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2007年1月1日起,根据《企业会计准则第11号——股份支付》,我国上市公司实施股票期权计划被要求按照公允价值进行费用化处理,并在财务报表中披露。本文采用因子分析法研究此次会计变更对我国实施股权激励计划的上市公司2007年度绩效的影响,发现股权激励措施并未促进公司绩效的增长,其代理成本也没有显著降低,说明我国现行股权激励制度尚未很好解决上市公司的代理问题,股权激励制度的设计目标也未能有效实现。
Starting from January 1, 2007, according to the “Accounting Standards for Business Enterprises No. 11 - Share Payment”, the implementation of the stock option plan of China’s listed companies is required to be expensed according to the fair value and disclosed in the financial statements. In this paper, we use factor analysis to study the impact of this accounting change on the performance of listed companies in China’s implementation of equity incentive plan in 2007, found that equity incentive measures did not promote the growth of corporate performance, and the agency costs did not significantly reduce, indicating that China’s current equity incentive The system has not been a good solution to the agency problem of listed companies, and the design goal of equity incentive system has not been effectively realized.