上市公司股权激励与公司绩效关系研究
发布时间：2019-02-16 16:09
【摘要】：近年来,随着经济的发展,企业制度的改革,我国股权激励相关政策和规定逐步完善,很多上市公司为激励和约束高层管理人员,完善公司治理结构,促进实现企业价值最大化,开始尝试股权激励方式,在此环境下,对于该激励机制与公司绩效问关系的研究就很有必要。本文通过实证研究考察分析了我国上市公司股权激励与公司绩效的关系,及不同激励模式的实施效果,这对于股权激励相关理论的完善和上市公司激励有效性的增强有重要意义。 本文首先对国内外有关股权激励和公司绩效关系的经典文献进行了汇总和评析,对二者的相关概念和理论基础进行了阐述,介绍和比较了各种股权激励模式,分析了我国实施股权激励的公司数量、行业、激励方式、激励比例等现状。之后,本文以2011年首次公布实施股权激励计划的上市公司为样本,选取同行业同规模同资本结构,未实施股权激励计划的上市公司为对比样本,运用独立样本T检验法对二者进行研究发现,样本公司在公布其计划前,公司净资产收益率和每股收益与对比样本公司间不存在显著差异,说明公司绩效的好坏对于股权激励计划的实施与否并不存在影响。 在此前提基础下,本文采用配对样本T检验法和回归分析法对2010年实施股权激励的公司进行研究发现,股权激励的实施有利于公司业绩的优化,公司在实施股权激励计划后,净资产收益率有所增加但不明显,每股收益有了显著提高,且与股权激励比例呈非线性相关关系,具有区间效应；对每股收益与股权激励关系进一步研究发现,当激励比例介于3%至6%之间时,对公司业绩产生的利益趋同效应最大；对处于该区间的上市公司展开研究得知,在不同的激励模式中,限制性股票的激励效果最好。 最后,就我国上市公司股权激励存在的问题,本文提出了相关建议,建议上市公司根据公司自身情况选取合适的股权激励模式,在提倡推广限制性股票激励方式的基础上,尝试多种激励模式,并建立科学的业绩考核制度,增加非财务指标与综合指标的权重,建立良好的制度环境,引入审计等外部中介机构对公司经营水平进行监管,重视并鼓励利益相关者参与公司治理,不断完善公司治理结构,改进股权激励机制,增强激励有效性,使得激励效应达到最大化。
[Abstract]:In recent years, with the development of economy and the reform of enterprise system, the related policies and regulations of equity incentive in China have been gradually improved. In this environment, it is necessary to study the relationship between the incentive mechanism and corporate performance. This paper analyzes the relationship between equity incentive and corporate performance of listed companies in China, and the effect of different incentive models. This is of great significance to the improvement of relevant theories of equity incentive and the enhancement of incentive effectiveness of listed companies. This paper firstly summarizes and evaluates the classical literature on the relationship between equity incentive and corporate performance at home and abroad, expounds the related concepts and theoretical basis of the two, and introduces and compares various equity incentive modes. This paper analyzes the current situation of the number, industry, incentive mode and incentive ratio of the stock right incentive companies in China. Then, this paper takes the listed companies that first published the equity incentive plan in 2011 as the sample, and selects the listed companies with the same scale and the same capital structure in the same industry as the contrast sample. Using the independent sample T test method, it is found that there is no significant difference between the sample company and the sample company before the announcement of its plan, the rate of return on net assets and earnings per share of the sample company are not significantly different from those of the sample company. It shows that the performance of the company has no effect on the implementation of the equity incentive plan. On the basis of this premise, this paper uses paired sample T test and regression analysis to study the companies that implemented equity incentive in 2010. It is found that the implementation of equity incentive is conducive to the optimization of corporate performance, and after the implementation of equity incentive plan, the implementation of equity incentive plan is beneficial to the optimization of corporate performance. The return on net assets has been increased but not obvious, the earnings per share has been significantly increased, and there is a nonlinear correlation with the equity incentive ratio, with interval effect; A further study on the relationship between earnings per share and equity incentive reveals that when the incentive ratio is between 3% and 6%, the benefit convergence effect on corporate performance is the greatest. According to the research of listed companies in this interval, the incentive effect of restricted stock is the best among the different incentive modes. Finally, on the problems of stock incentive of listed companies in our country, this paper puts forward some relevant suggestions, and suggests that listed companies should select appropriate equity incentive modes according to their own conditions, and promote restrictive stock incentive mode on the basis of promoting restrictive stock incentive methods. It tries to set up a scientific performance appraisal system, increases the weight of non-financial index and comprehensive index, establishes a good institutional environment, and introduces external intermediary organizations, such as audit, to supervise the management level of the company. We should pay attention to and encourage stakeholders to participate in corporate governance, improve the structure of corporate governance, improve the equity incentive mechanism, enhance the effectiveness of incentives, and maximize the incentive effect.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51;F224
本文编号：2424613
[Abstract]:In recent years, with the development of economy and the reform of enterprise system, the related policies and regulations of equity incentive in China have been gradually improved. In this environment, it is necessary to study the relationship between the incentive mechanism and corporate performance. This paper analyzes the relationship between equity incentive and corporate performance of listed companies in China, and the effect of different incentive models. This is of great significance to the improvement of relevant theories of equity incentive and the enhancement of incentive effectiveness of listed companies. This paper firstly summarizes and evaluates the classical literature on the relationship between equity incentive and corporate performance at home and abroad, expounds the related concepts and theoretical basis of the two, and introduces and compares various equity incentive modes. This paper analyzes the current situation of the number, industry, incentive mode and incentive ratio of the stock right incentive companies in China. Then, this paper takes the listed companies that first published the equity incentive plan in 2011 as the sample, and selects the listed companies with the same scale and the same capital structure in the same industry as the contrast sample. Using the independent sample T test method, it is found that there is no significant difference between the sample company and the sample company before the announcement of its plan, the rate of return on net assets and earnings per share of the sample company are not significantly different from those of the sample company. It shows that the performance of the company has no effect on the implementation of the equity incentive plan. On the basis of this premise, this paper uses paired sample T test and regression analysis to study the companies that implemented equity incentive in 2010. It is found that the implementation of equity incentive is conducive to the optimization of corporate performance, and after the implementation of equity incentive plan, the implementation of equity incentive plan is beneficial to the optimization of corporate performance. The return on net assets has been increased but not obvious, the earnings per share has been significantly increased, and there is a nonlinear correlation with the equity incentive ratio, with interval effect; A further study on the relationship between earnings per share and equity incentive reveals that when the incentive ratio is between 3% and 6%, the benefit convergence effect on corporate performance is the greatest. According to the research of listed companies in this interval, the incentive effect of restricted stock is the best among the different incentive modes. Finally, on the problems of stock incentive of listed companies in our country, this paper puts forward some relevant suggestions, and suggests that listed companies should select appropriate equity incentive modes according to their own conditions, and promote restrictive stock incentive mode on the basis of promoting restrictive stock incentive methods. It tries to set up a scientific performance appraisal system, increases the weight of non-financial index and comprehensive index, establishes a good institutional environment, and introduces external intermediary organizations, such as audit, to supervise the management level of the company. We should pay attention to and encourage stakeholders to participate in corporate governance, improve the structure of corporate governance, improve the equity incentive mechanism, enhance the effectiveness of incentives, and maximize the incentive effect.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51;F224
【引证文献】
相关期刊论文 前1条
1 张晗;;股票期权激励对企业价值影响文献述评[J];商场现代化;2013年20期
，本文编号：2424613
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