中小板上市公司股权激励与公司绩效的关系研究

发布时间：2018-10-19 19:03

【摘要】：面对不断发展的资本市场及日益复杂的管理技术，为降低公司的代理成本、增强公司的凝聚力并完善公司的治理机制，不少上市公司竞相推出股权激励计划。基于这样的背景，本文使用理论分析和实证分析相结合的方法探讨了中小板上市公司股权激励与公司绩效之间的关系，以期能对股权激励未来的实施、推广及完善提供理论依据和经验数据的支持。本文首先在国内外文献综述的基础上，阐释了股权激励的理论基础，并借鉴相关的研究成果，针对中小板上市公司，提出了四个研究假设。选取2006-2008年间正式宣布实施股权激励的27家中小板上市公司为样本，以其2008-2010年三年的财务数据为样本数据进行实证分析。结果表明：（1）目前我国中小板上市公司股权激励比例相差比较大，股权激励比例普遍比较低，第一大股东持股比例较高，，股票期权是实施股权激励的主要模式。（2）利用因子分析法对公司绩效提取四个公因子，分别表示企业的成长能力、偿债能力、赢利能力以及营运能力，并根据公司绩效因子得分模型计算出样本公司的综合绩效。（3）通过相关分析证实，股权激励比例与公司绩效之间存在着显著的正向相关关系。在此基础上，应用多元线性回归验证，股权激励比例对公司绩效有着显著的正向影响作用；公司规模对公司绩效的影响不显著；资产负债率对公司绩效有着显著的负向影响作用。（4）应用曲线回归分析进一步检验股权激励比例对公司绩效的具体影响关系，结果表明，股权激励比例与公司绩效之间不存在曲线相关关系。最后，结合研究结论，指出目前中小板上市公司在实施股权激励的过程中存在的问题，并提出相应的研究建议。
[Abstract]:Faced with the continuous development of capital market and increasingly complex management technology, in order to reduce the agency cost of the company, enhance the cohesion of the company and improve the corporate governance mechanism, many listed companies are competing to launch equity incentive plans. Based on this background, this paper discusses the relationship between equity incentive and corporate performance of small and medium-sized board listed companies by combining theoretical analysis and empirical analysis, with a view to implementing equity incentive in the future. Promote and improve the theoretical basis and empirical data support. Firstly, based on the literature review at home and abroad, this paper explains the theoretical basis of equity incentive, and draws lessons from the relevant research results, and puts forward four research hypotheses for small and medium-sized board listed companies. From 2006 to 2008, 27 small and medium board listed companies which officially announced the implementation of equity incentive were selected as samples, and their financial data of three years from 2008 to 2010 were used as sample data for empirical analysis. The results are as follows: (1) at present, the proportion of equity incentive is quite different, the proportion of equity incentive is generally low, and the proportion of the largest shareholder is relatively high. Stock option is the main mode of equity incentive. (2) using factor analysis to extract four common factors of corporate performance, respectively, representing the growth ability, solvency, profitability and operating ability of the enterprise. According to the corporate performance factor score model, the comprehensive performance of the sample company is calculated. (3) through correlation analysis, it is proved that there is a significant positive correlation between equity incentive ratio and corporate performance. On this basis, the application of multiple linear regression test, equity incentive ratio has a significant positive impact on corporate performance, the impact of corporate size on corporate performance is not significant; Asset-liability ratio has a significant negative impact on corporate performance. (4) using curve regression analysis to further test the specific impact of equity incentive ratio on corporate performance, the results show that, There is no curve correlation between equity incentive ratio and corporate performance. Finally, combined with the conclusion of the research, the paper points out the problems existing in the process of implementing equity incentive in the listed companies with small and medium-sized boards, and puts forward corresponding research suggestions.
【学位授予单位】：湖南工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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