创业板上市公司股权激励与公司财务绩效相关性研究

发布时间：2018-01-03 16:00

本文关键词：创业板上市公司股权激励与公司财务绩效相关性研究　出处：《华北电力大学》2015年硕士论文　论文类型：学位论文

【摘要】：现代企业制度的两权分离使得企业的所有者与企业的经营者之间对自身利益的不同诉求成了潜在矛盾。股权激励制度的运用将二者的利益绑定在一起,所有者通过授予经营者一定的股权,使得经营者以股东身份参与企业的管理决策、利益分配、承担经营风险。深交所创业板市场自2009年10月30日开板以来,一直作为我国资本市场的有效补充,自2010年起,创业板上市公司不断进行着股权激励的尝试。本文选取125家创业板上市公司作为样本,运用回归分析法对我国创业板上市公司股权激励与公司财务绩效的相关性进行了实证研究。文章以“财务绩效综合值”作为回归模型的被解释变量,以“股权激励额度”作为解释变量,以“公司规模”、“股权集中度”和“首次信息发布年份”作为控制变量。在财务绩效综合值的确定中,结合创业板上市公司的特点,依据我国企业绩效评价体系选取12个财务绩效评价指标,再采用主成分分析法提取出4个主成分从而确定财务绩效综合值。全样本回归分析结果显示,我国创业板上市公司股权激励额度与财务绩效综合值在10%的水平上正相关,假设一得到验证;按照激励模式及股权激励有效期分组样本回归分析结果显示,相比于股票期权模式,限制性股票模式下股权激励与公司财务绩效的相关性更高,假设二得到验证;相比于有效期偏短的激励计划,有效期更长时,股权激励与公司财务绩效的相关性没有更高,假设三被拒绝。进一步分析影响股权激励效果的因素,有资本市场的有效性、股权激励模式的设计、行权条件的设计、会计信息的可靠性这四个主要因素。最后,对实证研究结论进行总结,并从外部环境、上市公司及股权激励计划设计三方面对我国创业板上市公司的股权激励制度提出建议。
[Abstract]:The separation of the two rights of the modern enterprise system makes the different demands for their own interests between the owner of the enterprise and the operator of the enterprise become a potential contradiction. The application of the equity incentive system binds the two interests together. By granting certain shares to the operator, the owner makes the operator participate in the management decision and benefit distribution of the enterprise as a shareholder. Since October 30th 2009, the growth Enterprise Market of Shenzhen Stock Exchange has been an effective supplement to our capital market since 2010. Gem listed companies continue to try to encourage equity. This paper selects 125 gem listed companies as the sample. This paper makes an empirical study on the correlation between equity incentive and financial performance of listed companies in gem by using regression analysis method. The article takes "financial performance comprehensive value" as the explanatory variable of regression model. Taking "equity incentive quota" as explanatory variable, "company size", "ownership concentration" and "first information release year" as control variables. According to the characteristics of gem listed companies, 12 financial performance evaluation indicators are selected according to the performance evaluation system of Chinese enterprises. Then four principal components were extracted by principal component analysis to determine the comprehensive value of financial performance. The results of full sample regression analysis showed that. There is a positive correlation between the amount of equity incentive and the comprehensive value of financial performance of gem listed companies in China at the level of 10%. According to the results of sample regression analysis of incentive model and validity period of equity incentive, compared with the stock option model, the correlation between equity incentive and corporate financial performance is higher under restrictive stock model. Hypothesis two is verified; Compared with the incentive plan with short validity period, when the validity period is longer, the correlation between equity incentive and corporate financial performance is not higher, and hypothesis three is rejected. Further analysis of the factors that affect the effect of equity incentive. There are four main factors: the validity of capital market, the design of equity incentive mode, the design of exercise conditions, the reliability of accounting information. Finally, the conclusion of empirical research is summarized, and the external environment. Three aspects of listed companies and equity incentive plan design to China's gem listed companies equity incentive system suggestions.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;F275;F276.6

【相似文献】