中文摘要：

基于中国特色的关系交易背景,利用2006年~2012年上市公司数据实证检验管理层权力、客户集中度对股权激励以及企业绩效的影响。结果表明：管理层权力与股权激励正相关,管理层权力越大的企业,其采用股权激励的可能性越大;但是客户集中度会强化管理层权力与股权激励的正向关系,降低企业价值,并且这种关系在非国有控股公司表现得更加明显。因此,有必要关注管理层权力的治理问题,高度重视股权激励制度设计的科学性并实施相应的监管措施。

英文摘要：

Based on the background of relational transaction with Chinese characteristics,this paper explores managerial power＇s effect on equity incentive and company performance by using the sample of the companies during the period from 2006 to 2012. It finds that managerial power is positively related with equity incentive. However,customer concentration will strengthen the positive relationship between managerial power and incentive stock options,and reduce corporate value,and this relationship is more obvious in nonstate-owned holding companies. This research provides a new empirical evidence for how to establish and improve corporate governance,configure managerial power scientifically,and thus exert the positive effect of equity incentives in China,a country full of ＂relationship trust＂.