生物医药企业股权激励水平与激励效果的研究

发布时间：2018-03-16 19:05

本文选题：生物医药　切入点：股权激励　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权激励是指通过授予高管以及核心技术人员等具有核心价值的员工一定数量的股票来实现激励目的。一方面让员工获得了股票溢价带来的经济利益,另一方面让员工获得了股权所附属的参与企业经营管理决策的投票权。因而这在一定程度上可以有效解决现代公司治理结构下,由于公司所有权和经营权相分离导致的信息不对称问题,并且有效缓解了委托代理双方在目标追求和利益诉求等方面的冲突。作为一种有效的现代公司治理手段,股权激励在我国的推行和发展已有20余年的历史,生物医药行业作为一种高新技术行业,其高技术性、高成长性、高市场应用性的特点对于股权激励具有良好的适用性,自2005年股权分置改革之后,越来越多的生物医药企业加入股权激励的行业,并取得了一定的成效。基于这样的研究背景,本文选取2006-2016年生物医药行业实施股权激励的上市公司为样本。首先通过描述性统计分析的方法从股权激励年份分布、激励水平分布、高管及核心技术人员占比、股票来源、授予方式、相关期限方面,对生物医药行业实施股权激励的大体状况作了定性的分析和总结。实证研究中,采用因子分析的方法加权得到用以衡量企业业绩的综合业绩指标;采用独立样本T检验方法从时间维度研究分析了股权激励后相关指标的差异显著性;采用偏相关分析方法对股权激励水平与综合业绩进行了定性的相关分析;随后又采用回归分析的方法定量研究了股权激励水平与激励效果之间的关系。研究发现:实施股权激励,不管对高管的激励还是对核心技术人员的激励,都对业绩的增长起到了正相关的推动作用,并且高管对业绩的推动作用要比核心技术人员的推动作用显著。通过对激励1年后、2年后业绩的回归分析发现,对高管实施股权激励有利于短期业绩的增长,而对核心技术人员实施股权激励有利于公司长远绩效的改善。研究还发现股权激励对业绩的改善有一定的局限性,高水平的股权激励并不一定会带来高水平的业绩增长,股权激励水平应该控制在适度的范围。总体而言,股权激励对改善管理层经营模式,变追求短期业绩为注重长远发展,起到了积极地引导作用。
[Abstract]:Equity incentive is to achieve the incentive goal by conferring a certain number of shares with core value, such as senior executives and core technicians. On the one hand, it gives employees the economic benefits of the stock premium. On the other hand, it gives employees the right to vote to participate in the decision-making of enterprise management, which can effectively solve the problem of modern corporate governance structure. Because of the information asymmetry caused by the separation of the ownership and the management right of the company, the conflict between the principal and agent in the pursuit of goals and interests is effectively alleviated. As an effective means of modern corporate governance, Equity incentive has been implemented and developed in our country for more than 20 years. As a kind of high-tech industry, the characteristics of high technology, high growth and high market application of biopharmaceutical industry have good applicability to equity incentive. Since the reform of split share structure in 2005, more and more biopharmaceutical enterprises have joined the industry of equity incentive, and have achieved certain results. In this paper, the listed companies in biopharmaceutical industry from 2006 to 2016 are selected as samples. Firstly, through descriptive statistical analysis, the paper analyzes the year distribution of equity incentive, incentive level distribution, the proportion of senior executives and key technicians, and the stock source. In the aspect of awarding method and relevant time limit, this paper makes qualitative analysis and summary on the general situation of implementing equity incentive in biomedical industry. In the empirical research, the method of factor analysis is used to weight to obtain the comprehensive performance index to measure the enterprise's performance. Using the independent sample T-test method, the paper analyzes the difference significance of the relevant indexes after equity incentive from time dimension, and uses partial correlation analysis to analyze qualitatively the correlation between equity incentive level and comprehensive performance. Then the relationship between equity incentive level and incentive effect is quantitatively studied by means of regression analysis. Both played a positive role in promoting performance growth, and executives were more likely to promote performance than core technicians. Regression analysis of performance after one year of motivation and two years later found that, The implementation of equity incentive to executives is conducive to the growth of short-term performance, while the implementation of equity incentive to core technicians is conducive to the improvement of the long-term performance of the company. The study also found that equity incentive has some limitations on the improvement of performance. A high level of equity incentive does not necessarily lead to a high level of performance growth. Equity incentive levels should be kept within a moderate range. Overall, equity incentives have an impact on improving management management's business model and changing the pursuit of short-term performance to a focus on long-term development. Played an active role in guiding.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F272.92

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