我国信息技术行业管理层股权激励对公司绩效的影响研究

发布时间：2018-06-23 01:06

本文选题：股权激励 + 公司绩效　；参考：《河南师范大学》2017年硕士论文

【摘要】：根据现代管理理论,股权激励作为一种长期激励机制,意在降低代理成本,提高经营效率,以实现股东财富最大化,是一种符合现代企业长期发展的激励方式。股权激励对于经营效率的提高以及公司股东与企业管理者之间的委托代理问题的解决都有着很好的效果,激励科学和合理的公司绩效评价体系对于衡量股权激励机制效应有着关键性的作用。但是信息技术行业较相比于其他行业更具有高成长性、高风险、收益率强等特征,又让信息技术行业成为了目前选择实施股权激励机制数量最多的行业之一。所以对于我国信息技术行业实施股权激励的现状以及制度设计的研究具有很重要的实践意义。正是以这样的思考为出发点,本文以信息技术行业上市公司在股权激励制度下的公司绩效进行实证研究。本文通过对股权激励理论相关知识与国内外文献研究的基础上,对我国股权激励机制的实施现状进行了探讨,包括我国上市公司实施股权激励的制度背景以及自《上市公司股权激励管理办法》(试行)颁布后我国已推出股权激励方案的上市公司的股权激励模式、公司性质、股票来源和行业分布,并且以2015年12月31日为横截面我国已宣布实施股权激励计划并在沪深两市上市的信息技术企业作为研究样本,对股权激励与公司绩效的相关性进行实证分析。本文选取了上市公司的偿债、营运、获利和发展等能力作为样本指标,通过因子分析法来建立公司绩效评价模型,计算得到公司绩效评价综合值,引入多个控制变量并以股权激励比例作为自变量进行多元回归,验证上市公司股权激励机制与公司绩效之间的关系,希望对上市公司的股权激励方案实施与设计提供借鉴。通过实证研究,本文得出以下主要结论:我国上市公司股权激励与公司绩效之间具有显著的正相关关系,管理层股权激励在上市公司中发挥着积极的作用,文章最后针对进一步完善上市公司股权激励机制提出了相关的对策建议。
[Abstract]:According to modern management theory, equity incentive, as a long-term incentive mechanism, aims to reduce agency cost, improve management efficiency and realize the maximization of shareholders' wealth, which is a kind of incentive mode in line with the long-term development of modern enterprises. Equity incentive has a good effect on the improvement of management efficiency and the solution of the principal-agent problem between shareholders and managers. Scientific and reasonable corporate performance evaluation system plays a key role in measuring the effect of equity incentive mechanism. However, the information technology industry has more characteristics of high growth, high risk and strong rate of return than other industries, which makes the information technology industry become one of the industries that choose to implement the stock right incentive mechanism. Therefore, it is of great practical significance to study the status quo and system design of equity incentive in information technology industry in China. With this thinking as the starting point, this paper makes an empirical study on the corporate performance of listed companies in the information technology industry under the equity incentive system. Based on the relevant knowledge of equity incentive theory and domestic and foreign literature, this paper discusses the current situation of the implementation of equity incentive mechanism in China. Including the institutional background of the implementation of equity incentive in listed companies in China and the stock incentive model of listed companies that have been launched since the promulgation of the "measures for Stock incentive Management of listed companies" (trial implementation), and the nature of the companies. The stock source and industry distribution, and taking December 31, 2015 as the cross section of China, has announced the implementation of the equity incentive plan and listed on the Shanghai and Shenzhen stock exchanges as the research sample. The correlation between equity incentive and corporate performance is analyzed empirically. In this paper, the listed companies' solvency, operation, profit and development are selected as sample indicators, and the performance evaluation model is established by factor analysis, and the comprehensive value of corporate performance evaluation is calculated. This paper introduces multiple control variables and uses equity incentive ratio as independent variable to verify the relationship between equity incentive mechanism and corporate performance in order to provide reference for the implementation and design of equity incentive scheme of listed companies. Through empirical research, this paper draws the following main conclusions: there is a significant positive correlation between equity incentive and corporate performance of listed companies in China, and management equity incentive plays an active role in listed companies. Finally, the article puts forward the relevant countermeasures and suggestions to further improve the equity incentive mechanism of listed companies.
【学位授予单位】：河南师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F49;F272.5

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