股份支付对上市公司绩效的影响研究

发布时间：2018-03-22 03:01

本文选题：股份支付　切入点：公司绩效　出处：《安徽大学》2012年硕士论文　论文类型：学位论文

【摘要】：2006年2月15日,财政部发布了《企业会计准则第11号——股份支付》,首次以准则的形式规范了上市公司股份支付的会计处理问题,在一定程度上反映了规范股份支付会计处理的必要性和急迫性。人力资源是公司经营成败的关键因素,如何通过股权激励吸引并留住人才成为公司关注的重点问题。股份支付作为上市公司股东激励管理层及其他核心人员的重要手段,对上市公司绩效具有一定的影响。研究股份支付对上市公司绩效的影响,一方面可以明确股份支付对公司的重要性,另一方面也有利于上市公司在准则和其他法律法规的规范之下,规范而又科学地实施股份支付计划,从而提升公司绩效。本文采用规范研究和实证分析相结合的研究方法,选择股份支付强度作为上市公司股份支付的替代变量,以沪、深两市A股上市公司2008—2010年三年间公布的财务公告中有关股份支付的数据为研究样本,研究股份支付对公司绩效的影响。希望通过本文的研究,为我国上市公司股份支付计划的有效性提供经验证据,为改进公司股份支付计划、提高上市公司绩效提供理论依据。本文的研究共分为五个部分：第一部分为引言,主要阐述本文的研究背景及意义、国内外文献综述、研究思路与研究方法等；第二部分为股份支付与公司绩效的理论分析,对研究对象相关概念进行界定,并阐述了股份支付的主要形式和特征,然后对股份支付与公司绩效关系的理论基础进行梳理,最后分析股份支付对公司绩效的作用机理；第三部分为上市公司股份支付的现状,概括描述了上市公司股份支付的现状；第四部分为股份支付对企业绩效影响的实证研究,选取2008—2010年我国沪、深两市A股上市公司有关数据为研究样本,采用回归分析和统计检验的方法,在相关性分析的基础上,通过回归模型验证股份支付对上市公司绩效的影响；第五部分为研究结论和政策建议。研究发现：股份支付对上市公司绩效有正向影响,但由于样本量较小,以及所研究的时间区间受金融危机影响较大,导致股份支付对上市公司绩效的影响不是非常显著；股份支付的总量和实施方式不同对其绩效的影响也不一样,股份支付的实施总量与公司绩效成正比,选择以权益为基础进行股份支付的公司,其绩效优于以现金为基础进行股份支付的公司；我国上市公司所制定的股份支付计划还不够成熟,股份支付金额的确定存在随意性,支付方式比较单一,应该在完善公司治理结构的同时,着力于制定长远的股份支付计划,合理安排股份支付的金额、行权条件及支付方式等,并建立相应的监管体系,保障股份支付计划的实施。
[Abstract]:On February 15, 2006, the Ministry of Finance issued the Accounting Standard for Enterprises No. 11-share payment, which for the first time standardized the accounting treatment of the share payment of listed companies in the form of standards. To a certain extent, it reflects the necessity and urgency of standardizing the accounting treatment of share payments. Human resources are the key factors for the success or failure of the company's operation. How to attract and retain talents through equity incentive has become a key issue for the company to pay attention to. It has certain influence on the performance of listed companies. To study the effect of share payment on the performance of listed companies, on the one hand, we can make clear the importance of share payment to the company. On the other hand, it is helpful for listed companies to carry out stock payment plan in a standardized and scientific way under the standards and other laws and regulations, so as to improve the performance of the company. This paper adopts the research method of combining normative research with empirical analysis. This paper selects the intensity of share payment as the substitute variable of stock payment of listed companies, and takes the data of stock payment published in the financial statements of Shanghai and Shenzhen A-share listed companies from 2008 to 2010 as the research samples. Through the research of this paper, we hope to provide empirical evidence for the effectiveness of the stock payment plan of listed companies in China, and provide theoretical basis for improving the stock payment plan and improving the performance of listed companies. This paper is divided into five parts: the first part is the introduction, mainly describes the research background and significance of this paper, literature review at home and abroad, research ideas and research methods, etc. The second part is the theoretical analysis of share payment and corporate performance. The related concepts of the research object are defined, and the main forms and characteristics of the share payment are expounded, then the theoretical basis of the relationship between the share payment and corporate performance is combed out, and the mechanism of the effect of the share payment on the corporate performance is analyzed. The third part is the status quo of stock payment of listed companies, and describes the status quo of stock payment of listed companies. The fourth part is the empirical research on the impact of stock payment on corporate performance, selecting Shanghai, China, from 2008 to 2010. The data of A-share listed companies in Shenzhen and Shenzhen stock markets are used as the research samples, and the methods of regression analysis and statistical test are used to verify the effect of share payment on the performance of listed companies through the regression model on the basis of correlation analysis. The 5th part is the conclusion of the research and policy recommendations. It is found that the stock payment has a positive effect on the performance of listed companies, but due to the small sample size and the financial crisis, the impact of the stock payment on the performance of listed companies is not very significant. The effect of the total amount and the implementation of the stock payment on its performance is also different. The total amount of the implementation of the share payment is proportional to the performance of the company, and the company that pays shares on the basis of equity is chosen. Its performance is better than that of the company whose shares are paid on the basis of cash, the stock payment plan formulated by the listed company in our country is not mature enough, the determination of the share payment amount is arbitrary, and the payment method is relatively simple. While perfecting the corporate governance structure, we should lay down a long-term stock payment plan, reasonably arrange the amount of share payment, exercise conditions and payment methods, and establish a corresponding supervision system to ensure the implementation of the share payment plan.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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