创业板上市公司股权激励契约要素和企业绩效的关系研究

发布时间：2018-04-23 17:22

本文选题：创业板市场 + 股权激励　；参考：《江西理工大学》2017年硕士论文

【摘要】：知识经济时代的到来,促进了高成长、高科技公司的快速发展,低准入、高运作、严披露的创业板崛起,美国纳斯达克市场发展良好。相对于主板市场,创业板市场为“三高一小”(高成长、高科技、高风险、小规模)的公司,创造了良好的融资平台和有效的资本运作方式。我国创业板2009年10月在深圳证券交易所上市,截止至2016年9月底就吸引了540家的公司加入,成为了自主创新的孵化地和产业园。但是创业板市场这些蕴含巨大发展潜力的公司面临着高风险,稍有不慎就会被竞争激烈的创业板市场淘汰出局。创业板上市公司发展的最大动力是核心技术人员的研发能力和高层管理人员的优秀管理理念,如何吸引并留住这些优秀人才是公司生存和发展的关键。股权激励作为解决委托代理问题、激励人才的有效方式,在西方国家得到了广泛的运用,我国在二十世纪九十年代引入。股权激励以股权为标的,使高管和核心技术人员享有公司决策参与权和利润分享权,激励对象和公司股东目标一致、利益趋同,提高了他们的工作效率和积极性。本文对股权激励的相关文献进行了整理归纳,发现大部分学者是将这种激励计划当作一个整体去研究,对其内部的各个契约要素探讨的不深入,本文将试图弥补这一块的欠缺和空白,并从创业板入手分析,这也是本文的创新之处。本文在介绍相关概念和理论的基础上,分析了创业板上市公司实施股权激励的现状,发现激励比例普遍偏低、有效期较短、行权条件单一、模式简单的问题。为了更加深入的研究股权激励契约要素和绩效的关系,本文选取了181家公司作为样本,用实证方法进行分析。首先,为了避免单一指标的片面性,本文选取了14个财务指标,用因子分析得出绩效的综合得分,绩效评价结果表明创业板市场推行股权激励公司的绩效一般。接着,用独立样本T检验分析股权激励推行后的效果,发现企业绩效略有提升但不显著。最后,通过回归方法探究了契约要素中激励比例、有效期、行权条件和企业绩效的关系,并对比两种主要模式的实施效果,得出以下结论:激励比例和绩效是弱正相关关系;有效期与绩效无显著性关系;行权条件个数越多,企业绩效越好;限制性股票的激励效果优于股票期权。针对以上实证结果,本文提出了建议:股权激励契约要素设计方面,要合理确定激励比例、有效期和激励模式,行权条件多元化。外部环境方面,需要培育良好的市场氛围,优化公司治理结构,加强对管理层的监督,完善内部控制,健全相关法律法规。
[Abstract]:The arrival of knowledge economy era has promoted the rapid development of high-tech companies, low access, high operation, strict disclosure of the growth Enterprise Market (gem), the United States NASDAQ market has developed well. Compared with the main board market, the gem market has created a good financing platform and an effective capital operation mode for "three high and one small" companies (high growth, high technology, high risk, small scale). China's gem listed on the Shenzhen Stock Exchange in October 2009. By the end of September 2016, it has attracted 540 companies to join, and has become the incubator and industrial park of independent innovation. However, the gem market which contains huge development potential companies are facing high risk, a little inadvertently will be eliminated from the competitive gem market. The biggest motive force for the development of gem listed companies is the research and development ability of core technicians and the excellent management concept of senior management personnel. How to attract and retain these outstanding talents is the key to the survival and development of the company. As an effective way to solve the problem of principal-agent and encourage talents, equity incentive has been widely used in western countries. Equity incentive takes equity as the target, which makes executives and core technicians enjoy the right to participate in decision-making and share profits. The objectives of incentive and shareholders are the same, the interests converge, and their working efficiency and enthusiasm are improved. This paper summarizes the relevant documents of equity incentive, and finds that most scholars study this incentive plan as a whole, and do not deeply discuss the various contractual elements within the incentive plan. This paper will try to make up for the lack and blank of this piece, and analyze from the gem, which is also the innovation of this paper. Based on the introduction of related concepts and theories, this paper analyzes the current situation of equity incentive in gem listed companies, and finds that the incentive ratio is generally low, the validity period is relatively short, the exercise condition is simple, and the mode is simple. In order to further study the relationship between equity incentive contract elements and performance, this paper selects 181 companies as a sample and uses empirical methods to analyze. First of all, in order to avoid the one-sidedness of a single index, this paper selects 14 financial indicators, using factor analysis to obtain a comprehensive score of performance, performance evaluation results show that the gem market equity incentive company performance is generally. Then, using independent sample T test to analyze the effect of equity incentive, we find that the enterprise performance is slightly improved but not significant. Finally, the relationship between incentive ratio, validity period, exercise condition and enterprise performance in contract elements is explored by regression method, and the following conclusions are drawn: incentive ratio and performance are weakly positive correlation; There is no significant relationship between validity and performance; the more the number of exercise conditions, the better the performance of the firm; the incentive effect of restricted stock is better than that of stock option. In view of the above empirical results, this paper puts forward some suggestions: in the aspect of designing the elements of equity incentive contract, we should reasonably determine the incentive ratio, the period of validity, the incentive mode, and the diversification of the exercise conditions. In terms of external environment, it is necessary to cultivate a good market atmosphere, optimize the corporate governance structure, strengthen the supervision of the management, perfect the internal control, and improve the relevant laws and regulations.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F275;F832.51

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