中国上市公司股权激励模式和盈余管理关系研究

发布时间：2018-01-14 10:22

本文关键词：中国上市公司股权激励模式和盈余管理关系研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权激励是上市公司以本公司的股票作为激励标的物,通过和受激励对象及其各方签订合规的协议或者合同,并在其中对于具体的实施模式、进度、额度等进行明确规定,把企业的运作绩效和经营者的薪酬待遇直接挂钩,使他们能够以所有者的身份参与公司重要决策、分享公司利润同时也承担一定的风险,从而达到为公司长期运营做贡献的一种激励方法。该制度是近几十年来在西方发达经济市场中兴起的一种用以激励管理当局的报酬制度。由于该激励机制能够将管理者的薪酬水平与公司的市场价值高低有机联系在一起,从而达到降低代理成本,实现社会利益最大化的目的,因此受到了众多西方国家的推崇。20世纪90年代以来,它已呈现出逐步蔓延开来的国际化趋势。当时我国诸如北京、上海、武汉等地的上市公司率先引领我国股权激励制度试点,成为新制度尝试的的先锋队。但是这些企业中的大多数都属于在国外股权激励制度使用较为成熟的行业,例如高新科技行业等。时间飞逝,再来看现如今的我国,全国上下各个行业的上市公司都纷纷开始采用并逐渐扩大股权激励制度的应用范围,并且出现过很多精彩的案例,同时该制度模式的采用上逐渐呈现出多元化和复合化的趋势。对于股票期权的模式上不仅有主流的股票期权模式和限制性股票模式,虚拟股票、现金股票增值权等较少提及的模式也被广泛运用。再论行业上,不仅高新科技行业、房地产、食品加工制造、重工业制造加工甚至是证券金融行业也积极制定股权激励计划。同时国内外的学者对该制度的研究也不断深入,研究内容从最开始的制度本身的概念、应用状态和会计处理等方面逐渐延伸至中国特色的股权激励制度的设计,市场效应的观测和研究等方面。但是自美国安然事件开始,人们逐渐把股权激励和财务造假联系在一起,从此,股权激励和企业盈余管理再次成为广大学者的研究热点。同时,从各种学报、财经杂志上可以看到很多的上市公司通过股权激励制度的设计进行着不同程度的盈余管理,或者是通过穿越经济制度的空白点,或者是依仗准则所严明的政策和方法的选择权迂回绕转的实现利润操纵。本文中探讨的盈余管理指的是：很多管理层为了谋取个人利益,比方说获得更多贷款或者证券公告上良好的业绩数据反应等而主观操纵财务报告的编写过程,从而使报表倾向于更利于管理层个人利益方向,同时也对外部使用者的决策构成了误导的行为。几年来,公司治理问题,我国职业经理人市场不规范问题,会计政策和财经法规的不完善问题和我国信用环境过于宽泛等问题充斥着各大财经论坛板块。然而纵观学者们所著的文章,大部分是针对整个股权激励和盈余管理的关系、效应、动因、对象等的影响,对于股权激励制度模式细分的角度探讨的较少,或者研究结果相对现在来说不太具有时效性,尤其是基于我国近年的市场实际情况做出的研究更少,同时未将国有控股上市公司与非国有控股上市公司区别处理。本文基于此,以我国上市公司为样本,在全流通的背景下,以近年来的市场数据为标的,对不同模式的股权激励制度以及单一模式下相关因素与盈余管理的关系进行深入研究。本文研究的意义在于,试图通过规范结合实证研究的方法理清股权激励模式与盈余管理的关系,并在此基础上进行深入分析,以给予相关部门在股权激励规范的制定上提出意见和建议,以更好的规范我国上市公司盈余管理,完善我国上市公司股权激励计划方案,同时,增强我国上市公司会计信息的可靠性和相关性。本文采用规范研究和实证研究相结合,定性研究和定量研究相结合的方法。主要内容分为以下几个部分,首先是绪论部分,阐明了写作背景,提出将要研究的问题。然后从搜集到的大量文章以及著作资料中总结归纳出关于股权激励尤其是股权激励各模式同盈余管理的理论观点,其中包括国内以及国外的研究综述。在文献综述的基础之上该章对股权激励制度及其各模式的具体涵义、特点、适用性和差别以及盈余管理的涵义及其理论基础等进行了说明,为实证研究部分奠定了理论基础。然后进入实证研究部分。实证部分采用截面修正的琼斯模型辅助采用统计软件Eviews。实证部分具体为：查阅国泰安数据库整理出2010年1月1日-2010年12月31日采用股权激励的公司,并统计分析相关数据,分为两步。第一步综合对比两种股票期权模式的盈余管理操纵强度。第二步则是在前一部份的基础上在单一模式下深入研究相关变量与盈余管理的关系。接下来分析实证结论且提出可行性建议。最后即是总结和展望。框架上可以这样理解,首先是通过背景的介绍和主题的言明提出本文接下来要研究的问题。之后进入第二环节,即是理论和实证的分析。理论是规范性的相关文字阐述,对概念和基础透彻阐述。在此基础上进行实证数据研究论证。第三环节即是结合实证研究结果进行问题的分析,并试着提出建设性意见,最后则是总结和展望。总体上走的路线是提出问题-分析问题-解决问题。本文的创新在于以下几点： 1.研究数据基于2010年和2009两年,在全流通背景下,较大脱离了金融危机影响,相对于以往的文章具有一定研究时效性。 2.对股权激励制度的研究更加细致深入,角度上不同于以往。对于模式划分的盈余管理研究在国内相对较少,且之前得出的结论不太一致,同时大部分未将国有控股上市公司与非国有控股上市公司区别处理。本文研究中比较了模式间的盈余管理强弱,划分了企业性质这一重要因素。 3.针对我国上市公司股权激励运用现状提出了创新性的建议,比如：提升公司治理能力中的“潜移默化中实现有效管理-文化设防”、改善我国经理人信誉中的“国际交换制度”等。由于时间仓促本人能力有限本文也存在着很多不足的地方,总结起来有如下几点： 1.实证模型的采用在我国证券市场的适用性问题值得探讨。国外股权激励制度运用较早,关于盈余管理的研究相对我国来说成熟得多。但是在我国市场经济中,到底哪种模型更加适用是值得进一步考虑的。 2.数据的采集上可能存在误差。本文的样本数据中绝大多数来自国泰安CSMAR数据库,中间有极小部分统计数据来自各学报或者经济期刊,中间可能存在技术差错。但是从实证结果的显著性和逻辑判断上来看并没有较大的阻碍。 3.对于小比例股权激励模式由于样本的比例极小且无从获取典型案例,没有做过多的探讨,论题完整度不够高。但是从本文所摘自的2009和2010年度的数据来看,97家上市公司中只有1家采用股票增值权模式,所以不太具有代表性,基于此没有再就此进行深入探讨。
[Abstract]:Equity incentive is a listed company with the company's stock incentive as the object, and through the inspired object and the parties signed the Compliance Agreement or contract, and in which the implementation mode, specific schedule, the amount specified, directly linked enterprise's operational performance and manager salary, so they can participate in the company's decision to the owner's identity, share the company's profits but also bear certain risks, so as to achieve a kind of incentive method to make contributions to the company's long-term operation.
This system is in recent years the rise in the western developed market economy in a way to incentive management compensation system. The incentive mechanism will be able to pay levels and the managers of the company's market value together, so as to reduce the agency cost, realize the maximization of social benefits, since therefore by many western countries respected.20 century in 90s, it has shown the trend of internationalization gradually spread. At that time our country such as Beijing, Shanghai, Wuhan and other places of the listed company to lead China's equity incentive system pilot, has become a new system to try the vanguard. But most of these companies are in a foreign country equity incentive system is more mature industries such as high-tech industries.
Time flies, come see nowadays in our country, under the various industries on the listed companies have begun to use the application range and gradually expand the equity incentive system, and there have been many exciting cases, while using the system mode gradually diversified and composite trend. Not only is the mainstream of stock option model and restricted stock model for stock option model on virtual cash stock, stock appreciation rights and other less mentioned models have been widely used. Not only on the industry, high-tech industry, real estate, food processing and manufacturing, heavy industry manufacturing and financial securities industry also actively develop and Research on equity incentive plan. The system of domestic and foreign scholars deeply, the beginning of the concept of the system itself from the research content, application status and gradually extended to the accounting treatment The design of the Chinese characteristic equity incentive system, the observation and research of the market effect.
But since the beginning of Enron, people gradually to the equity incentive and financial fraud together, from now on, equity incentive and corporate earnings management once again become the focus of research scholars. At the same time, from a variety of journals, magazines can be seen on the design of many listed companies through equity incentive system for earnings management in different degree. Or through the gaps in the economic system, policies and methods or rely on strict criteria of choice of circuity turn profit manipulation and earnings management. This paper discusses the means: a lot of management in order to seek personal interests, for example more loans or securities announcement on the good performance of response data the subjective manipulation of financial reporting preparation process, so that the report tends to be more conducive to the management of personal interests, but also to external users Decision making is a misleading behavior. Over the past few years, corporate governance issues, irregular market of professional managers in China, imperfect accounting policies and regulations, and over extensive credit environment in China are flooding the financial forum.
However, the scholars of the articles, mostly for the relationship between equity incentive and earnings management effect, motivation, influence object, the equity incentive system model of the segmentation results is relatively less, or now is not out sometimes effect, especially to make less research in China in recent years based on the actual situation in the market, at the same time the state-owned holding listed companies and non state-owned listed companies are treated differently.
Based on this, with the sample of Listed Companies in China, under the background of full circulation, the market data in recent years as the subject, in-depth research on the relationship between different modes of equity incentive system and single mode and correlative factors of earnings management. The significance of this study in trying to combine empirical specification method Study on the relationship of equity incentive model and earnings management, and on the basis of in-depth analysis, to give the relevant departments in the equity incentive standard put forward opinions and suggestions, in order to better regulate the earnings management of Listed Companies in China, improve China's listed company's equity incentive plan, at the same time, enhance the reliability and relevance of accounting the information of Listed Companies in China.
This paper adopts normative research and empirical research combining the method of qualitative research and quantitative research. The main contents are divided into the following parts. The first part is introduction, expounds the background, put forward to study the problem. Then a large number of articles from the collected data and summarize about equity incentive in particular is the theory of equity incentive model with earnings management, including the domestic and foreign research. The specific meaning, on the basis of literature review this chapter of the equity incentive system and the characteristics of the mode, illustrates the applicability and differences of earnings management as well as the meaning and theoretical basis, lays a theoretical foundation for the part of empirical research. And then enter the part of empirical study. The empirical part uses the modified Jones model aided by statistical software Eviews. for specific empirical part: Consult the Tai'an database to sort out the January 1, 2010 -2010 year in December 31st by the company's equity incentive, and statistical analysis of relevant data, divided into two steps. The first step of earnings management comprehensive comparison of two stock option model manipulation strength. The second step is based on the relationship between part of the single mode in depth study of the relevant variables and earnings management. Next empirical analysis conclusion and puts forward some feasible suggestions. The last is the summary and outlook.
The frame can be understood, the first is through the introduction of the background and the theme of the future put forward next to study this problem. After entering the second part, which is the theoretical and empirical analysis. The related theory is normative text elaboration, elaborated on the basic concept and thoroughly. On the basis of empirical research. The third part demonstrates the data that is according to the empirical results of the analysis of the problem, and try to put forward constructive suggestions, finally is the summary and outlook on the whole. The route is a question analysis of the problem - to solve the problem.
The innovation of this article lies in the following points:
1. the research data are based on the 2010 and 2009 years, and in the full circulation background, it is greatly divorced from the impact of the financial crisis, and has certain research timeliness relative to the previous articles.
2. the study on equity incentive system more in-depth perspective, different from the past. For the study of earnings management modes of relatively less in the domestic, and before the conclusion is not consistent, but most will not be state-owned listed companies and non-state-owned listed companies. This paper studies the difference between the earnings comparison model management division of the strength, the important factor of the nature of the business.
3., aiming at the current situation of equity incentive in China's listed companies, this paper puts forward some innovative suggestions, such as improving the corporate governance capacity, implementing "effective management culture fortification" in a subtle way, and improving the "international exchange system" in our manager's reputation.
Because of the limited time I have limited ability, there are many shortcomings in this paper, and the following points are summed up.
1. empirical models using the applicability in China's securities market is worth exploring. The earlier system of the use of foreign equity incentive, earnings management research in our country is relatively mature. But much of the market economy in our country, what kind of model is more applicable is worthy of further consideration.
May 2. data acquisition errors. This sample data in the vast majority of Chinese Tai'an from the CSMAR database, with minimal part of statistical data from the journal or the economic journal, there may be some technical errors. But from the empirical results of the significant judgment and logical point of view is not large obstacles.
3. for the small proportion of equity incentive model for the sample proportion of extremely small and unable to get the typical case, did not do too much about the topic, integrity is not high enough. But from the 2009 and 2010 annual data, 97 listed companies in 1 only by the stock appreciation rights mode, so it's not representative no, this was based on in-depth discussion.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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