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本文依托资本市场中小板企业实施股权激励政策这一现实问题及相关研究,以2006年至2014年实施股权激励的中小板制造业公司为研究对象,实证研究了股权激励公司的股价波动及其影响因素。研究结果发现:实行股权激励对资本市场中的公司股价存在正向促进作用,同时论证了代理理论对股权激励的理论支撑,揭示了财务杠杆、激励方案等六个外部指标变化后股权激励对股价的作用程度,为企业管理者和投资者提供判定股权激励效果的借鉴依据,从而建立市场、理论、数据的三方互动,以助于创业者企业的成长。
This article relies on the practical problems and related research of the small and medium-sized enterprises in the capital market to implement the equity incentive policies. Taking the small and medium-sized panel manufacturing companies that implement the equity incentive from 2006 to 2014 as the research object, the paper empirically studies the stock price volatility and its impact factor. The results show that: the implementation of equity incentive has a positive role in promoting the share price of the company in the capital market; at the same time, it demonstrates the theory support of the theory of equity incentive by the agency theory and reveals the influence of the equity incentive on the stock price after the change of six external indicators such as the financial leverage and the incentive scheme The role of enterprise managers and investors to determine the incentive effect of equity incentive basis for reference, so as to establish the market, theory, data, three-way interaction to help entrepreneurs grow.