基于我国创业板上市公司股权激励的市场反应研究

发布时间：2018-05-06 02:27

本文选题：创业板 + 股权激励　；参考：《西南交通大学》2017年硕士论文

【摘要】：股权激励是一种目的在于吸引和留住企业的核心人员、激励管理团队的一种方式。它是指上市公司通过给予其激励对象(一般而言即高层管理人员和核心技术人员)以限制性股票或股票期权等一定经济权利的方式,使得激励对象与公司股东的利益牢固捆绑,让经营层能够以股东的身份参与到公司的各项决策中来,经营者与所有者共担风险、共享利润,可以在一定程度上解决委托代理问题,达到尽心尽力地为公司的长远发展而努力的目的。股权激励公告的发布通常会对投资者预期产生影响进而影响到企业的股价,引起股票市场价格的波动,即产生市场反应,这种价格异常波动对于企业的价值来说是具有明显的影响作用的。本文使用事件研究法,选取2014-2016年期间创业板市场公布了股权激励方案的上市公司作为样本,对公告股权激励方案所产生的市场效应展开实证研究。经过对共计82个样本研究分析,结果表明:1.创业板市场的上市公司公告股权激励这个事件具有正的市场效应,股票价格有明显提升,但是持续时间很短。2.创业板市场中的公司由于其所属行业不同,股权激励带来的市场效应也有所差别。3.公司使用限制性股票作为其激励方式的占大多数,且市场对于使用限制性股票的市场效应比使用股票期权方式的公司要高。4.公告股权激励方案的事件日以前,公司股价就出现了显著为正的异常收益率,说明股权激励公告方案提前就泄露出去了。
[Abstract]:Equity incentive is a way to attract and retain the core staff and motivate the management team. It refers to the way in which listed companies restrict their economic rights such as stock or stock options by giving their incentive objects (generally speaking, senior management and core technicians), so that the incentive objects are firmly tied to the interests of the shareholders of the company. To enable the management layer to participate in the decisions of the company as a shareholder, the operator and the owner share the risks and profits, which can solve the principal-agent problem to a certain extent. To achieve the goal of working hard for the long-term development of the company. The announcement of stock incentive usually has an impact on investors' expectations and then affects the stock price of the enterprise, which causes the fluctuation of the stock market price, that is, the market reaction. This kind of price unusual fluctuation to the enterprise's value has the obvious influence function. In this paper, we choose listed companies in the gem market from 2014-2016 as a sample to carry out an empirical study on the market effects of the announced equity incentive schemes. A total of 82 samples were studied and analyzed, and the result showed that 1: 1. Listed companies in the gem market announced that the event of equity incentive has a positive market effect, stock prices have increased significantly, but the duration is very short. 2. Companies in the gem market have different market effects due to their different industries. The majority of companies use restricted stock as their incentive mode, and the market effect of using restricted stock is higher than that of the company using stock option. Prior to the announcement of the stock incentive scheme, the company's stock price had a significantly positive abnormal rate of return, indicating that the equity incentive announcement scheme had leaked out in advance.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92

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