基于战略导向的新兴产业企业股权激励契约设计与成长性绩效后果研究

Stock options plan (SOP) is one of the most popular compensation methods in the emerging industries firms worldwide. The topic of SOP in the Chinese emerging industries firms has fascinated both academic researchers and the business press for the past several years, as a result of the growing prominence of the emerging industries in the development of the Chinese economy. Scholars have conducted in-depth theoretical and empirical studies on SOP and its relationship with firm performance. Yet, the link remains elusive and riddled with theoretical and empirical contradictions. The basis premise of this study is that there is no theoretical basis for expecting a universal relationship between SOP and firm growth in emerging industries firms. Rather, such a relationship is likely to be contingent upon the extent to which the specific characteristics of the compensation mechanisms are consistent with the requirements posed by the firm’s strategic context. Based on this, this study puts forward a study of the SOP contract design and its relationship with firms’ growth performance from the micro-level of firms’ strategic orientations perspective. The study discusses the design of SOP contract and its fits with organizational strategies, as well as their influence on firms’ growth performance. It addresses the following issues: 1) Based on the content of SOP contract, it induces the types of SOP contracts and examines the structure of the content; 2) It theorizes and examines firms’ growth strategic orientations, focusing on the core objective of firms- growth; 3) It analyzes and examines the “fitness” between firms’ strategic orientations and SOP types; 4) It theorizes and examines the relationship between SOP types and firms’ growth performance. Overall the study introduces the micro-level contingent factor to SOP-firm performance relationship and thereby deepens the current theoretical research. It can provide policy recommendations for emerging industries firms to improve and optimize the design and implementation of SOP contracts.

股票期权激励(SOP)是各国新兴产业企业通用的薪酬模式.新兴产业企业在我国经济发展中的战略地位日渐突出,其对SOP的应用成为研究关注的热点.学者从不同角度对SOP尤其是其绩效后果进行了深入研究,但结果缺乏一致性.本研究认为SOP-企业绩效关系更多取决于SOP的特征和内容与企业所处战略情境的匹配性,但现有文献忽略了对情境因素尤其是微观层面企业战略的考虑.基于此,提出从战略导向出发分析企业成长战略与SOP契约选择和设计的关系及由此产生的绩效后果,包括:1)以SOP契约内容为基础归纳SOP契约类型,检验其结构性;2)从新兴产业企业最核心的成长性目标入手对战略导向进行理论和实证研究;3)分析和检验战略导向与SOP契约的匹配性;4)构建和检验SOP契约与成长性绩效关系模型.研究将企业微观层面的情境因素引入SOP-绩效后果的关系研究中,深化相关理论研究;为改善企业SOP契约设计和管理实践提供建议.

针对员工的股权激励是各国新兴产业企业通用的薪酬模式。理解中国新兴产业企业的股权激励政策，若局限于效仿国外做法和强调绩效，而忽略我国企业股权激励的特点和实施该项政策的动因，应该是不够的。因此，本项目从企业股权激励的特点和实施动机出发考察企业战略情境因素对企业股权激励决策的影响效应和机理。主要工作及研究发现如下。. 首先，识别出我国新经济企业实施股权激励政策的两大特征：1）其授予对象范围通常更广，包括非执行董事、中低层管理人员和一般员工等；2）实施员工股权激励主要是基于维持和保留人员的需要。. 其次，在新兴产业企业股权激励决策的影响因素上，鲜有研究从企业重要战略决策的直接决定者--高管的角度分析企业的股权激励计划决策行为，因此本项目实证验证并揭示了企业高层管理人员对股权激励决策的影响。具体而言，一是利用声誉效应理论和过度自信理论，考察和检验了高管团队成员年龄对SOP决策行为的影响效应。研究结果表明，在科技类企业，高管年龄与授予员工SOP的公司决策显著正相关，其原因是为了跟上技术的快速进步和商业环境的快速变化，年纪较大的高管更多地依赖员工提供技术和商业信息，因此会采用更激进的激励手段。企业股权越集中，高龄高管对员工实施SOP的决策影响越大。. 二是基于社会认同理论，我们考察并实证检验了女性高管团队成员对SOP决策行为的影响效应。研究发现，在新兴产业企业中，女性高管团队成员大多主张企业对员工实施SOP；企业股权越集中，女性高管对员工实施SOP的决策影响越大；男性高管成员对女性做出的SOP决策的影响不大，但团队成员关系会影响女性高管的决策。