钢研高纳股票期权激励效应研究

发布时间：2018-02-02 04:14

本文关键词： 钢研高纳股权激励杜邦分析事件研究法　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国企业规模的不断扩大、经济环境的不断变化,以及企业经营的跨地域化、全球化,更多的职业经理人走进了企业的管理层,与公司股东之间的信息不对称问题更为严重,企业所有者与管理者之间委托—代理关系也更为复杂。为进一步提高企业的管理效率,降低股东和管理者之间的代理成本,股权激励制度便应运而生。从2005年进行股权分置改革开始,我国不断地完善并颁布股权激励的实施规范,越来越多的上市公司选择实施了股权激励。当前我国上市公司纷纷实施股权激励,但股权激励实施效果如何,能够达到激励目的,促进企业快速发展,是当前财务理论界研究的重点课题。本文以钢研高纳股权激励案例为研究对象,深入研究股权激励所带来的财务效应,以期为上述问题的解决有所裨益。本文通过运用事件研究法、EVA模型、杜邦分析等研究方法,以钢研高钠股权激励案例为研究对象,深入分析了钢研高纳公司股权激励财务效果、对经营绩效影响及股权激励事件的市场反应等问题。本文主要分为五个部分:第一部分为绪论。主要介绍研究背景、意义等内容;第二部分是股权激励基础理论和文献综述。主要阐述股权激励的相关基础理论及国内外研究现状;第三部分钢研高钠股权激励财务效应案例分析。主要介绍股权激励案例简要情况,并进行了股权激励实施动因分析;第四部分为钢研高纳股权激励财务效果分析。深入分析了股权激励实施的财务效应、对综合绩效EVA影响及并购事件的市场反应;第五部分股权激励对管理层的激励力度和效果分析。深入股权激励实施对管理层等激励对象的作用与效果;第六部分为结论与建议。总结研究结论并提出建议。通过上述研究,本文得出如下结论:(一)钢研高纳股权激励实施对提升公司经营绩效具有显著的积极影响;(二)钢研高纳股权激励取得了市场反应良好;(三)钢研高纳股权激励实施对管理层激励效果良好。
[Abstract]:With the continuous expansion of the scale of enterprises in our country, the constant changes of the economic environment, as well as the cross-regional management, globalization, more professional managers into the management of enterprises. The problem of information asymmetry with shareholders is more serious, and the principal-agent relationship between owners and managers is more complex. In order to further improve the efficiency of enterprise management. Reducing the agency cost between shareholders and managers, the equity incentive system came into being. Since 2005, the reform of split share structure has been carried out, and China has continuously improved and promulgated the implementation of equity incentives. More and more listed companies choose to implement equity incentive. At present, listed companies in China have implemented equity incentive, but how effective the implementation of equity incentive can achieve the purpose of incentive, and promote the rapid development of enterprises. This paper takes the case of equity incentive of steel research institute as the research object, and deeply studies the financial effect of equity incentive. In order to solve the above problems, this paper applies the method of event research to EVA model, DuPont analysis and other research methods, taking the case of high sodium stock incentive as the research object. The financial effect of equity incentive is analyzed in detail. This paper is divided into five parts: the first part is the introduction, mainly introduces the research background, significance and so on; The second part is the basic theory and literature review of equity incentive. The third part is the case analysis of the financial effect of the high sodium equity incentive. The paper mainly introduces the brief situation of the equity incentive case, and analyzes the reasons for the implementation of the equity incentive. The financial effect of equity incentive is analyzed in 4th part. The financial effect of equity incentive is deeply analyzed, and the market reaction to comprehensive performance EVA and M & A event is analyzed. 5th part of equity incentive to the management of the intensity and effect of analysis, in-depth implementation of equity incentive to the management and other incentive objects role and effect; Part 6th is the conclusions and recommendations. The conclusion of the study and recommendations. Through the above study. This paper draws the following conclusions: (1) the implementation of equity incentive in Gangyan has a significant positive impact on the improvement of the company's operating performance; (2) the equity incentive of steel research institute has achieved a good market response; (3) the effect of equity incentive on management is good.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.5

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