股权激励有效吗？

发布时间：2018-03-15 00:04

本文选题：股权激励　切入点：激励与福利分类　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：管理层与股东之间的代理问题是公司治理中一个非常重要的问题,其根源于公司控制权和所有权的分离,为了解决代理问题,股权激励应运而生。随着我国市场经济和股票市场的不断发展,以及2006年《公司法》的修订、《上市公司股权激励试点办法》的出台,我国上市公司推行股权激励所依赖的制度环境得到了较大的改善。本文通过对文献的回顾,将股权激励按照行权业绩条款用横向比较法(净利润增长率和净资产收益率)、纵向比较法和打分法分为四类,首先考察了市场对于股权激励方案公告的反应,发现事件日前后[-2,+1]窗口期的异常收益率连续显著为正,表明市场认同股权激励方案将会提升公司价值,因此股权激励方案的公告给股东带来了正的财富效应,不同分类方法下的市场反应并不一致。然后通过回归检验发现纵向业绩比较法下分出的激励组的市场反应强于福利组。最后采用配对方法对股权激励实施与否对公司业绩的改善进行检验,发现样本公司和配对公司在方案实施之前ROA与ROE并无显著差异,但在方案实施当年和之后的2年,ROA和ROE出现了显著差异,并且回归结果也表明股权激励的实施能够给公司业绩带来正面影响,由此说明股权激励总体有效；四种分类方法下激励与福利组对公司业绩改善的差异均不显著,本文的结论是,投资者能从行权业绩条件严格与否区分出激励与福利方案,但激励与福利的分类并不影响其对公司业绩的改善程度。
[Abstract]:The problem of agency between management and shareholders is a very important problem in corporate governance, which originates from the separation of control and ownership of the company, in order to solve the problem of agency. With the continuous development of market economy and stock market in our country, and the revision of Company Law in 2006, the pilot measures of Stock right incentive of listed companies came out. The institutional environment on which Chinese listed companies rely for equity incentive has been greatly improved. Based on the review of the literature, this paper classifies equity incentive into four categories according to the performance clause of exercise (net profit growth rate and net asset return rate), longitudinal comparison method and scoring method. Firstly, the reaction of the market to the announcement of the equity incentive scheme is investigated, and it is found that the abnormal return rate in the window period of [-2,1] before and after the event date is significantly positive, indicating that the market agrees that the equity incentive scheme will enhance the value of the company. As a result, the announcement of the equity incentive scheme has had a positive wealth effect on shareholders. The market response under different classification methods is not consistent. Then the market response of incentive group divided by vertical performance comparison method is stronger than that of welfare group by regression test. Finally, the market response of incentive group is stronger than that of welfare group. Check the improvement of the company's performance, It was found that there was no significant difference between the sample company and the matching company in ROA and ROE before the implementation of the scheme, but there was a significant difference between the ROA and ROE in the year and 2 years after the implementation of the scheme. The regression results also show that the implementation of equity incentive can have a positive impact on the performance of the company, which shows that the equity incentive is generally effective; the difference between incentive and welfare groups on corporate performance improvement is not significant under the four classification methods. The conclusion of this paper is that investors can distinguish incentive and welfare schemes from strict performance conditions, but the classification of incentive and welfare does not affect the degree of improvement of corporate performance.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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