중국 상장기업의 소유 및 지배구조가 스톡옵션 보상에 미치는 영향
Effect of the Ownership and Governance Structure of Chinese Listed Firms on Stock Options Compensation
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본 연구는 2006년부터 2014년까지 스톡옵션을 부여한 중국의 A주 주식시장에 상장된 기업들을 대상으로, 기업지배구조가 스톡옵션 부여비율에 미치는 영향을 연구하였다. 연구결과는 다음과 같다. 첫째, 국유기업은 비국유기업에 비해 스톡옵션 부여비율이 유의하게 낮다. 둘째, 스톡옵션 부여 전 경영자 지분율이 낮을수록 스톡옵션의 부여비율이 높았다. 셋째, 대주주지분율은 스톡옵션 부여비율에 유의하게 음(-)의 영향을 미친다. 넷째, 소유와 경영이 일치된 기업일수록 스톡옵션 부여비율이 높다. 다섯째, 독립이사비율은 스톡옵션 부여비율과 음(-)의 상관관계를 가지지만 유의도가 떨어진다. 본 연구의 정책적 시사점은 첫째, 기업들은 스톡옵션 보상시스템을 설계할 때 기업지배구조 요인을 고려하여야 한다. 둘째, 이사회의 독립성을 강화하여야 한다. 셋째, 스톡옵션 도입과 실행에 도움이 되는 법률적 환경을 조성하여야 한다.
Abstract
This study investigated the effect of corporate governance structure on the rate of granting stock options in the firms listed on the A-share market of China, which had issued stock options from 2006 to 2014. The results of this study are as follows: First, the rate of granting stock options in state-owned firms was significantly lower than non-state-owned firms. Second, when the managerial ownership before granting stock options was lower, the rate of granting stock options was higher. Third, the ownership of large shareholders had a significantly negative effect on the rate of granting stock options. Fourth, when the ownership of firms was not separated from management, the rate of granting stock options was higher. Fifth, the rate of independent directors had a negative correlation with the rate of granting stock options, without significance. The policy implications of this study are as follows: First, firms need to consider the factors of corporate governance structure when designing their stock options compensation system. Second, the independence of the board of directors needs to be strengthened. Third, a legal environment that can be of help for the introduction and implementation of stock options need to be created.
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