中小板上市公司股权激励的市值管理效应研究

发布时间：2018-04-10 23:09

本文选题：股权激励 + 市值管理绩效　；参考：《西南政法大学》2016年硕士论文

【摘要】：长期以来,对于上市公司实施股权激励的效果研究,学术界主要集中在两方面进行考察。一方面是实施股权激励对上市公司的财务绩效产生的影响,另一方面是对上市公司股价变化产生的影响,并且都是将两方面割裂开来分别进行研究的。然而,股权激励的激励效果不仅表现在公司内在价值的提升,也表现在外在价值的提高,不能单纯的仅考虑企业的内在价值创造,也不能只考虑企业的外在价值实现。市值管理的内容包含公司的内在价值和外在价值两方面,上市公司市值管理绩效综合反映了公司的业绩水平(内在价值)和股价市值(外在价值),研究股权激励对上市公司市值管理的实施效果能够更加全面科学的反映股权激励的实施效应。基于此,本文从市值管理的角度考察股权激励在我国的实施效果。本文考虑宏观经济和资本市场情况,将2010-2014五年市场低迷时期作为样本期间,选取作为我国实施股权激励主力军的中小板上市公司作为研究对象,在统计分析中小板上市公司股权激励实施现状的基础上,从股权激励要素的四个方面研究中小板上市公司股权激励的市值管理效应。包括:一、实施股权激励对市值管理绩效的影响分析。二、股权激励模式对市值管理绩效的影响分析。三、股权激励有效期对市值管理绩效的影响分析。四、股权激励比例与市值管理绩效的回归分析。通过研究本文得出以下结论:实施股权激励对中小板上市公司的市值管理绩效具有促进作用;不同的股权激励模式对中小板上市公司市值管理影响效果差异不明显;较长的股权激励有效期有利于中小板上市公司市值管理;股权激励比例与中小板上市公司市值管理绩效呈显著正相关。同时提出相关建议:一、适时调整股权激励方案。二、多样化股权激励模式选择。三、科学设置股权激励有效期。四、提高股权激励比例。五、改善公司治理结构。本文的研究结果希望能够为我国中小板上市公司实施股权激励提供一些有效的参考。
[Abstract]:For a long time, the academic circles mainly focus on two aspects to study the effect of equity incentive in listed companies.On the one hand, the impact of equity incentive on the financial performance of listed companies, on the other hand, the impact on the changes of stock prices of listed companies, and are separated from the two aspects of the study.However, the incentive effect of equity incentive is not only reflected in the promotion of the internal value of the company, but also in the improvement of the external value, which can not only consider the internal value creation of the enterprise, but also the external value realization of the enterprise.The contents of market value's management include the internal value and external value of the company.The management performance of market value of listed company reflects the performance level of the company (intrinsic value) and the stock price market value (external value) comprehensively and scientifically. The research on the effect of stock right incentive on the implementation of market value management of listed company can reflect more comprehensively and scientifically.The effect of equity incentive.Based on this, this paper investigates the effect of equity incentive in China from the perspective of market value management.Considering the macroeconomic and capital market situation, this paper takes the five-year market downturn period 2010-2014 as the sample period, and selects the small and medium-sized board listed companies as the main force to implement equity incentive as the research object.On the basis of statistical analysis of the current situation of equity incentive implementation of small and medium-sized board listed companies, this paper studies the market value management effect of equity incentive in small and medium-sized board listed companies from four aspects of equity incentive elements.Including: first, the impact of equity incentive on market value's management performance.Second, the impact of equity incentive model on market value's management performance.Thirdly, the effect of the validity of equity incentive on market value's management performance.Fourthly, the regression analysis between equity incentive ratio and market value's management performance.Through the study of this paper, the following conclusions are drawn: the implementation of equity incentive can promote the management performance of market value of small and medium-sized board listed companies, and the effect of different equity incentive modes on market value management of small and medium-sized board listed companies is not obvious;The long period of validity of equity incentive is beneficial to market value management of small and medium-sized board listed companies, and the proportion of equity incentive is significantly positively correlated with the performance of market value management of small and medium-sized board listed companies.At the same time put forward relevant suggestions: first, timely adjustment of equity incentive scheme.Second, the choice of diversified equity incentive mode.Third, set up the valid period of stock right incentive scientifically.Fourth, increase the proportion of equity incentives.Fifth, improve the corporate governance structure.The research results of this paper hope to provide some effective reference for the implementation of equity incentive in Chinese small and medium board listed companies.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F832.51

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