股权激励与公司业绩的相关性研究—国有上市公司与非国有上市公司的实证对比

发布时间：2018-02-10 20:14

  本文关键词： 股权激励 公司业绩 上市公司 产权性质　出处：《云南大学》2016年硕士论文　论文类型：学位论文

【摘要】：股权激励在西方国家受到广泛的应用,成为了现代公司治理中调和股东与职业经理人矛盾的一种有效手段。在我国,随着2005年股权分置改革的推行以及2006年及之后相继发布了股权激励相关指导性文件,使得国内实施股权激励有了基本的经济环境以及法律环境的保障。其中,国务院联合证监会针对国有性质以及非国有性质的上市公司就激励条件分别作了不同规定。根据以上背景,本文运用规范研究与实证研究两种研究方法,分别对相关理论以及数据进行分析；基于2010年及之后Wind数据终端提供的上市公司财务数据,考察企业股权激励程度与其业绩之间的相关性,并进一步对国有控股与非国有控股上市公司的实证结果进行对比分析。在规范研究部分,首先阐述了本文的研究动机、制度背景、研究思路与方法、研究意义以及可能的创新点。其次对相关理论及文献综述进行了整理。最后对我国股权激励实施现状进行描述性统计,分别从产权性质、行业、标的物、有效期以及行权方式这五个维度对样本进行考察。在实证研究部分,本文以2010年至2012年期间公告实施股权激励政策且至今仍处于实施进程中的210家国有与非国有上市公司为样本,选取其公告实施激励计划当年以及随后两年的财务数据来进行定量分析。以权益报酬率为因变量,股权激励水平为自变量,并引入企业资产规模、总资产负债率、总资产周转率作为控制变量,利用统计软件SPSS(22.0)依次对考察样本的数据进行描述性统计分析、相关性分析、多元线性回归分析以及调节效应分析,验证假设并对实证结果进行定性分析。最终得到的结论为：股权激励水平与公司业绩确实具有正相关关系。通过进一步对比国有性质与非国有性质上市公司,发现非国有上市公司的股权激励水平与其业绩有明显正相关关系,而国有上市公司的股权激励水平与其业绩并没有明显正相关关系,随后分析了其中的原因并提出了进一步研究的建议。
[Abstract]:Equity incentive has been widely used in western countries and has become an effective means to reconcile the contradiction between shareholders and professional managers in modern corporate governance. With the implementation of the split share structure reform in 2005 and the issuance of the relevant guidance documents on equity incentive in 2006 and after, the implementation of equity incentive in China has the basic economic environment and the protection of the legal environment. The Joint Securities Regulatory Commission of the State Council has made different regulations on incentive conditions for listed companies with state-owned nature and non-state-owned nature. According to the above background, this paper uses two research methods, normative research and empirical research. Based on the financial data of listed companies provided by Wind data terminal in 2010, the correlation between the degree of equity incentive and its performance is investigated. In the normative research part, the author first expounds the research motivation, system background, research ideas and methods of this paper, and makes a comparative analysis of the empirical results of the state-owned holding company and the non-state-owned holding listed company. The significance of the research and possible innovations. Secondly, the related theory and literature review are sorted out. Finally, the current situation of the implementation of equity incentives in China is described, respectively from the property nature, industry, subject matter, In the empirical research part, the validity period and the exercise mode of the samples are investigated. In this paper, 210 state-owned and non-state-owned listed companies that have announced the implementation of the equity incentive policy between 2010 and 2012 and are still in the process of implementation are taken as samples. The financial data of the year and the following two years are selected to carry out quantitative analysis. The equity incentive level is the independent variable and the equity return rate is the dependent variable, and the scale of the enterprise assets and the total asset-liability ratio are introduced. As the control variable, the total assets turnover rate is used to analyze the data of the investigation samples in turn, including descriptive statistical analysis, correlation analysis, multivariate linear regression analysis and adjustment effect analysis by using the statistical software SPSS 22.0. Finally, the conclusion is that there is a positive correlation between the level of equity incentive and the performance of the company. It is found that the equity incentive level of non-state-owned listed companies has a positive correlation with their performance, while the equity incentive level of state-owned listed companies has no obvious positive correlation with their performance. Then the reasons are analyzed and suggestions for further study are put forward.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F275
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本文编号：1501340