我国上市公司股权激励效果及影响因素研究

发布时间：2018-06-21 04:10

本文选题：上市公司 + 股权激励　；参考：《首都经济贸易大学》2012年硕士论文

【摘要】：股权激励制度从1953年开始建立到现在已经历了近60年的实践，在现代企业制度不断完善的今天，其已经成为一种重要的长期激励方式。在我国，，随着市场经济的发展、资本市场以及现代企业制度的完善，从国外泊来的股权激励制度日益被广大上市公司所认可和接受。从1993年深圳万科第一家推出股权激励方案以来，经过十几年的发展，尤其是2006年股权分置改革以来，我国上市公司股权激励制度的实施初步具备了企业股权结构以及法律法规的条件，我国实行股权激励的公司逐年增加。近两年，推出股权激励的公司就高达到上百家。在此背景下，本文对股权激励的实施效果及影响因素进行分析研究将有很大的现实意义。本文首先对股权激励相关领域国内外的研究成果进行了回顾，并得出自己的理解。接下来本文对股权激励基本概念、特点进行了讲解，并介绍了股权激励的激励模式，详细阐述了股权激励的理论基础，诸如委托代理理论、人力资本理论、产权理论等。在总结理论的基础上,本文进一步分析了国内外股权激励的实施现状。在实证分析过程中，本文首先对2007年至2010年期间我国实施股权激励的特点进行的统计性描述分析，为后来研究打下基础。股权激励作为一种激励方式，最终的作用应当表现在提高上市公司的业绩上来。在对前人文献成果的研究基础上，本文选取了已实施股权激励的139家上市公司作为样本，选取10项财务指标通过主成分分析法得出企业的综合绩效，并把管理者持股比例作为股权激励水平的解释变量，建立模型，以揭示股权激励是否确实能够提高上市公司的业绩。最终得出以下主要结论:管理层持股比例与公司业绩不存在线性相关关系，所以股权激励效果不明朗。本文接下来从宏观方面和微观方面分析了影响股权激励效果的因素，并在此基础上提出建议。
[Abstract]:The equity incentive system has been established from 1953 to now has experienced nearly 60 years of practice, in the modern enterprise system is constantly improving today, it has become an important long-term incentive. In our country, with the development of market economy, the perfection of capital market and modern enterprise system, the stock right incentive system coming from abroad has been accepted and accepted by the majority of listed companies day by day. Since Shenzhen Vanke first launched its equity incentive scheme in 1993, it has been developing for more than ten years, especially since the split share structure reform in 2006. The implementation of the equity incentive system of listed companies in China has preliminarily met the requirements of the ownership structure of enterprises and laws and regulations, and the number of companies implementing equity incentive in China has increased year by year. In the past two years, the introduction of equity incentives on the company as high as hundreds. Under this background, it is of great practical significance to analyze the effect of equity incentive and its influencing factors. Firstly, this paper reviews the research results of equity incentive at home and abroad, and draws its own understanding. Then, this paper explains the basic concept and characteristics of equity incentive, introduces the incentive mode of equity incentive, and elaborates the theoretical basis of equity incentive, such as principal-agent theory, human capital theory, property right theory and so on. On the basis of summing up the theory, this paper further analyzes the actualization status of equity incentive at home and abroad. In the process of empirical analysis, this paper firstly analyzes the characteristics of equity incentive in China from 2007 to 2010, which lays a foundation for the later research. As an incentive method, the ultimate function of equity incentive should be to improve the performance of listed companies. Based on the research of previous literature, this paper selects 139 listed companies that have implemented equity incentive as samples, and 10 financial indicators to get the comprehensive performance of enterprises through principal component analysis. Taking the proportion of managers' shareholding as the explanatory variable of the level of equity incentive, a model is established to reveal whether equity incentive can really improve the performance of listed companies. Finally, the main conclusions are as follows: there is no linear correlation between managerial shareholding ratio and corporate performance, so the effect of equity incentive is not clear. Then, this paper analyzes the factors that affect the effect of equity incentive from macro and micro aspects, and puts forward some suggestions on this basis.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224.32

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