我国上市公司人力资本价值和股票期权的关系研究

发布时间：2018-01-05 12:40

本文关键词：我国上市公司人力资本价值和股票期权的关系研究　出处：《陕西科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：知识经济时代，人力资本在企业中的地位日益重要，已成为企业发展的关键因素。随着人力资本地位的上升，人力资本价值合理计量及其有效激励成为必要。而股票期权作为一种新型激励手段，在企业经理人人力资本价值增值中的作用日益显露。经理人股票期权实质上承认人力资本产权，主张经理人人力资本对企业剩余价值的分享，解决了企业经理人和股东对经济利益和控制权收益的矛盾，使经理人和股东的长期利益尽可能保持一致，避免经理人的短期行为和道德风险。本文通过研究人力资本价值和股票期权两者之间的关系，力图寻求有效的人力资本激励机制，合理体现企业中经理人人力资本价值，提高经理人人力资本的工作积极性，从而达到提升企业业绩的目的。本文首先对人力资本价值和股票期权研究文献进行综述，对相关理论进行梳理；描述我国股票期权激励的现状、特征和存在问题之后，选取我国2006年前后实施股票期权激励方案的深沪A股，从股票期权激励价格、数量、综合效应三个维度，股票期权激励与经理人人力资本价值的关系进行实证分析。同时，运用独立t检验方法检验了企业性质对人力资本价值的影响程度。本文通过研究发现，股票期权相对价格、综合效应与人力资本价值成正相关关系，而股票期权相对数量与人力资本价值的关系不显著。这在一定程度上说明我国上市公司股票期权激励同人力资本价值的增加能够通过市场来反映，且两者能够达到匹配。但在数量授予方面和美国等发达国家相比数量激励强度较弱，且由于在我国的发展时间较短，授予的度难以把握。对于我国企业性质对上市公司人力资本价值的影响不大，而且反映企业经营业绩的指标每股收益和人力资本价值的相关度不显著，这都体现了我国在发展过程中出现的问题，即人力资本价值的增值和企业业绩的提高没有匹配，，人力资本激励机制不完善。最后，提出了相关建议，一是从我国上市公司人力资本价值和股票期权关系中的影响因素出发应该建立合理的人力资本激励机制；二是从会计学角度出发，应该采用适合股票期权及人力资本的会计处理办法；三是强调外部环境改善的重要性。
[Abstract]:In the era of knowledge economy, the position of human capital in enterprises is becoming more and more important, and it has become a key factor in the development of enterprises. It is necessary to reasonably measure the value of human capital and its effective incentive, and stock option is a new incentive method. The role of ESO in the appreciation of human capital value is becoming more and more obvious. In essence, ESO recognizes the property right of human capital and advocates the sharing of human capital to the surplus value of enterprise. It resolves the contradiction between managers and shareholders on economic interests and the benefits of control rights, makes the long-term interests of managers and shareholders consistent as possible, and avoids the short-term behavior and moral hazard of managers. Through the study of the relationship between human capital value and stock option, this paper tries to find an effective human capital incentive mechanism to reasonably reflect the human capital value of managers in enterprises. Improve the enthusiasm of managers' human capital to achieve the purpose of improving the performance of enterprises. Firstly, this paper summarizes the literature on the value of human capital and stock options, and combs the relevant theories. After describing the current situation, characteristics and existing problems of stock option incentive in China, we select Shenzhen Shanghai A-share which implemented stock option incentive scheme around 2006, from the stock option incentive price and quantity. The relationship between stock option incentive and human capital value of managers is analyzed empirically. At the same time, the influence degree of enterprise nature on human capital value is tested by using independent t test method. This paper finds that the relative price of stock option, the comprehensive effect and the value of human capital are positively correlated. The relationship between the relative quantity of stock options and the value of human capital is not significant, which indicates to some extent that the incentive of stock option and the increase of value of human capital of listed companies in China can be reflected through the market. But compared with the developed countries such as the United States and other developed countries, the intensity of quantitative incentive is weaker, and because of the short development time in China. The degree of award is difficult to grasp. It has little influence on the value of human capital of listed companies, and the correlation between EPS and human capital value, which reflects the performance of enterprises, is not significant. All these reflect the problems in the development of our country, that is, the increment of human capital value is not matched with the improvement of enterprise performance, and the incentive mechanism of human capital is not perfect. Finally, the paper puts forward some relevant suggestions. Firstly, we should establish a reasonable human capital incentive mechanism from the influence factors of human capital value and stock option relationship of listed companies in China. Second, from the perspective of accounting, we should adopt the appropriate accounting methods of stock options and human capital; The third is to emphasize the importance of improving the external environment.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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