公司治理结构对股权激励方案激励性的影响研究

发布时间：2018-11-07 14:36

【摘要】：本文的目标是研究公司治理结构对股权激励方案激励性的影响作用。全文研究工作通过以下几步展开：首先，提出了论文选题的意义和目的，通过回顾国内外股权激励方案激励性及影响因素的研究文献，提出了现有研究的不足和本文的研究契机，阐明了本文的研究内容和研究方法，并对本文的相关概念进行了界定，对基础理论进行了阐述。其次，以2009年—2011年公告股权激励方案的深沪主板上市公司作为研究样本，，对上市公司治理结构和股权激励方案要素设计的现状进行了分析。在此基础上，构建了公司治理结构变量组和股权激励方案激励性变量组，对两者之间的相关性进行了典型相关分析。分析结果表明，公司治理结构与股权激励方案的激励性之间存在相关关系。再次，为了进一步检验公司治理结构变量组中的单个变量对股权激励方案激励性的影响程度和作用方向，按照激励性的不同，本文将激励方案分为激励型和福利型，并以此为被解释变量，以公司治理结构作为解释变量，构建了Logistic回归模型，对二者之间的因果关系进行研究。回归结果表明，高管持股比例和股权集中度与股权激励方案的激励性负相关，而第一大股东控制力和董事长与总经理两职设置与方案的激励性正相关。最后，根据本文的实证研究结论，结合我国公司治理和资本市场环境的特点，从完善股权激励的运行环境，加强其激励效果的角度出发，提出了改善公司内部治理环境和完善公司外部市场环境的对策和建议。
[Abstract]:The purpose of this paper is to study the influence of corporate governance structure on the incentive of equity incentive scheme. The research work is carried out in the following steps: first of all, the significance and purpose of the thesis are put forward, and the research literature on the incentive and influencing factors of equity incentive schemes at home and abroad is reviewed. This paper puts forward the deficiency of the present research and the research opportunity of this paper, clarifies the research contents and research methods of this paper, defines the related concepts in this paper, and expounds the basic theory. Secondly, taking the Shenghu main Board listed company as the research sample, this paper analyzes the current situation of the governance structure and the key elements of the equity incentive scheme design of the listed company. On this basis, the paper constructs the corporate governance structure variable group and the equity incentive scheme incentive variable group, and makes a typical correlation analysis between them. The results show that there is a correlation between corporate governance structure and incentive of equity incentive scheme. Thirdly, in order to further test the influence and direction of individual variables in the group of variables of corporate governance structure on the incentive of equity incentive scheme, according to the different incentive, the incentive scheme is divided into incentive type and welfare type. Taking this as the explanatory variable and the corporate governance structure as the explanatory variable, the Logistic regression model is constructed, and the causal relationship between the two is studied. The regression results show that the proportion and concentration of executive ownership are negatively correlated with the incentive of equity incentive scheme, while the first shareholder control and the establishment of chairman and general manager are positively correlated with the incentive of the scheme. Finally, according to the conclusion of this paper, combining the characteristics of corporate governance and capital market environment, from the perspective of perfecting the operating environment of equity incentive and strengthening its incentive effect, The countermeasures and suggestions for improving the internal governance environment and improving the external market environment of the company are put forward.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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