对深圳特区A股上市公司股权激励问题的探讨

发布时间：2018-06-27 15:28

本文选题：深圳特区A股上市公司 + 股权激励　；参考：《湖南大学》2013年硕士论文

【摘要】：股权激励起源于20世纪70年代末的美国，在20世纪80、90年代得到了迅速发展。其产生的背景，主要是着眼于解决股东与经营者之间的利益矛盾，建立对经营者的长效激励机制。20世纪90年代开始，我国开始逐步引进股权激励制度。本文对深圳特区A股上市公司股权激励进行分析，从2005~2013年间实施股权激励的300多家上市公司中提取数据对比分析深圳特区的A股上市公司，发现完成股权分置改革并全流通的A股上市公司的股票的确存在显著的异常收益。股权激励是一种产权明晰、激励职业经理人为企业服务的重要途径。经营者持股、国家股股东(国有资本注资持股)和流通股股东(中小股东持股)具有不同的股权激励效果，上市公司股权激励管理办法是股权激励的蓝本。本文以深圳特区A股上市公司股权激励机制为导向，根据实施股权激励的目的，结合深圳特区公司的特点，探讨深圳特区A股上市公司股权激励的问题。本文论析了股权激励的理论基础及其理论依据，在对深圳特区A股上市公司股权激励现状进行分析的过程中，发现了这些公司股权激励存在的问题，并针对这些问题的成因进行了分析。最后通过对深圳特区A股上市公司股权激励问题进行理论和实证的全面研究，得出深圳特区A股上市公司实施股权激励刺激公司绩效的提高等相关结论，，并提出相关的股权激励政策建议，主要包括：完善与股权激励相关的地方性法规及配套措施，从多层次资本市场实现股权激励提升A股上市公司估值，建立科学有效的股权激励评估体系，健全约束平衡机制，采取灵活的股权激励方式等。
[Abstract]:Equity incentive originated in the United States in the late 1970s and developed rapidly in the 1980s and 1990s. Its background is mainly focused on solving the conflicts between shareholders and managers, establishing a long-term incentive mechanism for managers. Since the 1990s, China began to gradually introduce the equity incentive system. This paper analyzes the equity incentive of A-share listed companies in Shenzhen Special Economic Zone, and compares and analyzes the A-share listed companies of Shenzhen Special Economic Zone from more than 300 listed companies that implemented stock incentive in 2005 and 2013. It is found that there is a remarkable abnormal return in A-share listed companies which have completed the split share structure reform and are in full circulation. Equity incentive is a clear property right, an important way to encourage professional managers to serve enterprises. The managerial methods of equity incentive of listed companies are the blueprint of equity incentive, such as the ownership of managers, the shareholders of state shares (state-owned capital equity) and the shareholders of circulating shares (minority shareholders holding shares). Based on the stock incentive mechanism of A-share listed companies in Shenzhen Special Economic Zone, this paper discusses the problem of stock incentive of A-share listed companies in Shenzhen Special Economic Zone according to the aim of implementing equity incentive and combining the characteristics of companies in Shenzhen Special Economic Zone. This paper analyzes the theoretical basis and theoretical basis of equity incentive. In the process of analyzing the status quo of equity incentive of A-share listed companies in Shenzhen Special Economic Zone, it finds out the problems existing in the equity incentive of these companies. The causes of these problems are analyzed. Finally, through a comprehensive theoretical and empirical study on the equity incentive of A-share listed companies in Shenzhen Special Economic Zone, the relevant conclusions are drawn, such as the implementation of equity incentive to stimulate the improvement of corporate performance. And put forward the relevant equity incentive policy recommendations, including: improve the local regulations and supporting measures related to equity incentive, from the multi-level capital market equity incentive to promote the valuation of A-share listed companies, Establish a scientific and effective equity incentive evaluation system, improve the constraint balance mechanism, and adopt flexible equity incentive methods.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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