股权激励制度是解决委托代理问题的有效方法,但也有缺陷。本文实证检验了股权激励制度、高管人员持股比例、股权激励方式、股权激励方案有效期与盈余管理程度的关系。结果表明:股权激励确实会导致高管盈余管理行为,激励强度、激励模式、管理层持股和方案有效期等都是重要的影响因素。 Equity incentive system is an effective way to solve the problem of principal-agent, but there are also defects. This paper empirically tests the relationship between equity incentive system, senior executives’ shareholding, equity incentive method, effective period of equity incentive plan and earnings management. The result shows that equity incentive can indeed lead to earnings management behavior, incentive intensity, incentive model, management shareholding and the effective period of the program are all important influencing factors.