股权分置改革后我国上市公司股权激励对企业绩效的影响研究

发布时间：2018-03-19 11:55

本文选题：上市公司绩效　切入点：股权分置改革　出处：《新疆财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权激励作为一种长期激励方式和新型分配制度，主要是通过降低代理成本来解决委托代理问题，提高企业绩效，这种激励方式在发达的西方国家已经得到广泛应用，并取得良好效果，股权激励的有效实施需要各种成熟的条件，股权分置改革后我国股票市场实现全流通，实行股权激励的市场环境得到改善，同时国家出台了相关的管理法规对股权激励计划进行规范，这为进一步推行股权激励奠定了基础。对于这些新特点的出现对股权激励效果产生何种影响?本文对此进行研究，从而检验我国股权激励实施的效果，这为进一步完善我国企业薪酬制度和绩效考核制度提供依据，对进一步完善股权激励理论和公司治理理论具有重要的现实和理论意义。本文首先对股权激励的相关理论和文献进行回顾，接着对股权分置改革后我国上市公司实施股权激励环境的变化进行阐述，并按行业、控制权性质和激励模式对股权分置改革后我国上市公司实施股权激励的基本情况进行描述，本文先通过横向和纵向对股权激励的效果进行定性分析，接着进行定量分析，并引入控制变量分析，另外还引入虚拟变量对不同控股性质和激励模式企业的股权激励效果进行进一步分析，最后根据理论和实证分析的结果对股权激励的效果进行总结，，并提出相关政策建议。
[Abstract]:Equity incentive as a long-term incentive and a new distribution system, mainly through reducing agency costs to solve the principal-agent problem, improve corporate performance, this incentive has been widely used in developed western countries. The effective implementation of equity incentive requires a variety of mature conditions. After the split share structure reform, the stock market in our country has realized full circulation, and the market environment of equity incentive has been improved. At the same time, the country has issued the relevant management regulations to regulate the equity incentive plan, which lays the foundation for the further implementation of the equity incentive. What impact does the emergence of these new characteristics have on the equity incentive effect? This paper makes a study on this, so as to test the effect of the implementation of equity incentive in China, which provides the basis for the further improvement of the compensation system and the performance appraisal system of our country's enterprises. It has important practical and theoretical significance for further perfecting equity incentive theory and corporate governance theory. This paper first reviews the relevant theories and literatures of equity incentive, and then expounds the changes of the environment of equity incentive for listed companies in China after the reform of split share structure, and according to the industry, The nature of control right and incentive mode describe the basic situation of equity incentive of listed companies in China after the reform of split share structure. Firstly, this paper makes qualitative analysis on the effect of equity incentive through horizontal and vertical analysis, and then carries on quantitative analysis. The control variable analysis is introduced, and the fictitious variable is also introduced to further analyze the equity incentive effect of enterprises with different holding nature and incentive mode. Finally, according to the results of theoretical and empirical analysis, the paper summarizes the effect of equity incentive. And put forward relevant policy recommendations.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51

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