全流通时代下股权激励有效性分析

发布时间：2018-01-16 04:22

本文关键词：全流通时代下股权激励有效性分析　出处：《会计之友》2014年35期 　论文类型：期刊论文

【摘要】：2005年4月以来的股权分置改革使我国上市公司的股权开始进入全流通时代,我国资本市场的所有基本功能得以正常发挥,上市公司对高管进行股权激励成为现实可能,故对于股权激励有效性的研究意义重大。文章选取2009—2011年间处于股权激励实施状态中的沪深A股上市公司为样本,研究股权激励水平与企业绩效之间的相关关系,实证结果表明激励股总数及高管所授予激励股占当期总激励权益有益于提高公司价值,缓解委托代理冲突,股权激励公司规模的适度扩大、"两职分离"也有益于公司绩效的提升。
[Abstract]:Since April 2005, the reform of split share structure has made the stock rights of listed companies enter the era of full circulation, and all the basic functions of the capital market in our country can be brought into full play. It is possible for listed companies to carry out equity incentives to senior executives. Therefore, it is of great significance to study the effectiveness of equity incentive. This paper selects Shanghai and Shenzhen A-share listed companies in the implementation of equity incentive from 2009-2011 as the sample. The empirical results show that the total number of incentive shares and incentive shares awarded by senior executives in the current period of the total incentive equity is beneficial to improve the value of the company and ease the principal-agent conflict. The moderate expansion of the scale of the equity incentive company and the separation of the two positions are also beneficial to the improvement of corporate performance.
【作者单位】：武汉轻工大学经济与管理学院;
【基金】：国家社会科学基金项目“我国上市公司股权分置改革后的实证研究”(10BGL053)
【分类号】：F832.51;F272.92
【正文快照】： 一、引言二、文献回顾与研究假设统计数据显示,我国股权分置改革之后,一些有关实施股权激励的上市公司经营业绩的研究层上市公司尝试性地开展股权激励,2007年出现的出不穷,很多学者站在不同的角度,选取不同的样本,公布数量下降主要存在两个原因:一是证监会严抓运用不同的方法

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