实施股权激励对我国上市公司影响的实证研究

发布时间：2018-01-30 10:42

本文关键词： 股权激励绩效改善风险控制运营效率　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权激励制度作为一项被西方实践所广泛证实的有效的激励方式,调和企业所有者和管理层之间的矛盾,通过授予管理层股权以激发其付出更多的努力改善公司的经营状况,努力的使管理层利益与所有人保持一致,使公司的股东价值最大化。股权激励的激励效应不仅体现在绩效的改善方面,也体现在控制企业的风险水平,提高企业的运营效率,吸收和留住优秀人才资源。本文首先系统阐述了股权激励制度的发展历程和相关理论,分别总结了国内外关于股权激励文献的观点和研究方法。对国内股权激励的发展做了概要的描述,然后,在前人研究的基础上,提出新的研究假设,并对假设建预测回归模型,对股权激励在我国市场所起到的作用进行了分析,基本上回答了以下的问题：我国上市公司实施股权激励的效果到底如何?股权激励是否提高了管理层的工作积极性,提高了企业的运营效率?上市公司管理层是否会因为为了股权激励行权而采取更激进的运营策略从而增加企业的风险? 通过实证分析,回归模型的结果显示：截止目前,股权激励初期,我国实施股权激励的公司管理层持股比例与公司的绩效改善之间没有显著的相关性,但是由于股权激励,管理层控制了企业的运营风险,提高了运营效率,保障了企业所有人及所有的股东的利益。针对研究结论和研究过程中发现的问题,提出了支持股权激励发展的配套政策、完善股权激励制度的监督机制、健全有效的公司治理结构等建议。
[Abstract]:As an effective incentive system, equity incentive system is widely proved by western practice, reconciling the contradiction between the owner and the management. By granting equity to the management to motivate them to pay more efforts to improve the company's operating conditions, efforts to keep the interests of the management and everyone. To maximize the shareholder value of the company. The incentive effect of equity incentive is not only reflected in the improvement of performance, but also in controlling the risk level of the enterprise and improving the operational efficiency of the enterprise. Absorb and retain outstanding talent resources. Firstly, this paper systematically describes the development of equity incentive system and related theories, summarizes the domestic and foreign views and research methods on equity incentive literature, and gives a brief description of the development of domestic equity incentive system. Then, on the basis of previous studies, a new research hypothesis is put forward, and a predictive regression model is built to analyze the role of equity incentive in China's market. Basically has answered the following question: our country listed company implements the stock right incentive effect in the end how? Does the equity incentive improve the enthusiasm of the management and improve the efficiency of the operation of the enterprise? Will the management of listed companies adopt more aggressive operation strategies for the sake of equity incentive to increase the risk of enterprises? Through the empirical analysis, the results of regression model show that: up to now, there is no significant correlation between the proportion of management ownership and the improvement of corporate performance in the initial stage of equity incentive in China. However, because of the equity incentive, the management control the operation risk of the enterprise, improve the operational efficiency, and protect the interests of the owner and all the shareholders. Some suggestions are put forward, such as supporting the development of equity incentive, perfecting the supervision mechanism of equity incentive system, and perfecting the effective corporate governance structure.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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