股权激励与上市公司价值相关性研究

发布时间：2018-01-17 23:08

本文关键词：股权激励与上市公司价值相关性研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：在所有权和经营权相分离的现代企业制度下,股权激励机制应运而生。在国外,股权激励机制已经经历了一段相当长时间的发展。在中国,股权激励于20世纪末得到了正式的引入,并自从2005年证监会颁布了《上市公司股权激励管理办法(试行)》后,近年来各种政策法规纷纷出台,为股权激励机制在我国的发展提供了指引和规范。在2008年到2011年这短短的几年时间里,我国已经有260多家上市公司实施了股权激励计划,并且仅仅在2011年,实施了股权激励计划的上市公司就达到了110多家,这说明股权激励机制在我国已经处于长足发展阶段。股权激励既然能在世界范围内得到了认可和推广,说明其具有重要的实践意义。鉴于此,笔者希望能通过一定的分析研究,弄清股权激励机制对我国上市公司价值所产生的效应。本文采用理论分析和实证检验相结合的方法,对我国上市公司股权激励计划与公司价值之间的相关关系进行研究。笔者首先探究上市公司实施股权激励计划的行为选择偏好；接着分析股权激励计划的实施是否会对上市公司价值产生影响,由于上市公司的价值是上市公司股票市值、上市公司股东获利能力、上司公司业绩和上市公司发展能力等多方面的综合体现,因此在股权激励计划与上市公司价值相关性的分析中,笔者对上市公司价值采取了多维度的衡量方式,并主要从短期和长期两个方面入手探索股权激励计划对上市公司价值的作用；在股权激励计划的公告实施是否会对上市公司价值产生影响这个问题上得出了一定的结论后,笔者进一步探讨股权激励机制的关键因素——高管持股比例与上市公司价值的具体关系。在短期分析中,笔者主要采用的是配对样本均值差异性检验的实证方法,研究股权激励计划是否对上市公司股东的即期财富具有提升作用,选择的指标为剔除了宏观因素影响的上市公司股票价格。在长期分析中,笔者对样本上市公司在实施股权激励计划前后的自身发展能力和股东获利能力进行纵向对比,同时还根据行业性质对样本公司进行了划分,对同一行业中实施了和未实施股权激励计划的上市公司进行公司价值横向对比,从两个层面分析股权激励计划对上市公司价值的长期效应。在实证分析的最后部分,笔者选择了资产收益率、市盈率和托宾Q值代表上市公司价值,并以此作为因变量,分别建立三个模型,通过OLS回归分析其与高管持股比例的相关关系。本文分为五大部分进行阐述。在第一章的导论部分,笔者介绍了本文的研究背景和意义,同时向读者理清了本文的框架和思路,并阐述了本文的研究方法和主要创新点；第二章为文献综述部分,笔者分别从国外文献和国内文献两个方面进行总结,同时对前人的理论研究和实证研究都做了一定的归纳梳理。在对前人研究成果总结的过程中,笔者指出了其中的不足之处,并以此作为本文的研究攻克点；第三章为本文的相关理论分析部分,笔者对与股权激励机制相关的理论知识进行了大致的分析总结,主要是从公司价值理论、委托代理理论、有效市场假说理论和人力资本理论等方面的相关理论知识出发,分析股权激励机制与上市公司价值之间的关系,并依据所分析的理论提出了本文的研究假设；第四章为本文的实证部分,笔者首先用描述性统计的方法分析了上市公司对实施股权激励计划的行为选择偏好；接着从两个方面探索股权激励计划与上市公司价值的关系：分别是股权激励计划对上市公司股东即期财富的短期效应和对上市公司发展能力与股东获利能力的长期效应；最后是以总资产收益率、市盈率和托宾Q值代表上市公司价值,并作为被解释变量,以高管持股比例为解释变量,建立模型进行回归检验。在第五部分中,笔者结合前文所做的分析研究,得出了全文的结论：在短期中,股权激励计划的实施并不能显著提高上市股东的即期财富,也即对上市公司价值的提升没有明显的短期效应；在长期中,股权激励计划的实施对上市公司的股东获利能力和发展能力有提升作用。总的说来,股权激励计划的实施对上市公司价值的提升具正面意义,但只是作为一种长效激励机制发挥激励作用,并且目前我国上市公司的高管持股比例处于一个较不合理的范围之内,已经出现激励过度现象,对上市公司的价值提升产生了负效应。本文的第五部分还依据文章的结论为股权激励机制在我国的发展提出了一些浅薄的建议,并同时包括了研究局限和未来可以改进的方向。本文的主要贡献在于以下几个方面：首先,笔者从多层次多角度对上市公司价值进行衡量,更全面的分析了股权激励机制对上市公司价值的作用；其次,笔者对样本公司进行了行业划分,探讨了股权激励计划在不同行业之间的效用,弥补了前人在这方面分析的不足。本文的局限在于因为样本数量的限制,在划分行业的研究当中,对于某些行业的研究略显不足。
[Abstract]:Under the modern enterprise system separated from ownership and business right , equity incentive mechanism has been developed . In China , equity incentive mechanism has experienced a considerable period of development . In China , equity incentive mechanism has been introduced in China at the end of 20th century . Based on the combination of theory analysis and empirical test , this paper studies the relationship between the stock market value of listed companies and the value of listed companies , and then analyzes whether the implementation of the incentive plan affects the value of listed companies . In the short - term analysis , the author mainly adopts the empirical method of the difference test of the paired sample mean value , and studies whether the equity incentive plan has the promotion effect on the stock price of the listed company ' s shareholders . In the long - term analysis , the author divides the sample company according to the nature of the industry , and analyzes the long - term effect of the stock incentive plan on the value of the listed company . This paper is divided into five parts . In the introductory part of chapter 1 , the author introduces the background and significance of this paper , and gives readers a clear understanding of the framework and thinking of this paper , and expounds the research methods and main innovations in this paper . In the second chapter , the author summarizes the literature review and the domestic literature . At the same time , the author summarizes the theoretical research and the empirical research of the predecessors . In the process of summing up the previous research results , the author points out the deficiency and takes it as the research and tapping point in this paper . In the third chapter , the author makes a general analysis of the theoretical knowledge related to the equity incentive mechanism , mainly from the theory of company value theory , the principal agent theory , the effective market hypothesis theory and the human capital theory , analyzes the relationship between the equity incentive mechanism and the value of the listed company , and puts forward the research hypothesis according to the theory . The fourth chapter is the empirical part of this paper . Firstly , the author analyzes the preference of listed companies ' behavior choice for implementing equity incentive plan by means of descriptive statistics , then explores the relationship between the stock incentive plan and the value of listed companies from two aspects : the short - term effect of equity incentive plan on shareholder ' s current wealth of listed company and the long - term effect on the ability of listed company to develop and shareholder ' s profitability . In the fifth part , the author concludes that in the short - term , the implementation of the equity incentive plan does not significantly improve the immediate wealth of the listed shareholders , that is , the promotion of the value of the listed company has no obvious short - term effect . In general , the implementation of the equity incentive plan has a positive effect on the shareholder ' s profitability and the development ability of the listed company . The main contribution of this paper lies in the following aspects : First , the author measures the value of listed company from multi - level and multi - angle , and analyzes the effect of equity incentive mechanism on the value of listed company . Secondly , the author makes an industry division of sample company , discusses the utility of equity incentive plan among different industries , and makes up for the shortage of previous analysis in this regard . The limitation of this paper is that because of the limitation of sample quantity , in the research of the division industry , the research of some industries is slightly insufficient .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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