基于股权激励效率视角的上市公司股权激励工具选择

发布时间：2018-05-29 01:23

本文选题：股权激励 + DEA-TOBIT模型　；参考：《中国矿业大学》2017年硕士论文

【摘要】：本文使用DEA方法对股权激励的效率进行了测评,并将效率值作为因变量投入到Tobit模型中,通过Tobit模型分析了影响股权激励工具选择的因素、影响股权激励效率的因素。其中,影响股权激励工具选择的因素包括公司规模,两职合一,股权激励工具与公司规模的二阶交互项,股权激励工具、公司规模与公司成长性的三阶交互项,股权激励工具、股权性质与大股东控制权的三阶交互项,股权激励工具、大股东控制权与管理层持股水平的三阶交互项。影响股权激励效率的因素包括股权激励工具、公司规模、成长性。研究发现,在一般情况下,股票期权的效率要高于限制性股票,但对于高成长性的大公司、低成长性的小公司和大股东控制权与管理层激励冲突激烈的国企来说,股票期权的效率较低,限制性股票的效率有可能超过股票期权。将这些因素作为自变量投入到新的模型中,从而得到了股权激励工具选择的模型,通过计算股票期权和限制性股票的效率值来确定选用哪种股权激励工具。公司只需提供以上因素的值带入计算比较,即可得到更适合公司的股权激励工具。
[Abstract]:In this paper, DEA method is used to evaluate the efficiency of equity incentive, and the efficiency value is used as a dependent variable in the Tobit model. Through the Tobit model, the factors affecting the choice of equity incentive tools and the factors affecting the efficiency of equity incentive are analyzed. Among them, the factors that affect the choice of equity incentive tools include the company size, the integration of two positions, the second order interaction between equity incentive tools and company size, the equity incentive tools, the third order interaction between company size and corporate growth, and the equity incentive tools. Third order interaction between ownership nature and control right of large shareholders, equity incentive tools, and third order interaction between control right of large shareholders and management holding level. The factors that affect the efficiency of equity incentive include equity incentive tools, company size and growth. It is found that stock options are more efficient than restricted stocks in general, but for large companies with high growth, small companies with low growth and state-owned enterprises with fierce incentive conflicts between the control rights of large shareholders and the management, it is found that the efficiency of stock options is higher than that of restricted stocks. The efficiency of stock option is low, and the efficiency of restricted stock may exceed that of stock option. These factors are put into the new model as independent variables, and the model of stock incentive tool selection is obtained, which equity incentive tool is chosen by calculating the efficiency value of stock option and restricted stock. Companies only need to provide the value of the above factors into the calculation comparison, can be more suitable for the company's equity incentive tools.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92

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