我国上市公司股权激励与公司绩效相关性的实证研究

发布时间：2018-01-02 09:28

本文关键词：我国上市公司股权激励与公司绩效相关性的实证研究　出处：《华中科技大学》2015年硕士论文　论文类型：学位论文

【摘要】：目前,随着经济社会的快速转型和发展,股权激励制度在我国已经得到了较为广泛的实践,成为一项长效机制。从2005年股权分置改革开始至2013年间,已经有597家上市公司宣布开始实施股权激励计划,学术界和上市公司普遍对股权激励实施的效果和作用非常关注。股权激励具有稳定和激励员工的作用,是公司治理的一个重要内容。股权激励发挥的作用是长效的,因为其有效地解决了员工和公司利益目标不同带来的影响,能够充分调动员工的积极性,将更多热情投入到工作中,为实现自己的利益目标而努力,公司的绩效也获得了大幅的提升。同时,从利益的角度来看,实行股权激励制度会让公司所有者与管理者的角色紧密的结合起来,减少一定的道德风险,起到很好的约束作用。此外,股权激励也有一定的弊端,运用不当,也可能会适得其反,比如激励门槛过低或条件过松,导致股权激励成为一种员工福利,或者可能存在信息披露不完善以及向股东输送利益的问题,对公司绩效带来不利影响。本文旨在研究我国股权激励与公司绩效相关性,通过将实证研究与规范研究方法有效的结合,全文分为六个部分对其进行介绍、分析、研究。首先,通过对选题的意义以及当下的市场背景做一简要的介绍,让读者更加清晰的了解到相关信息,奠定了理论基础。其次,通过查阅相关文献,介绍了国内外学者对该问题的研究理论,同时描述了股权激励从西方引入我国后的发展历程,为提出本文的假设和设定相关变量做了理论铺垫。然后,选用2010年成功实施股权激励的39家上市公司前后时间跨度五年的数据作为研究样本进行了统计与分析,最终得出了以下结论:(1)我国上市公司股权激励的实施对公司的业绩有所提升,但效果并不显著(2)股权激励比例与公司业绩之间并没有显著的相关性,与假设预期的结果不同(3)限制性股票的股权激励方式会比股票期权产生更好的激励效果(4)较长的股权激励有效期的激励效果比短期激励较好一些。综合以上结论,本文综合考虑理论与现实情况,客观的对该机制提出合理性建议。
[Abstract]:At present, with the rapid economic and social transformation and development, the equity incentive system in China has been a relatively wide range of practice. From 2005 to 2013, 597 listed companies have announced the implementation of equity incentive plan. Academia and listed companies generally pay close attention to the effect and function of equity incentive. Equity incentive has the function of stabilizing and motivating employees. Equity incentive is an important part of corporate governance. The role of equity incentive is long-lasting, because it effectively solves the impact of different interests of employees and companies, and can fully mobilize the enthusiasm of employees. Put more enthusiasm into the work, to achieve their own interests and goals, the company's performance has been greatly improved. At the same time, from the point of view of interest. The implementation of equity incentive system will make the company owners and managers of the role of close combination, reduce certain moral hazard, play a very good role in restraint. In addition, equity incentive also has some drawbacks, improper use. It may also backfire, such as too low barriers or loose conditions, resulting in equity incentives as a kind of employee benefits, or there may be imperfect information disclosure and the transmission of benefits to shareholders. The purpose of this paper is to study the correlation between equity incentives and corporate performance in China. Through the effective combination of empirical research and normative research methods, the full text is divided into six parts to introduce it. Analysis, research. First, through a brief introduction to the significance of the topic and the current market background, let the reader understand the relevant information more clearly, laid the theoretical foundation. Secondly, by consulting the relevant literature. This paper introduces the domestic and foreign scholars' research theory on this issue, and describes the development process of equity incentive from the west after the introduction of China, which paves the way for the hypothesis of this paper and the setting of relevant variables. Then. In 2010, 39 listed companies which successfully implemented equity incentive were selected as the data of five years before and after the successful implementation of equity incentive as the research samples for statistics and analysis. Finally, the following conclusions are drawn: 1) the implementation of equity incentive of listed companies in China has improved the performance of the company, but the effect is not significant. 2) there is no significant correlation between the proportion of equity incentive and the performance of the company. Different from the expected result) the equity incentive method of restricted stock will produce better incentive effect than stock option. The incentive effect of long term equity incentive is better than that of short-term incentive. This article synthetically considers the theory and the reality situation, and puts forward the reasonable suggestion to the mechanism objectively.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F275

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