我国上市公司股权激励的实施现状与激励效果研究
发布时间：2018-08-31 10:03
【摘要】：继2005年股权分置改革之后,一系列旨在规范我国上市公司股权激励的法规政策陆续出台,截至2008年底实施股权激励所需的政策环境已相对完善。在此背景下,2009年以来上市公司对这种新型薪酬激励制度表现出了极大热情,股权激励在我国A股上市公司中迎来了实施高潮,也逐渐体现出与以往不同的特点。 在这种背景下,本文意图通过对2009-2011年间公告股权激励预案的A股上市公司及其计划草案进行分析研究,提炼股权激励在我国呈现出的新特点,着重考察激励计划的设计情况及其激励效果,以帮助上市公司对股权激励形成客观全面的认识。此外,本文希望通过构建激励要素与公司绩效之间的回归关系,分析各要素对激励效果的影响,指出在设计激励要素时应注意的问题,为我国企业设计或者完善股权激励方案提供参考,以求能够最大限度的发挥股权激励的激励效果。在这种思路的指导下,本文研究将分六部分展开： 第一部分,绪论。主要介绍研究背景及意义,回顾国内外相关文献并进行评价,其中国内文献的整理与研究从股权激励在我国的应用情况和与公司绩效关系两个方面展开,由于股权激励在国外的实施现状不属于本文研究范畴,因此将对国外文献的研究重点放在与股权激励与公司绩效的关系相关的经典文献上,目的在于帮助我国企业对实施股权激励的可能效果形成清醒认识。然后提出本文的研究思路与框架,最后指出本文的创新之处。 第二部分,股权激励的相关理论综述。阐述股权激励的相关概念及其理论基础,介绍股权激励方案的基本要素(激励模式、激励对象、激励规模、行权／授予条件、行权／授予价格等)。 第三部分,我国上市公司股权激励的实施现状分析。这部分内容包括两个方面：政策背景分析、实施现状分析。制度背景分析我国企业实施股权激励所处的宏观制度环境。实施现状分析从两个方面展开：整体概况以及方案设计情况。 第四部分,我国上市公司股权激励效果分析。包括纵向趋势分析和实证分析。 第五部分,公司绩效与激励要素的关系分析。主要从四个方面展开：激励比例、有效期、激励方式、行权／授予价格。 第六部分,研究结论、改进建议以及本文的不足。对文章研究内容做简要总结,并针对研究过程中发现的问题提出改进建议,最后指出文章的不足之处。
[Abstract]:After the reform of split share structure in 2005, a series of regulations and policies aimed at standardizing equity incentive of listed companies have been issued one after another. By the end of 2008, the policy environment required for the implementation of equity incentive has been relatively perfect. In this context, the listed companies have shown great enthusiasm for this new salary incentive system since 2009, the equity incentive has ushered in a climax in the implementation of A-share listed companies, but also gradually reflect different characteristics from the past. In this context, this paper intends to refine the new characteristics of equity incentive in China through the analysis and study of the A-share listed companies and their draft plans, which are announced in 2009-2011. In order to help the listed companies to form an objective and comprehensive understanding of equity incentive, the design of incentive plan and its incentive effect are emphatically investigated. In addition, this paper hopes to construct the regression relationship between incentive factors and corporate performance, analyze the influence of each element on incentive effect, and point out the problems that should be paid attention to when designing incentive elements. It provides a reference for Chinese enterprises to design or perfect the equity incentive scheme in order to maximize the incentive effect of equity incentive. Under the guidance of this train of thought, this paper will be divided into six parts: the first part, introduction. This paper mainly introduces the background and significance of the research, reviews and evaluates the relevant literature at home and abroad, in which the domestic literature collates and studies from two aspects: the application of equity incentive in China and the relationship between equity incentive and corporate performance. As the implementation of equity incentive in foreign countries does not belong to the scope of this study, so the focus of the study of foreign literature on the relationship between equity incentives and corporate performance on the classical literature. The purpose is to help Chinese enterprises to form a clear understanding of the possible effects of equity incentive. Then put forward the research ideas and framework of this paper, and finally point out the innovation of this paper. The second part, the related theory summary of equity incentive. This paper expounds the related concepts and theoretical basis of equity incentive, and introduces the basic elements of equity incentive scheme (incentive mode, incentive object, incentive scale, exercise / grant condition, exercise / grant price, etc.). The third part, the present situation analysis of the stock right incentive of listed companies in our country. This part includes two aspects: policy background analysis, implementation status analysis. Institutional background Analysis of the macro institutional environment in which Chinese enterprises implement equity incentives. Implementation status analysis from two aspects: the overall situation and project design. The fourth part, the stock right incentive effect analysis of our country listed company. Including vertical trend analysis and empirical analysis. The fifth part analyzes the relationship between corporate performance and incentive factors. Mainly from four aspects: incentive ratio, validity period, incentive mode, exercise / grant price. The sixth part, the research conclusion, the improvement suggestion and the insufficiency of this paper. This paper briefly summarizes the research contents, and puts forward some suggestions to improve the problems found in the research process. Finally, it points out the shortcomings of the article.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51
[Abstract]:After the reform of split share structure in 2005, a series of regulations and policies aimed at standardizing equity incentive of listed companies have been issued one after another. By the end of 2008, the policy environment required for the implementation of equity incentive has been relatively perfect. In this context, the listed companies have shown great enthusiasm for this new salary incentive system since 2009, the equity incentive has ushered in a climax in the implementation of A-share listed companies, but also gradually reflect different characteristics from the past. In this context, this paper intends to refine the new characteristics of equity incentive in China through the analysis and study of the A-share listed companies and their draft plans, which are announced in 2009-2011. In order to help the listed companies to form an objective and comprehensive understanding of equity incentive, the design of incentive plan and its incentive effect are emphatically investigated. In addition, this paper hopes to construct the regression relationship between incentive factors and corporate performance, analyze the influence of each element on incentive effect, and point out the problems that should be paid attention to when designing incentive elements. It provides a reference for Chinese enterprises to design or perfect the equity incentive scheme in order to maximize the incentive effect of equity incentive. Under the guidance of this train of thought, this paper will be divided into six parts: the first part, introduction. This paper mainly introduces the background and significance of the research, reviews and evaluates the relevant literature at home and abroad, in which the domestic literature collates and studies from two aspects: the application of equity incentive in China and the relationship between equity incentive and corporate performance. As the implementation of equity incentive in foreign countries does not belong to the scope of this study, so the focus of the study of foreign literature on the relationship between equity incentives and corporate performance on the classical literature. The purpose is to help Chinese enterprises to form a clear understanding of the possible effects of equity incentive. Then put forward the research ideas and framework of this paper, and finally point out the innovation of this paper. The second part, the related theory summary of equity incentive. This paper expounds the related concepts and theoretical basis of equity incentive, and introduces the basic elements of equity incentive scheme (incentive mode, incentive object, incentive scale, exercise / grant condition, exercise / grant price, etc.). The third part, the present situation analysis of the stock right incentive of listed companies in our country. This part includes two aspects: policy background analysis, implementation status analysis. Institutional background Analysis of the macro institutional environment in which Chinese enterprises implement equity incentives. Implementation status analysis from two aspects: the overall situation and project design. The fourth part, the stock right incentive effect analysis of our country listed company. Including vertical trend analysis and empirical analysis. The fifth part analyzes the relationship between corporate performance and incentive factors. Mainly from four aspects: incentive ratio, validity period, incentive mode, exercise / grant price. The sixth part, the research conclusion, the improvement suggestion and the insufficiency of this paper. This paper briefly summarizes the research contents, and puts forward some suggestions to improve the problems found in the research process. Finally, it points out the shortcomings of the article.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51
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