to solve the problem of enterprise principal-agent, appears after the separation of ownership and managerial responsibility. Good equity incentive mechanism can realize the value of human resource, reduce the cost of entrustment of an agent, improves the governance structure of the listed companies. In short, it can fully arise the enthusiasm of the operators and combine the interest of shareholders, the company and operator individual. Finally, equity incentives will reduce short-term behavior of managers, improve management efficiency and leads to the enhancement of company performance .We use the data from the company which implement the equity incentive in 2008 or 2009, then we compare the performance in two years, one is before the implementation, the other is after the implementation. After that, we know how the equity influences the company performance and what factor influence the company performance. According to the empirical analysis and theoretical analysis, we know that companies which have high growth , big competition, low ownership concentration and high risk have good performance after the equity incentive. So ,companies should enhance their competition of their products, standardize the chosen market of the senior executives， choose the right plan of equity incentives which suit them to enhance their performance.
Keywords: Equity incentive；Implementing effect；Management performance ; Listed companies
