股权激励对上市公司投资规模的影响研究

发布时间：2018-04-05 18:29

本文选题：上市公司　切入点：新增投资　出处：《河北大学》2017年硕士论文

【摘要】：股权激励制度起源于上个世纪的美国,是企业薪酬激励制度的一项巨大创新,能够有效的激发员工的工作热情,缩小所有人与经营者之间的目标差距。本文以中国证监会于2005年12月31日颁布的《上市公司股权激励管理办法(试行)》为背景,以2011年至2015年在沪深上市的实施股权激励计划的A股上市公司为样本,将规范研究和实证研究相结合,检验了股权激励强度、激励方式以及控股股东的经济性质与上市公司投资规模之间的关系。首先,论文阐述了本文的研究背景和研究意义,提出本文的切入点和基本研究方法,通过对国内外股权激励相关文献的回顾,分析了以往研究的不足之处,指出本文的切入点和创新之处。论文对与股权激励相关的概念进行了界定,包括投资概念、股权激励概念以及相关概念的拓展;阐述了本文的理论基础,包括委托代理理论、信息不对称理论、人力资本理论以及这些理论对于股权激励和投资决策的作用机理。接着,对2011—2015年沪深两市宣告实施股权激励计划的上市公司的现状进行分析,本文发现:2011—2015年间,实施股权激励计划的上市公司数量呈增长趋势;实施股权激励的上市公司行业特征明显;中小企业板和创业板成为实施股权激励计划主体;上市公司股权激励强度普遍较低;限制性股票越来越受到上市公司追捧;定向增发成为激励股票的主要来源。然后,检验了上市公司股权激励对企业投资规模的影响。这部分主要从股权激励强度、激励方式和控股股东的经济性质三个角度,来研究股权激励对投资规模的影响。最后,针对本文的研究结论,从宏观和微观两个层面提出有效实施股权激励方案的相关建议,希望对我国上市公司提供一些启示和思考,以促进企业实现长期发展。
[Abstract]:Equity incentive system originated in the last century in the United States, is a great innovation of enterprise's salary incentive system, can effectively stimulate the enthusiasm of the staff, reduced between owner and operator. In this paper, Chinese gap Commission issued in December 31, 2005 "on company equity incentive management (Trial)" as the background from 2011 to 2015, in Shanghai and Shenzhen listed the implementation of equity incentive plan of A sample of A-share listed companies, the combination of normative and empirical research, test of the equity incentive intensity, the relationship between investment incentives and economic nature of controlling shareholders and listed companies. Firstly, this paper elaborates the research background and research meaning, this point of entry and basic research methods, through the review of domestic and foreign equity incentive related literature, analyzes the shortcomings of previous studies, and points out the The starting point of the paper and the innovation. The thesis related to equity incentive concepts, including the concept of investment, expand the equity incentive concept and related concepts; expounds the theoretical basis of this paper, including the principal-agent theory, asymmetric information theory, the mechanism of human capital theory and the theory about equity incentive and investment decisions then, the status of implementation of equity incentive plans of listed companies from 2011 to 2015 in Shanghai and Shenzhen two city declaration is analyzed, it is found that: 2011 - 2015 years, the number of the implementation of equity incentive plans of listed companies is increasing; the implementation of equity incentive of Listed Companies in the industry characteristics; SME board and the gem to become the main incentive plan implementation equity; equity incentive of listed companies is generally low; the restricted stock is more and more listed companies pursued; private placement for incentive stock The main sources. Then, test the listed company equity incentive effect on corporate investment. This part is mainly from the equity incentive, incentive mode and controlling shareholder of the economic nature of the three aspects, to study the effects of equity incentives on the investment scale. Finally, the conclusion of this paper, put forward relevant proposals for the effective implementation of equity incentive plan from two macro and micro level, hoping to provide some enlightenment and Reflection on China's listed companies, in order to promote enterprises to achieve long-term development.

【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92;F275

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