我国上市公司股权激励的公告效应研究

发布时间：2018-11-06 14:58

【摘要】：股权激励作为一种薪酬安排方式在发达国家已经发展了半个多世纪。目前美国绝大多数上市公司都采用股权激励计划对管理层进行激励,而来自股权激励计划的权益性收入已经成为美国上市公司高管的主要收入来源。我国的股权激励起步较晚,至2006年才有比较全面的法律法规进行规范,目前每年有超过100家以上的A股上市公司推出股权激励计划,规模仍在不断扩大中。本文主要研究我国上市公司股权激励的公告效应,及其相关因素分析。本文首先梳理了研究股权激励的相关文献,然后整理了相关理论,归纳出股权激励对公司业绩影响的四个正面效应和两个负面效应,以及影响股权激励实施效果的四个内外部环境要素。最后在实证部分中,本文选取了2006年至2011年A股上市公司中公告股权激励计划的公司为样本进行事件研究,有效样本点267个。应用CAPM模型计算事件窗口[.10,10]日内的超额收益率,使用t检验方法对其进行检验,并寻找相关影响因素进行比较分析,并进行回归分析。事件研究结果表明上市公司股票在股权激励公告日[.10,10]、[0,10]、[.10,.1]的时间窗口内均有显著为正的累计超额收益。说明我国A股市场存在股权激励公告效应,同时存在严重的内幕交易现象。通过分组检验和回归分析,发现对超额收益影响最大的因素是激励方式的选择和牛熊市场环境,激励方式为期权以及牛市环境都能够为超额收益带来显著的正贡献。而业绩目标方面,超预期的ROE要求、净利润增长率要求,以及较强的激励强度都与超额收益之间存在正相关关系。
[Abstract]:As a way of salary arrangement, equity incentive has been developed for more than half a century in developed countries. At present, the majority of listed companies in the United States use equity incentive plans to motivate management, and equity income from equity incentive plans has become the main source of income for executives of listed companies in the United States. The equity incentive started late in our country, and it was only in 2006 that more than 100 A-share listed companies introduced the stock incentive plan, and the scale is still expanding. This paper mainly studies the announcement effect of equity incentive of listed companies in China and its related factors. This paper firstly combs the relevant literature on equity incentive, then summarizes the relevant theories, and concludes four positive effects and two negative effects of equity incentive on corporate performance. And the four internal and external environmental factors that affect the effect of equity incentive implementation. Finally, in the empirical part, this paper selects the A-share listed companies from 2006 to 2011 as the sample of the stock incentive plan, and has 267 effective sample points. The CAPM model is used to calculate the excess rate of return within [.1010] days of event window, and the t-test method is used to test it, and to find the relative influencing factors for comparative analysis and regression analysis. The results of the event study show that there are significantly positive accumulative excess returns in the time window of the announcement date of equity incentive [.1010], [010], [.10n.1]. It shows that there exists stock incentive announcement effect and serious insider trading phenomenon in A-share market. Through grouping test and regression analysis, it is found that the choice of incentive mode and the market environment of bull bear have the greatest influence on the excess return. The incentive mode is option and bull market environment can bring significant positive contribution to the excess return. On the other hand, there is a positive correlation between ROE requirement, net profit growth rate and strong incentive intensity.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F272.92;F224

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