中文摘要：

在信息不对称的背景下,股权激励作为解决大股东与管理层代理问题、优化公司治理结构以及提高公司业绩的重要手段,激励方案的选择和设计显得尤为重要。其中股票来源是重要的激励契约要素之一,本文基于信号传递理论和管理层激励理论,结合健民集团＂回购＋累进制考核＂限制性股票激励方案,分析以回购方式作为激励股票来源的有效性。并从市场效应和财务效应两个角度进行验证,为上市公司制定激励方案,选择合适的股票来源提供经验证据。

英文摘要：

In the context of asymmetric information,equity incentive as an important means to solve the problem of large shareholders and management proxy and optimize corporate governance structure and improve company performance,the selection and design of incentive programs is particularly important.The source of stock is one of the important elements of incentive contract,the paper based on signaling theory and the theory of management incentives, combined with the Jianmin Group ＂Repo ＋ progressive assessment＂ restricted stock incentive program, analyzes the effectiveness of incentive stock Repo manner as the source.The paper verifies the effectiveness from the two angles of market and financial effects.It provides empirical evidences for the listed company to make incentive programs and select the appropriate source of stock.