股权激励上市公司盈余管理及其影响因素研究

发布时间：2018-05-15 01:04

本文选题：股权激励 + 盈余管理　；参考：《上海交通大学》2013年硕士论文

【摘要】：自2006年《上市公司股权激励管理办法》正式实施以来，股权激励被越来越多的上市公司所使用，但国内外学者都发现实行股权激励的公司倾向于进行盈余管理。本文以2006年至2011年实施股权激励的A股上市公司为样本，采用多元线性回归的方法，选用了业绩考核期前、最后一个可行权或解锁期两个时间节点，通过前后对比研究上市公司在实施股权激励后是否存在更显著的盈余管理行为。在影响股权激励公司盈余管理程度的因素研究上，本文针对股权激励计划中所特有的股权激励方式、行权时长及业绩考核指标的多样性三个因素进行探讨。研究结果表明：上市公司在实行股权激励后存在更严重的盈余管理行为；目前广泛使用的股票期权和限制性股票两种激励形式均会促使管理层产生盈余管理倾向，但限制性股票方式还存在业绩考核期前负向盈余管理的行为；在确定业绩考核指标时，兼用多种业绩指标能有效规避盈余管理现象的产生；行权时长的增加会给管理层盈余管理造成了困难，从而达到抑制管理层在后阶段进行盈余管理的行为。本文通过实证研究，，探讨我国上市公司股权激励与盈余管理之间的相关关系，以分析股权激励的长期有效性，以对监管层对股权激励盈余管理的监督提供一些政策性意见。本文还通过对股权激励方式、行权时长、业绩考核指标这三个股权激励方案中的内容，考察其设计方案对股权激励公司盈余管理程度的影响，以对上市公司今后设计股权激励方案时提供一些更有效、合理的改进措施。
[Abstract]:Since the implementation of the "measures for Stock incentive Management of listed companies" in 2006, more and more listed companies have used equity incentives, but domestic and foreign scholars have found that companies with equity incentives tend to carry out earnings management. In this paper, the A share listed companies that implemented equity incentive from 2006 to 2011 are selected as samples, and the two time nodes of the last exercise right or unlocking period before the performance appraisal period are selected by using the method of multiple linear regression. Through the comparative study of listed companies after the implementation of equity incentives, there is a more significant earnings management behavior. On the research of factors affecting earnings management degree of equity incentive companies, this paper discusses three factors, such as the unique equity incentive mode, the length of exercise time and the diversity of performance evaluation indicators in the equity incentive plan. The results show that there are more serious earnings management behaviors in listed companies after equity incentive, and both the widely used stock options and restrictive stock incentives will promote the earnings management tendency of the management. However, the restrictive stock still has the behavior of negative earnings management before the performance appraisal period, and when determining the performance appraisal index, the phenomenon of earnings management can be effectively avoided by using a variety of performance indicators. The increase of exercise time will make it difficult for management to manage earnings, thus restraining the behavior of earnings management in the later stage. Through empirical research, this paper probes into the correlation between equity incentive and earnings management of listed companies in China, analyzes the long-term effectiveness of equity incentive, and provides some policy suggestions for supervision of earnings management of equity incentive. This paper also investigates the influence of the design scheme on the earnings management degree of equity incentive companies through the contents of three equity incentive schemes: equity incentive mode, exercise time, performance evaluation index. In order to provide some more effective and reasonable improvement measures to the listed company when designing the stock right incentive plan in the future.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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