The Incentive Effect of Management:On the Sample Analysis of Listed Companies in China
基于2002-2004年数据，发现管理层持股与企业绩效呈倒U型关系、与风险呈U型关系；利用2007年数据检验股权激励方案的有效性，发现其能提升绩效和风险。
Based on the data from 2002 to 2004,the paper examines the endogenesis of management share holding and firmly proves that management share holding has inverted U-shape effect on the firm's operational performance and at the same time also has the U-shape effect on the firm's risk.According to the Administration of Equity Incentive Scheme of Listed Company promulgated by China Securities Regulatory Committee,based on the data of 2007,the authors employ the nonparametric matching method to further test the effectiveness of equity incentive scheme,and conclude that equity incentive scheme,with the enhanced endogenesis,would have positive effect on both firm's operational performance and risk.