中小板上市公司管理层股权激励与企业业绩的实证研究

发布时间：2018-01-03 22:34

本文关键词：中小板上市公司管理层股权激励与企业业绩的实证研究　出处：《华北电力大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文主要研究了2006年以来中小企业板上市公司股权激励实施的效果,论证股权激励制度是否对中小板上市公司管理层进行有效激励,进而对推动企业业绩的提升。本文在总结前人研究的基础上,介绍了股权激励的概念、发展情况、理论基础和股权激励的形式,并着重对近年来中小企业板上市公司的股权激励实施情况和特征进行了描述性统计分析。结合相关理论和研究,利用主成分分析法建立企业业绩综合性评价模型,利用回归分析法构建关于企业业绩和股权激励比例之间关系的模型,并对样本的选取情况进行说明。在此基础上,本文依据利益趋同假说和管理者防御假说,针对中小企业板上市公司股权激励实施的情况,提出三个假设,并利用前文所构建的模型进行实证分析,对假设进行论证。实证分析结果显示,已实施股权激励企业的业绩要明显好于未实施股权激励企业的业绩,且股权激励比例与企业业绩之间存在正的线性相关关系。最后,针对目前我国证券市场股权激励存在的一系列问题,本文提出相关建议。
[Abstract]:This paper mainly studies the effect of equity incentive implementation of SME board listed companies since 2006, and demonstrates whether the equity incentive system can effectively motivate the management of small and medium-sized board listed companies. Then promote the promotion of enterprise performance. On the basis of summarizing the previous studies, this paper introduces the concept, development, theoretical basis and the form of equity incentive. And focus on the small and medium-sized enterprises listed companies in recent years on the implementation of equity incentives and characteristics of descriptive statistical analysis, combined with relevant theory and research. The principal component analysis method is used to establish a comprehensive evaluation model of enterprise performance, and the regression analysis method is used to build a model about the relationship between enterprise performance and equity incentive ratio. On the basis of this, according to the interest convergence hypothesis and the manager defense hypothesis, this paper puts forward three hypotheses for the implementation of equity incentive of SME board listed companies. The empirical results show that the performance of the enterprises that have implemented equity incentive is obviously better than that of the enterprises without equity incentive. And there is a positive linear correlation between the proportion of equity incentive and corporate performance. Finally, in view of a series of problems existing in equity incentive in China's securities market, this paper puts forward some relevant 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】：2014
【分类号】：F832.51;F272.92;F275

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