公司股票期权计划的激励性和有效性研究—理论与个案
发布时间：2019-02-17 16:36
【摘要】：自中国加入WTO以来，上市公司面临着越来越激烈的竞争，为了能在激烈竞争中取胜，股票期权计划成为深受上市公司亲睐的长期激励方式之一。 本文在以往学者和专家对股票期权计划相关理论和实施效果的研究基础上，结合已经实施股票期权计划的上市公司的实践，主要采用案例研究方法并结合文献研究方法、对比分析方法等其他方法，，选取了北京双鹭药业股份有限公司作为研究对象，深入分析双鹭药业的股票期权计划的激励性和有效性，包括计划实施的内外部环境对计划激励性和有效性的影响、计划本身的激励性和有效性以及计划实施的效果。通过研究，得出股票期权计划发挥激励作用的成功原因取决于计划实施的内外部环境、计划本身的激励性和有效性以及上市公司高管层的努力程度。建议从完善计划本身和内外部治理环境三个方面进行改进股票期权计划。 本文的研究成果和创见：一是采用案例研究的方法对我国上市公司股票期权计划的激励性和有效性进行探索；二是采用了2002-2012年的数据进行研究，可信度更高；三是在案例分析之前，提出了案例分析的标准和方法，以及案例的分析框架；四是结合本文研究目的和研究方法，给出了测度激励性和有效性的指标；五是在股票期权计划实施前后业绩指标对比时，用大量的图表对数据进行了分析，论证充分；六是全面地提出了股票期权计划相关环境建设的建议，有利于今后股票期权计划的进一步推广。
[Abstract]:Since China's entry into WTO, the listed companies are facing more and more fierce competition. In order to win in the fierce competition, the stock option plan has become one of the long-term incentive methods favored by the listed companies. Based on the previous research on the theory and effect of stock option plan, this paper combines the practice of listed companies that have implemented the stock option plan, mainly adopts the case study method and the literature research method. By comparing and analyzing other methods, Beijing Shuanglu Pharmaceutical Co., Ltd. is selected as the research object to analyze the incentive and effectiveness of the stock option plan of Shuanglu Pharmaceutical Co., Ltd. It includes the impact of the internal and external environment of the plan implementation on the incentive and effectiveness of the plan, the incentive and effectiveness of the plan itself and the effect of the implementation of the plan. Through the research, it is concluded that the successful reasons for the stock option plan to play an incentive role depend on the internal and external environment of the implementation of the plan, the incentive and effectiveness of the plan itself and the level of effort of the executives of the listed company. It is suggested that the stock option plan should be improved from three aspects: perfecting the plan itself and improving the internal and external governance environment. The research results and ideas of this paper are as follows: first, using the method of case study to explore the incentive and effectiveness of the stock option plan of listed companies in China; second, using the data from 2002 to 2012 to study, the credibility is higher; The third is to put forward the standard and method of case analysis and the frame of case analysis before the case analysis, the fourth is to give the index to measure incentive and validity according to the purpose and method of this paper. Fifth, when the performance index is compared before and after the implementation of the stock option plan, a large number of charts are used to analyze the data. Sixthly, the paper puts forward some suggestions on the environment construction of stock option plan, which is beneficial to the further promotion of stock option plan in the future.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F426.72
本文编号：2425372
[Abstract]:Since China's entry into WTO, the listed companies are facing more and more fierce competition. In order to win in the fierce competition, the stock option plan has become one of the long-term incentive methods favored by the listed companies. Based on the previous research on the theory and effect of stock option plan, this paper combines the practice of listed companies that have implemented the stock option plan, mainly adopts the case study method and the literature research method. By comparing and analyzing other methods, Beijing Shuanglu Pharmaceutical Co., Ltd. is selected as the research object to analyze the incentive and effectiveness of the stock option plan of Shuanglu Pharmaceutical Co., Ltd. It includes the impact of the internal and external environment of the plan implementation on the incentive and effectiveness of the plan, the incentive and effectiveness of the plan itself and the effect of the implementation of the plan. Through the research, it is concluded that the successful reasons for the stock option plan to play an incentive role depend on the internal and external environment of the implementation of the plan, the incentive and effectiveness of the plan itself and the level of effort of the executives of the listed company. It is suggested that the stock option plan should be improved from three aspects: perfecting the plan itself and improving the internal and external governance environment. The research results and ideas of this paper are as follows: first, using the method of case study to explore the incentive and effectiveness of the stock option plan of listed companies in China; second, using the data from 2002 to 2012 to study, the credibility is higher; The third is to put forward the standard and method of case analysis and the frame of case analysis before the case analysis, the fourth is to give the index to measure incentive and validity according to the purpose and method of this paper. Fifth, when the performance index is compared before and after the implementation of the stock option plan, a large number of charts are used to analyze the data. Sixthly, the paper puts forward some suggestions on the environment construction of stock option plan, which is beneficial to the further promotion of stock option plan in the future.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F426.72
【参考文献】
相关期刊论文 前10条
1 刘杰;刘文军;;上市公司股票期权激励与企业业绩关系的实证研究[J];北方经济;2010年07期
2 李淑珍,靳云飞;股票期权方案的设计难点及解决方案[J];北京服装学院学报;2002年02期
3 池国华,柯香;股票期权制度与会计信息质量——由安然事件引发的思考[J];财经问题研究;2002年06期
4 孙礼照;股票期权交易的机制与特点[J];财经问题研究;1994年04期
5 王国刚,兰邦华;我国上市公司实施股票期权制的模式、障碍与对策[J];财贸经济;2001年05期
6 寇淮;股票期权及其在我国的发展[J];财政研究;2002年05期
7 张小宁,邵建馨;期权激励的机理分析与变通设计[J];中国工业经济;2000年05期
8 王国刚,兰邦华;我国上市公司经理人员股票期权制设计的几个要点[J];中国工业经济;2001年01期
9 吕剑锋;股票期权激励模式及其改进[J];工业技术经济;2003年03期
10 谢作渺;薛冬雪;董菁;;股权激励理论研究综述[J];工业技术经济;2007年03期
相关博士学位论文 前1条
1 郑晓玲;上市公司股票期权激励有效性研究[D];苏州大学;2009年
本文编号：2425372
本文链接：https://www.wllwen.com/jingjilunwen/qihuoqq/2425372.html
