证券类上市公司股权激励绩效研究

发布时间：2018-06-07 18:49

本文选题：证券类上市公司 + 股权激励　；参考：《西北大学》2010年硕士论文

【摘要】： 股权激励制度作为一种长期的激励手段,在国外的上市公司中得到了普遍的运用。而我国的企业从20世纪90年代也开始在企业治理的过程中尝试使用股权激励制度,新的《公司法》等一系列法律法规的实施也为股权激励制度的顺利推行铺平了道路。证券公司作为一个知识密集型产业,人力资本受到普遍的关注和重视,特别是具有丰富经验的证券从业人员和高层管理人员更是决定着企业的发展方向和股东价值的提升。但是长期以来,证券公司的公司治理机制不够完善,同时缺乏对高层管理人员的长期激励机制,导致高层管理人员缺乏应有的工作积极性和主动性,经营眼光不够长远,影响了企业的长期发展。因此,我们有必要建立一种激励和约束机制,使得高级管理人员的利益和公司的长远发展目标趋同,从而调动管理人员的积极性和创造性,最大化股东利益、企业利益及管理者个人利益,同时激励经营者注重企业的长远发展。基于以上的认识,本文以实施股权激励制度的中信证券为主要研究对象,同时结合其他八家上市证券公司(国金证券、西南证券、海通证券、太平洋证券、光大证券、国元证券、宏源证券、东北证券),通过对比研究,分析了股权激励对中信证券公司绩效的影响,实证结果表明,股权激励对中信证券的绩效影响不明显,根据结果分析同时结合中信证券自身的情况和整个证券市场的环境,本文对我国证券类上市公司如何进一步完善股权激励制度提出了相应的策略,以期对后来者提供借鉴。
[Abstract]:As a long-term incentive system, equity incentive system has been widely used in foreign listed companies. However, since the 1990s, Chinese enterprises have also tried to use the equity incentive system in the process of corporate governance. The implementation of a series of laws and regulations, such as the new Company Law, also paves the way for the smooth implementation of the equity incentive system. As a knowledge-intensive industry, the human capital of securities companies has received widespread attention and attention. In particular, experienced securities practitioners and senior management determine the development direction of the enterprise and the promotion of shareholder value. However, for a long time, the corporate governance mechanism of the securities companies has not been perfect and the long-term incentive mechanism for the senior management personnel has been lacking, which leads to the lack of due enthusiasm and initiative in the work of the senior management personnel, and the lack of long-term management vision. Affected the long-term development of enterprises. Therefore, it is necessary to establish an incentive and restraint mechanism to make the interests of senior managers converge with the long-term development goals of the company, so as to mobilize the enthusiasm and creativity of managers and maximize the interests of shareholders. The interests of enterprises and the personal interests of managers, while encouraging managers to pay attention to the long-term development of enterprises. Based on the above understanding, this paper takes Citic Securities, which implements the equity incentive system, as the main research object. At the same time, combining with the other eight listed securities companies (Guojin Securities, Southwest Securities, Haitong Securities, Pacific Securities, Everbright Securities, Guoyuan Securities, Hongyuan Securities, Northeast Securities, etc.), through comparative research, This paper analyzes the influence of equity incentive on the performance of Citic Securities Company. The empirical results show that the effect of equity incentive on the performance of CITIC Securities is not obvious. According to the results, the paper analyzes the situation of CITIC Securities and the environment of the whole securities market at the same time. This paper puts forward the corresponding strategies on how to further improve the equity incentive system of Chinese securities listed companies in order to provide reference for the latecomers.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F832.51;F832.2;F224

【引证文献】