近年来，股权激励相关制度逐步完善，上市公司实施股权激励的积极性不断提高。 股权激励对于促进所有者和管理者共同利益的形成、调动公司高管和核心员工的积极 性、完善公司治理机制和稳定劳动力人员构成等方面具有积极作用。股权激励不是一 个独立的变量，会受到政治、法律等外部因素以及企业内部因素的影响和制约。其中， 外部因素有国家差异、行业法规和监管变化、股权分置改革；内部因素有控制权制衡 度、高管能力、企业发展前景、董事会特征、高管特征、企业性质、公司业绩、行业 成长性、债务融资水平等。由此可以发现，已有对股权激励影响因素的研究大多属于 企业“硬件”条件，鲜少有学者研究企业“软件”条件——企业文化对企业股权激励 的影响。企业财务决策对环境变化的及时有效应对是企业价值创造的本质所在。但企 业文化是一种看不见摸不着的软约束和非正式制度，很难直接用数据进行衡量，因此 当前研究中关于企业文化是否以及如何影响股权激励的实证分析文章较少。 本文旨在从企业文化这一“软件”入手，分析员工导向企业文化对企业股权激励 行为的影响。首先，通过配对样本初步判断员工导向文化存在性对企业股权激励偏好、 强度以及对象选择的影响；其次，针对员工导向文化企业样本，根据首因效应，本文 采用文本分析法在有效识别企业文化的基础上，进一步判断员工导向文化强度对企业 股权激励偏好、强度以及对象选择的影响。因此，本文以2006-2017年沪深两市A股 上市公司数据作为研究样本，实证检验了员工导向企业文化对企业股权激励行为的影 响，研究结果表明：员工导向文化的企业更倾向于进行股权激励，并且员工导向文化 的强度越大，企业进行股权激励的强度越大，激励对象选择的范围越广。本文研究从 企业文化这一看不见摸不着的软约束和非正式制度入手，探究其对企业股权激励行为 的影响，从一个新的视角为企业文化影响企业财务行为提供了一定的经验证据。 关键词：企业文化；员工导向文化；股权激励；偏好；强度；对象 III Abstract Inrecentyears,theenthusiasmoflistedcompaniestoimplementequityincentiveshas beencontinuouslyimprovedwiththesystemofequityincentivesgraduallyimproved. Equityincentiveshaveapositiveeffectonpromotingtheformationofcommoninterestsof ownersandmanagers,mobilizingtheenthusiasmofcompanyexecutivesandcore employees,improvingcorporategovernancemechanisms,andstabilizingthecomposition oflaborforce.Equityincentivesarenotanindependentexogenousvariable,butare influencedandrestrictedbyexternalfactorssuchaspoliticsandlawaswellasinternal factorsoftheenterprise.Amongthem,externalfactorsincludenationaldifferences, industryregulationsandregulatorychanges,share-tradingreform,internalfactorshave controlpower,seniormanagementcapabilities,corporatedevelopmentprospects,board characteristics,boardeffectiveness,executivecharacteristics,corporatenature,companies performance,industrygrowth,debtfinancinglevel,etc.Itcanbefoundthattheexisting researchonthefactorsaffectingequityincentivesmostlybelongtothe"hardware" conditionsofenterprises,andfewscholarsstudythe"software"ofenterprises——the influenceofcorporatecultureoncorporateequityincentives.Thetimelyandeffective responseofcorporatefinancialdecisionstoenvironmentalchangesistheessenceof enterprisevaluecreation.However,corporatecultureisaninvisiblesoftconstraintand informalsystemwhichisdifficulttomeasuredirectlywithdata.Therefore,therearefew empiricalanalysisarticlesonwhetherandhowcorporatecultureaffectsequityincentivesin currentresearch. Thispaperaimstoanalyzetheimpactofemployee-orientedcorporatecultureon corporateequityincentivebehaviorfromthe"softenvironment"ofcorporateculture. Firstly,throughthepairedsample,thepaperanalyzestheinfluenceofemployeeorientation cultureonthepreference,intensityandobjectselectionofenterpriseequityincentives. Secondly,accordingtothefirst-effecteffect,thispaperusestextanalysistoeffectively identifycorporateculture.Onthebasisofthis,furtherjudgetheinfluenceof employee-orientedculturalintensityoncorporateequityincentivepreference,intensityand IV objectselection.Onthiscondition,thispapertakesthedataofA-sharelistedcompanies from2006to2017asaresearchsample,empiricallyteststheimpactofemployeecorporate cultureoncorporateequityincentivebehavior.Theresearchresultsshowthat employee-orientedcultureenterprisesaremoreinclinedtocarryoutequityincentives.And thegreatertheintensityoftheemployee-orientedculture,thegreatertheincentiveintensity ofthecompany'sequityincentives,andthewidertherangeofincentiveobjects.Thispaper startswiththeinvisiblesoftconstraintsandinformalinstitutionsofcorporateculture,and exploresitsimpactoncorporateequityincentivebehaviors.Itprovidesacertainempirical evidenceforcorporateculturetoinfluencecorporatefinancialbehaviorfromanew perspective. Keywords:corporateculture；employee-orientedculture；equityincentive；preference； intensity；object V 目录 摘要..................................................................................................................................I Abstract.................................................................................................................................III 第一章绪论......................................................................................................................-1- 1.1研究背景.....................................................................................................................-1- 1.1.1现实背景..........................................................................................................-1- 1.1.2理论背景..........................................................................................................-2- 1.2研究意义.....................................................................................................................-3- 1.3研究内容与研究方法.................................................................................................-3- 1.3.1研究内容..........................................................................................................-3- 1.3.2研究方法..........................................................................................................-4- 第二章文献综述..............................................................................................................-7- 2.1企业文化.....................................................................................................................-7- 2.1.1企业文化的定义..............................................................................................-7- 2.1.2企业文化的导向..............................................................................................-9- 2.1.3员工导向企业文化........................................................................................-10- 2.2股权激励...................................................................................................................-11- 2.2.1股权激励偏好................................................................................................-11- 2.2.2股权激励强度................................................................................................-12- 2.2.3股权激励对象选择........................................................................................-13- 2.3企业文化与股权激励...............................................................................................-14- 2.4文献述评...................................................................................................................-16- 2.5本章小结...................................................................................................................-17- 第三章研究设计............................................................................................................-19- 3.1理论分析与研究假设...............................................................................................-19- 3.2样本选择...................................................................................................................-21- 3.3变量定义...................................................................................................................-22- 3.3.1企业文化相关变量的定义............................................................................-22- 3.3.2股权激励相关变量的定义............................................................................-23-