중국 상장기업의 주식보상과 기업성과

[Purpose]This study examines the effect of stock－based compensation of Chinese listed companies on corporate performance and corporate value. Specifically, the purpose of this study is to understand how different types of stock－based compensation affect long－term performance and to study what types of stock－based compensation systems are working effectively as incentives. [Methodology]For listed companies that issued A stocks on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2008 to 2018, this paper analyzes the effect on ROA, ROE and Tobin’s Q depending on the type of share－based compensation. [Findings]This study finds that a positive relationship exists between stock－based compensation of listed companies and short－ and long－term performance (ROA, ROE, Tobin’s Q). This result suggests that management’s stock－based compensation acts as an incentive mechanism, positively affecting corporate performance and helping to increase corporate value and performance. [Policy Implications]This study has the following contribution by empirically analyzing the effect of stock incentives on corporate performance in the Chinese market. First, by understanding the current stock incentive situation in China, it is helpful for stock－based compensation and related research. Second, by finding the effect of stock－based compensation, it will help to optimize the corporate manager’s compensation structure, and it can help to improve the soundness of related laws and institutional policies in the future.