战略性新兴产业股权激励绩效研究

发布时间：2018-05-31 19:09

本文选题：战略性新兴产业 + 股权激励　；参考：《中南民族大学》2015年硕士论文

【摘要】：战略性新兴产业代表着一个国家的综合实力,战略性新兴产业的发展在促进我国经济发展中起着关键作用,因此,我国战略性新兴产业的发展受到广泛关注。近些年来,为了促进战略性新兴产业的发展,我国中央政府制定和提出了一系列战略性新兴产业发展规划,并将战略性新兴产业划分为七大领域。战略性新兴产业在有关政策的扶持下,也得到了蓬勃发展。股权激励的产生,源于委托代理问题。早在上个世纪50年代底,股权激励这一长期激励机制就在美国诞生了,股权激励措施的实施确实也为企业带来了收益,随后也有很多国家效仿美国卷入股权激励浪潮中,但这一激励机制在我国的发展却相对缓慢。近些年来,随着我国资本市场的完善,越来越多的上市公司开始尝试股权激励。在这样一个背景下,研究战略性新兴产业公司绩效与股权激励关系就很有必要。本文首先对股权激励实施前后公司的绩效进行对比,衡量公司绩效的指标,考虑到我国资本市场的不完全,并没有采用国外经常使用的托宾Q值等指标,而是采用净资产收益率和每股收益这两项财务指标,对比结果显示,实施股权激励的公司股权激励实施后公司绩效较股权激励实施前公司绩效有显著提高,这说明股权激励的实施有助于公司绩效的提高,对回归方程进行回归,结果显示,股权激励与公司绩效之间呈非线性关系。其次,本文研究了不同激励比例对公司绩效的影响。本文将样本公司以激励比例的大小分为两个样本,激励比例小于3%的公司为样本一、激励比例大于3%的公司为样本二,对这两个样本的回归方程进行回归,回归结果显示,当股权激励小于3%时,公司绩效随着股权激励比例的增加而成显著正相关,当股权激励比例超过3%时,公司绩效随着股权激励比例的增加呈现不显著的负相关关系,这说明,股权激励实施效果跟激励比例之间有着重要关系,企业实施股权激励时,应充分考虑股权激励实施比例,优化股权激励效果。最后,本文研究了不同股权激励模式对公司绩效的影响。将样本公司以股权激励模式的不同分为两个样本,采取股票期权激励模式的公司为样本一,采取限制性股票激励模式的公司为样本二,对比分析两种激励模式的激励效果。结果表明,限制性股票激励模式的股权激励效果要优于股票期权激励模式。
[Abstract]:Strategic emerging industries represent the comprehensive strength of a country, and the development of strategic emerging industries plays a key role in promoting the economic development of our country. Therefore, the development of strategic emerging industries in China has received extensive attention. In recent years, in order to promote the development of strategic emerging industries, China's central government has formulated and proposed a series of strategic emerging industries development plan, and divided strategic emerging industries into seven major areas. Strategic emerging industries in the support of relevant policies, has also been vigorous development. The emergence of equity incentive originates from the principal-agent problem. As early as the late 1950s, the long-term incentive mechanism of equity incentive was born in the United States, the implementation of equity incentive measures did bring benefits to enterprises, and then many countries followed the example of the United States involved in the wave of equity incentives. However, the development of this incentive mechanism in China is relatively slow. In recent years, with the perfection of China's capital market, more and more listed companies begin to try equity incentive. Under such a background, it is necessary to study the relationship between performance and equity incentive of strategic emerging industry companies. Firstly, this paper compares the performance of companies before and after the implementation of equity incentives, measures the performance of the company, considering the incomplete capital market in China, does not use the Tobin Q value, which is often used by foreign countries, and so on. The comparative results show that the performance of the company after the implementation of equity incentive is significantly higher than that before the implementation of equity incentive. This shows that the implementation of equity incentive is conducive to the improvement of corporate performance. The regression equation is regressed. The results show that there is a nonlinear relationship between equity incentive and corporate performance. Secondly, this paper studies the effect of different incentive ratio on corporate performance. In this paper, the sample company is divided into two samples according to the size of incentive ratio, the company with incentive ratio less than 3% as sample one and the company with incentive ratio more than 3% as sample two. The regression equation of these two samples is regressed, and the regression results show that, When the equity incentive is less than 3, the corporate performance is positively correlated with the increase of the share incentive ratio, and when the equity incentive ratio exceeds 3, the corporate performance shows no significant negative correlation with the increase of the equity incentive ratio. There is an important relationship between the effect of equity incentive and the proportion of incentive. When enterprises implement equity incentive, the proportion of equity incentive should be fully considered to optimize the effect of equity incentive. Finally, this paper studies the impact of different equity incentive models on corporate performance. The sample companies are divided into two samples according to the different equity incentive models. The companies with stock option incentive model are sample one and those with restrictive stock incentive mode are sample two. The incentive effects of the two incentive modes are analyzed comparatively. The results show that the equity incentive effect of restrictive stock incentive mode is better than that of stock option incentive mode.
【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F276.44;F272.92

【参考文献】