股权激励对软件与信息行业投资行为的影响研究

发布时间：2018-02-07 10:59

本文关键词： 股权激励企业投资投资过度投资不足　出处：《中国科学技术大学》2017年硕士论文　论文类型：学位论文

【摘要】：最早研究股权激励的学者是Taussig和Barke。1925年,他们对美国公司的高管薪酬与企业绩效进行统计分析后,得出股权激励对公司发展和盈利影响程度较低的结论。随着生产力的迅速发展,知识密集型企业的增多,股权激励凭借其具有激励与约束的双重效用,其应用范围也随之扩大,因此股权激励的效用成为了国内外学者的关注热点。目前国外普遍认为股权激励属于一种长期的激励机制,对公司业绩的影响是科学有效的。在我国资本市场结构转型之后,伴随着一系列政策和办法的颁布,我国推行股权激励的企业变多,股权激励在我国得到重要的发展。由于企业投资的有效程度决定着企业的盈利水平和发展,因此探究股权激励对企业投资的作用对于分析公司的经营状况和成长能力都有着重要的意义。自我国实施股权激励以来,信息技术产业实施股权激励的公司数量在逐步增长,截至2015年12月31,沪深两市共有114家预告实施股权激励计划。本文从股权激励产生与发展的背景、股权激励的理论基础、股权激励的实施模式以及股权激励在软件与信息技术行业实施时对投资的影响等几个方面进行研究和陈述。通过整理和总结国外和国内与股权激励有关的文献内容,为实施股权激励的可行性和有效性提供了理论上的支持。本文的研究是通过以实证研究为主,规范研究为辅,通过两种方法相结合的方式对2006——2015年间所研究行业实施股权激励的上市公司的投资行为进行了多元回归分析。本文根据估计合理投资程度的残差值的正负来反应企业是否投资过度和投资不足程度。经过定性和定量的分析结果表明,我国的软件与信息技术行业的企业投资存在投资过度和投资不足,股权激励对投资不足和投资过度有显著的抑制作用,总体上投资不足的企业比例高于投资过度的企业,股权激励实施效果受到公司的内部治理结构和经营状况的影响。最后,在本文的研究基础上提出了如何使得股权激励在我国的实践更有效的相关建议,并总结了目前研究的不足以及未来研究的发展方向。
[Abstract]:The first scholars to study equity incentive are Taussig and Barke.1925. After analyzing the executive compensation and performance of American companies, they come to the conclusion that the impact of equity incentive on the development and profitability of the company is low, and with the rapid development of productivity, it is concluded that equity incentive has a low impact on the development and profitability of the company. With the increase of knowledge-intensive enterprises, equity incentive has the dual utility of incentive and constraint, and its application scope is also expanded. Therefore, the utility of equity incentive has become the focus of attention of scholars at home and abroad. At present, it is generally considered that equity incentive is a long-term incentive mechanism, and the impact on corporate performance is scientific and effective. After the structural transformation of capital market in China, With the promulgation of a series of policies and measures, more and more enterprises implement equity incentive in our country, and equity incentive gets important development in our country. Because the effective degree of enterprise investment determines the profit level and development of enterprise, Therefore, it is of great significance to explore the effect of equity incentive on enterprise investment. Since the implementation of equity incentive in China, the number of companies implementing equity incentive in information technology industry has gradually increased. As of December 2015, there are 114 stock incentive plans in Shanghai and Shenzhen stock markets. The implementation mode of equity incentive and the impact of equity incentive on investment in software and information technology industry are studied and stated. The literature related to equity incentive is summarized and summarized by collating and summarizing the literature on equity incentive both at home and abroad. It provides theoretical support for the feasibility and effectiveness of equity incentive. By combining the two methods, the investment behavior of listed companies with equity incentive in the industries studied from 2006 to 2015 is analyzed by multiple regression analysis. This paper reflects the enterprises according to the positive and negative residual value of the reasonable investment degree. Whether the industry is overinvested and underinvested. Qualitative and quantitative analysis shows that, There is overinvestment and underinvestment in enterprises in software and information technology industry in China, and equity incentive has a significant restraining effect on underinvestment and overinvestment. On the whole, the proportion of underinvested enterprises is higher than that of overinvested enterprises. The implementation effect of equity incentive is influenced by the internal governance structure and management status of the company. Finally, based on the research of this paper, the author puts forward some relevant suggestions on how to make the equity incentive more effective in our country. And summarized the present research insufficiency as well as the future research development direction.
【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F49

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