民族地区国企上市公司股权激励与绩效研究

发布时间：2018-05-05 00:02

本文选题：股权激励 + 民族地区　；参考：《内蒙古财经大学》2017年硕士论文

【摘要】：股权激励长久以来被用作企业对员工众多激励机制的一种,在提升企业价值方面发挥了重要的作用,因此被各国企业广泛使用。有理论认为,股权激励可以有效地协调企业经营者与企业所有者之间的关系,能够从一定程度上解决现代企业控制权方面出现的若干弊端。该机制旨在通过对企业管理者的长期激励,最终达到双赢的效果。但由于我国资本市场相较西方存在巨大的差异,这就使得股权激励对公司治理的效果变得复杂,因此研究不同领域股权激励的效果有着重要的意义。“十三五”时期实施供给侧改革以来,股权激励制度受到了很大程度的重视,也受到很多民族地区上市公司的青睐。经营者可以通过获得企业股权的方式,参与公司治理。本文将在中国特殊的制度环境和市场环境下,对民族地区上市公司这类关系着国计民生的特殊市场主体的股权激励与企业绩效关系进行研究。本文在对比分析国内外相关理论与文献研究成果的基础上,界定了股权激励相关概念,分析了股权激励在协调现代企业委托人与代理人利益关系的作用。介绍了我国股权激励实施的制度基础,回顾了股权分置改革前后股权激励的发展历程。通过统计方法进一步分析目前我国民族地区股权激励所采用的主要模式以及现状,选取2006年至2015年间实施股权激励的上市公司为研究对象,进行股权激励与企业绩效的实证研究。通过SPSS18.0统计软件,运用主成分分析、曲线估计和回归分析等计量经济学方法考察管理层持股比例与企业绩效的关系。通过上述研究得出结论:(1)不论是否是国有企业,实施股权激励的民族地区上市企业绩效均显著优于未实施的企业;(2)采用主成分分析,发现我国民族地区上市企业对于资产负债率和股权激励计划有效期两项指标最为敏感;(3)通过Linear、Quadratic、Cubic三种函数建立模型,分别进行线性回归和曲线回归,发现民族地区上市企业管理层持股比例与企业绩效呈线性高程度拟合,同时发现也通过了曲线拟合的检验。根据论证结果:管理层持股比例水平与企业绩效正相关。因此,完善激励制度,适当调整行权条件,积极探索新的股权激励模式,不断优化公司内部治理结构和外部监管力度,将股权激励的优势充分发挥出来,以达到提升民族地区国有上市公司企业绩效的效果。
[Abstract]:For a long time, equity incentive has been used as a kind of incentive mechanism for employees, which plays an important role in promoting the value of enterprises, so it is widely used by enterprises all over the world. Some theory holds that equity incentive can effectively coordinate the relationship between the enterprise manager and the enterprise owner, and to some extent solve some disadvantages of the control right of the modern enterprise. This mechanism aims to achieve a win-win effect through long-term incentive to enterprise managers. However, there is a great difference between China's capital market and western countries, which makes the effect of equity incentive on corporate governance more complicated, so it is of great significance to study the effect of equity incentive in different fields. Since the implementation of supply-side reform in the 13th Five-Year Plan period, the equity incentive system has been attached great importance to and favored by listed companies in many ethnic regions. Managers can participate in corporate governance by acquiring equity in the enterprise. Under the special institutional environment and market environment of China, this paper will study the relationship between equity incentive and enterprise performance of listed companies in minority areas, which are related to the national economy and the people's livelihood. On the basis of comparative analysis of relevant theories and literature at home and abroad, this paper defines the concept of equity incentive and analyzes the role of equity incentive in coordinating the relationship between principal and agent in modern enterprises. This paper introduces the institutional basis of the implementation of equity incentive in China, and reviews the development course of equity incentive before and after the reform of split share structure. Through the statistical method, this paper further analyzes the main models and the present situation of equity incentive in minority areas of our country, and selects listed companies that implemented equity incentive from 2006 to 2015 as the research objects. An empirical study on equity incentive and firm performance is carried out. The relationship between managerial shareholding ratio and firm performance is investigated by means of principal component analysis curve estimation and regression analysis with SPSS18.0 statistical software. It is concluded that the performance of listed enterprises in minority areas, whether state-owned or not, is significantly better than that of non-implemented enterprises, and the principal component analysis is used. It is found that the listed enterprises in minority areas are most sensitive to the asset liability ratio and the validity period of the equity incentive plan. The models are established by using three functions of Linear-Quadratic cubic, and the linear regression and curve regression are carried out, respectively. It is found that the proportion of managerial shareholding of listed enterprises in minority areas is linearly fitted to corporate performance, and the curve fitting test is also passed. According to the result, the level of managerial shareholding is positively correlated with enterprise performance. Therefore, we should perfect the incentive system, adjust the exercise conditions appropriately, actively explore the new equity incentive model, constantly optimize the internal governance structure and external supervision of the company, and give full play to the advantages of equity incentive. In order to improve the performance of state-owned listed companies in minority areas.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F832.51;F275

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