中文摘要：

选取2007—2013年间宣告并实施股权激励计划的251家A股上市公司为样本,利用结构方程模型（SEM）建立了股权激励通过直接作用路径和间接作用路径影响上市公司绩效的综合分析框架,检验了股权激励对上市公司绩效的作用路径。研究结果表明,股权激励能显著提高上市公司绩效水平,并且股权激励对上市公司绩效影响的87.56%是通过直接作用路径实现的,12.44%是通过间接作用路径实现的,其中,代理成本路径的贡献率为8.00%,盈余管理路径的贡献率为4.44%,投资效率路径表现则不显著。

英文摘要：

251 A-share listed companies which implemented the equity incentive plan during 2007 and 2013were selected,and a comprehensive framework was set up by means of structural equation modeling（SEM）to analyze the direct and indirect effects of equity incentive on company performance,and to examine the pathway of equity incentive on the performance of listed companies.It was found that equity incentive can significantly improve company performance.87.56% of the effect of equity incentive on company performance is realized through the direct acting pathway,and the rest 12.44% is realized through the indirect acting pathway.The pathway of agency cost accounts for 8.00% and the pathway of earnings management accounts for 4.44%,but the pathway of investment efficiency does not have a significant effect.