我国上市公司股票增值权实施有效性研究

发布时间：2018-02-28 22:07

本文关键词： 上市公司股票增值权激励有效性 DEA　出处：《中南大学》2012年博士论文　论文类型：学位论文

【摘要】：股权分置改革以来,我国上市公司的股权激励已经从“初步尝试” 进入到“遍地开花”,对各种股权激励模式的优劣选择,开始成为市场关注的热点。股票增值权作为一种相对新颖的股权激励方式,自2000年首次在中国石化使用后,陆续有数十家上市公司先后尝试使用。但究竟其实施效果如何,在实践中怎样具体运用,是否还需要进一步完善,已成为亟待解决的问题。本文以此为研究内容,通过对我国已有股票增值权实施的案例进行总结分析,对其有效性进行综合评判,以期找到适合我国上市公司股票增值权的合适方案。本文首先综合阐述了股权激励理论、委托-代理理论、人力资本理论以及最优契约理论框架,具体结合股票增值权的固有特征展开了理论研究。作者认为,激励力度、激励模式、条款设计的选择是影响股票增值权实施效果的主要因素；上市公司薪酬委员会的成员构成及有效运作是股票增值权方案实施成功与否的组织保证；对人力资本定价是确定激励对象和激励份额的重要参考依据。其次,本文从外在环境的角度分析股票增值权实施有效性的客观因素,包括政策环境、税务环境、会计环境以及公司环境。研究后作者认为,股票增值权实施的外部环境亦决定着其激励的有效性,也即影响实施效率的高低。同时,股票增值权对各利益相关者权益大小的改变也是衡量股票增值权实施有效性的重要组成部分。股票增值权的合理运用首先离不开对其定价,即公允价值的确定,然而目前各公司采用的定价模型各不相同。本文在经典 B1ack-Scho1es定价模型的基础上,结合我国资本市场弱有效性和股票增值权自身特征,通过引入通货膨胀率等新变量,构造了适合我国的股票增值权定价模型,并用此模型实证分析了招商银行股票增值权的定价情况,得出经修正后的Black-Scholes模型更适合我国股票增值权定价的研究成果。接着,本文以目前我国上市公司实施的全部股票增值权计划为样本,综合比较了股票增值权实施公司的特征,全面对比了各具特色的实施条款,意图寻找到最适合我国上市公司股票增值权计划安排的模式,并通过事件研究的方法衡量股票增值权授权和行权的市场反应。研究表明,股票市场对股票增值权实施存在一定的过度反应；股东、公司、激励对象三者对股票增值权实施的利益诉求存在偏差,并且由于条款设计的不尽合理和股票市场的弱有效性,导致股票增值权实施的总体有效性偏低。此外,本文还通过数据包络分析中CCR和BCC模型的运用,从成本-收益的角度对股票增值权实施的效率进行综合评价,从而得出我国上市公司股票增值权实施效率普遍偏低的结论。同时,以广州国光为例,比较了股票增值权相对于其它股权激励方式的不同,发现广州国光实施股票增值权激励的效率值优于同期使用其他股权激励方式的公司,股票增值权激励对公司的业绩增长起到了有效作用。最后,在前述研究的基础上,本文提出了进一步优化我国股票增值权实施方案的具体建议和措施。
[Abstract]:Since the split share reform, the equity incentive of Listed Companies in China has been from "preliminary attempt"
Entering the "everywhere", the choice of the advantages and disadvantages of all kinds of equity incentive models began to become a city.
The stock appreciation right is a relatively new way of equity incentive, for the first time since 2000.
After the use of the Sinopec, a number of ten listed companies have tried to use it successively.
How to implement the effect, how to use it in practice, and whether it needs further improvement,
It is an urgent problem to be solved. This paper takes this as the research content, through the increase of the existing stock in China.
The case of the implementation of the value right is summarized and analyzed, and its effectiveness is evaluated comprehensively in order to find out.
In this paper, the theory of equity incentive, the principal-agent theory and the human capital are introduced in this paper.
The theory and the theoretical framework of the optimal contract are based on the inherent characteristics of the stock value added right.
The author argues that motivation, incentive mode, and choice of terms are influenced
The main factors of the implementation effect of the stock value added rights; the members of the Remuneration Committee of the listed companies and
Effective operation is the organizational guarantee for the success of the stock value added rights scheme.
Price is an important reference for determining the incentive object and incentive share. Secondly, the objective of this paper is to analyze the effectiveness of the implementation of the stock value added right from the perspective of external environment.
The factors, including policy environment, tax environment, accounting environment and the company environment. After the study
The external environment for the implementation of the stock value added right also determines the effectiveness of its incentive, namely
At the same time, the value of the stock appreciation right to the interests of each stakeholder
The change is also an important part of the evaluation of the effectiveness of the stock appreciation right. The rational use of the stock value added right can not be separated from the price, that is, the fair value is true.
But at present, the pricing models for each company are different. This paper is a classic.
On the basis of the B1ack-Scho1es pricing model, we combine the weak effectiveness and stock of China's capital market
By introducing the new variable of inflation rate and so on, it is suitable for our country.
The model of stock value added right pricing is used to analyze the stock appreciation right of China Merchants Bank.
It is concluded that the revised Black-Scholes model is more suitable for China's stock increase.
The research results of the value right pricing. Then, this paper takes the plan of all stock value added rights implemented by the listed companies in China.
This is a comprehensive comparison of the characteristics of the implementation of the stock value added rights company and the overall comparison of the characteristics of the company.
The implementation of the provisions is intended to find the best fit for the planned arrangement of the stock value added rights of the listed companies in China.
The market reaction of the empowerment and power of the stock appreciation right is measured by the method of event study.
The research shows that the stock market overreaction to the implementation of stock appreciation rights; shareholders, company interests incentive object three to the implementation of the stock appreciation right deviation, and due to the weak effectiveness of the terms of the design is not reasonable and the stock market, which leads to the overall effectiveness of the implementation of the stock appreciation rights is low.
In addition, this article also through the use of CCR and BCC model of data envelopment analysis, comprehensive evaluation of the efficiency of the implementation of the stock appreciation rights from cost-benefit perspective, so that Chinese listed companies stock appreciation rights implementation efficiency is generally low conclusion. At the same time, Guangzhou Guoguang as an example, compare the stock appreciation rights with respect to the other equity incentive mode, found the efficiency of Guangzhou Guoguang implementation of stock appreciation rights incentive value better than using other equity incentives, stock appreciation rights incentive effect to the growth of the company's performance.
Finally, on the basis of the previous research, this paper puts forward some specific suggestions and measures to further optimize the implementation scheme of China's stock value added rights.

【学位授予单位】：中南大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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