房地产上市公司股权激励对绩效影响的实证分析

关于股权激励与公司绩效的关系至今尚无定论。而对于特定行业的研究更是少之又少。为此，本文选取了2007～ 2009 年在上海证券交易所上市的房地产公司为样本，分别探讨了高管持股比例，第一大股东持股比例以及股权集中度与公司绩效的关系。通过对三年的数据进行回归分析，结果表明高管持股比例，第一大股东持股比例以及股权集中度与公司绩效都成非正相关关系。在对房地产行业进行分析之前，为了突出差异性，本文先对整个上市公司三者关系进行分析。最后，针对股权激励存在的问题提出几点建议。

Empirical Analysis of the Impact of Equity Incentive on the Performance for Listed Real Estate Companies

The discussion on the relationship between equity incentive and corporate performance has no definitive agreement and the research on one certain industry is even less. This paper focused on real estate companies that have been listed in the Shanghai stock exchange，from 2007 to 2009，as examples and discussed the shares ratio of managers，the largest shareholder share ratio， and the relationship between ownership concentration and corporate performance. The regression method was used to analyze the data. The results show the relationships above are not positive correlation. The relationships among the all of the listed companies were analyzed in order to highlight the differences before focusing on the real estate industry. Some suggestions for the equity incentive were proposed.