福利型和激励型股票期权影响因素和经济后果的实证分析

发布时间：2017-12-30 19:26

本文关键词：福利型和激励型股票期权影响因素和经济后果的实证分析　出处：《南开大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着现代企业两权分离的发展,委托代理问题逐渐产生,而股票期权作为一种新的长期激励机制受到人们的广泛关注。根据委托代理理论,股票期权计划会促使管理者努力工作,有效地提升公司业绩；但是我国福利型的股票期权屡见不鲜,不能起到降低代理成本的作用。本文通过研究2006-2013年公布股权激励计划的上市公司,从股票期权业绩条件和激励期限两个维度建立评分标准对约束强度进行分析,划分出福利型和激励型的股票期权。也探讨不同划分标准下福利型和激励型股票期权的影响因素,是公司治理因素还是公司财务状况等,也进一步探讨了哪些因素导致两种福利型和激励型股票期权分类的不同。本文通过研究发现,公司治理结构不完善的公司更可能采用福利型的绩效考核条件,董事长兼任CEO和国有控股上市公司更可能采用较长期的激励期限和宽松的业绩考核条件。在这个基础上,本文综合之前的评分将股票期权进一步细分成了福利型股票期权、正常激励型股票期权和强激励型股票期权。通过配对样本法来分析不同激励强度对上市公司的业绩影响有什么不同。福利型股票期权的对上市公司业绩增长没有影响,正常激励型和强激励型股票期权对上市公司业绩有明显的促进作用,但是两者的业绩变化没有显著差别。
[Abstract]:With the development of the separation of the two rights in modern enterprises, the principal-agent problem has emerged gradually, and the stock option as a new long-term incentive mechanism has been widely concerned, according to the principal-agent theory. The stock option plan will urge managers to work hard and improve the company's performance effectively. But China's welfare stock options are common, can not play a role in reducing agency costs. This paper through the study of the 2006-2013 stock incentive plans of listed companies. From the stock option performance conditions and incentive duration of the two dimensions of the establishment of scoring criteria to analyze the intensity of constraints. It also discusses the influence factors of welfare type and incentive type stock option under different dividing standards, whether corporate governance factor or company financial condition, etc. It also discusses which factors lead to the difference between the two types of welfare and incentive stock options. This paper finds that companies with imperfect corporate governance structure are more likely to adopt welfare performance appraisal conditions. Chairman of the CEO and state-owned listed companies are more likely to adopt a longer period of incentives and loose performance evaluation conditions. On this basis. This article synthesizes the score before the stock option further subdivides into the welfare type stock option. Normal incentive stock option and strong incentive stock option. The effect of different incentive intensity on the performance of listed company is analyzed by paired sample method. The welfare stock option has no effect on the performance growth of listed company. Influence. Normal and strong incentive stock options can promote the performance of listed companies, but there is no significant difference between them.
【学位授予单位】：南开大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.92

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