我国上市公司股票期权激励效应的实证研究

发布时间：2018-01-02 10:25

本文关键词：我国上市公司股票期权激励效应的实证研究　出处：《南昌大学》2012年硕士论文　论文类型：学位论文

【摘要】：在现代公司治理中,股票期权制度被认为是重要的公司治理机制,广泛用于解决由于所有权与经营权相分离而带来的委托代理问题。2006年以后,股票期权激励制度在我国上市公司中也得到了快速的推广和应用。但是,无论是公司治理的实践还是理论研究方面,目前的结果都表明股票期权制度并没有人们想象得那么富有成效,学术界的争论也一直没有停止。因此,对我国上市公司实施股票期权激励的效果进行实证研究,以促进我国上市公司股票期权激励制度的完善和健康发展,是十分必要的。本文以国内外股票期权激励的相关研究结果为基础,选取我国2008年开始实施股票期权激励的上市公司为样本,通过描述性统计和相关数据的回归分析,对我国实施股票期权的上市公司的业绩、风险性及成长性进行了研究,得到如下结论：第一,我国上市公司实施股票期权激励后,上市公司抵御风险能力有所提高,企业业绩则变化不一,有的好转,有的有所下降,成长性变化不能一概而论；第二,激励比例对样本公司业绩的影响不大,激励收益有利于提高公司业绩,激励期限对公司业绩的影响不明显,总体期票期权激励有利于公司业绩的提升；第三,单纯的提高激励比例延长激励期限,并不能使上市公司面临的风险性得到改善,而良好的激励收益(行权价格),能够使经营者为确保自身收益,在面对风险选择时,更加倾向于收益比较稳定的盈利项目。第四,股票期权激励并不能明显促使经营者更加注重企业的未来成长。最后,针对本文的研究结论,指出了我国股票期权激励制度推广实施过程中的不足,并提出了相关政策建议。
[Abstract]:In the modern corporate governance, stock option system is considered to be an important mechanism of corporate governance, is widely used to solve the separation of ownership and management brought by the.2006 agency years later, the stock option incentive system of Listed Companies in China has been rapid promotion and application. However, both aspects of corporate governance the practice and theoretical research, the results show that the stock option system and no people imagine so fruitful, the academic debate has not stopped. Therefore, the empirical research on China's Listed Companies in the implementation of the stock option incentive effect, in order to improve the incentive system of Listed Companies in China and the healthy development of stock option that is very necessary.
Based on the relevant research results at home and abroad, the stock option incentive based selection in China in 2008 started the implementation of stock option incentive of listed companies as samples, through descriptive statistics and regression analysis of the relevant data, the implementation of the stock option in our country the performance of listed companies, and growth risks were studied. The conclusions are as follows: first, the implementation of stock option incentive in China's listed companies, listed companies to improve the ability to resist risks, enterprise performance did not change, some better, some decline, the growth of change should not be concerned; second, little impact on the performance of Sample Firms incentive proportion, incentive income is conducive to improve the performance of the company, the impact of incentives on the deadline the performance of the company is not obvious, the overall note option incentive is conducive to enhance the performance of the company; third, simply increase the proportion of incentive long term incentive, Does not make the risk faced by listed companies is improved, and a good incentive income (exercise price), enabling operators to ensure their own profits, the risk in the face of choice, more inclined to return more stable profit project. Fourth, the stock option incentive can not significantly promote the operators pay more attention to the future growth of enterprises finally. In this paper, according to the conclusion of the study, points out the disadvantages of implementing the system in the process of stock option in our country, and put forward relevant policy suggestions.

【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51;F224

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