我国上市公司经理人股票期权激励效应实证研究

发布时间：2018-01-26 06:07

本文关键词： 股权激励股票期权激励相关分析回归分析　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股票期权激励机制的出现有效地解决了所有者利益与经理人利益不趋同的问题，经过几十年的发展和成长，在欧美等国家和地区被证明是一种非常成功的长期激励方式。自实施股权分置改革以来，我国有些学者和专家已经对股票期权激励进行了相应的实证研究和分析，同时随着我国股票期权激励相关法规的出台和制度的跟进，资本市场不断完善和发展，深圳的中小企业板以及创业板的市场不断扩大，以及股指期货等的面世，我国上市公司中实施股票期权激励制度的比例也越来越高。股票期权激励制度在我国高速发展的同时，也存在很多困惑，毕竟股票期权激励制度在我国实施才不过几年时间，像海尔这样的大型跨国公司实施股票期权激励也不到两年，虽然前人在相关方面做了很多研究，但是针对真正实施股票期权激励公司的研究目前还不是很多，并且之前的研究样本都比较陈旧，我们有必要对股票期权激励效果等进行进一步的研究和分析，这不仅可以完善股票期权激励制度的科学性和可行性，而且还对我国上市公司的发展具有重要意义。本文围绕股票期权激励效果的主题展开研究分析，首先对经理人员股票期权激励的研究背景、意义等进行简要陈述，之后对相关概念进行界定并论述股票期权激励的相关理论基础，随后对欧美以及我国期权激励的历程和存在的问题进行分析，之后通过相关性分析、线性回归分析和对比分析对实行股票期权激励的国内上市公司进行实证分析和研究，最后对我国股票期权激励制度的实施提出意见和建议。本文旨在评析国内股票期权激励的现状与问题，探求股票期权激励制度的发展趋势，希望能对上市公司股票期权激励的实施具有一定的借鉴意义。然而，本文也存在一些缺陷和不足，本文仅以近年实施股票期权激励的上市公司为样本，对上市公司总体的研究不够深入；选取的样本数量有限，，指标只是一些定量化的指标，可能会影响最终结果。
[Abstract]:The emergence of stock option incentive mechanism has effectively solved the problem that the interests of owners and managers do not converge, after decades of development and growth. In Europe and the United States and other countries and regions have proved to be a very successful long-term incentive since the implementation of the split share structure reform. Some scholars and experts in our country have carried on the corresponding empirical research and analysis to the stock option incentive. At the same time, with the introduction of the relevant laws and regulations of stock option incentive in our country and the follow-up of the system, the capital market has been continuously improved and developed. The market of small and medium-sized enterprises in Shenzhen and gem is expanding, and the stock index futures are coming out. The proportion of stock option incentive system in listed companies in our country is higher and higher. With the rapid development of stock option incentive system in China, there are also many puzzles. After all, it is only a few years since the implementation of stock option incentive system in China. Large multinational companies such as Haier also implement stock option incentive for less than two years, although previous people have done a lot of research, but the real implementation of stock option incentive companies are still not a lot of research. And the previous research samples are relatively old, we need to further study and analysis of stock option incentive effect, which can not only improve the scientific nature and feasibility of stock option incentive system. Moreover, it is of great significance to the development of listed companies in our country. This paper focuses on the theme of stock option incentive effect research and analysis, first of all, managers of stock option incentive research background, significance and so on are briefly described. Then define the relevant concepts and discuss the relevant theoretical basis of stock option incentive, and then analyze the course and existing problems of option incentive in Europe, America and China, then through the correlation analysis. Linear regression analysis and comparative analysis of the implementation of stock options incentive domestic listed companies empirical analysis and research. In the end, the author puts forward some suggestions on the implementation of stock option incentive system in China. The purpose of this paper is to evaluate the current situation and problems of stock option incentive system in China, and to explore the development trend of stock option incentive system. It is hoped that it can be used for reference in the implementation of stock option incentive of listed companies. However, there are some defects and shortcomings in this paper. This paper only takes the listed companies that have implemented stock option incentive in recent years as a sample. The research on the listed companies as a whole is not deep enough; The selected samples are limited, and the indicators are only quantitative ones, which may affect the final results.
【学位授予单位】：山东财经大学
【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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