上市公司股权激励模式比较研究

发布时间：2018-01-07 12:14

本文关键词：上市公司股权激励模式比较研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：股权激励是一种新型的薪酬分配制度,通过授予经理人公司股权,意在降低由所有者和经营者两权分离带来的代理成本,提高公司经营绩效。2005年12月,中国证监会公布《上市公司股权激励管理办法(试行)》,标志着我国股权激励制度进入了规范化发展阶段。随着相关配套政策的不断完善,实施股权激励的公司已经初现规模,其中股票期权和限制性股票是最常用的激励模式。随着股权激励应用范围的不断扩大,股权激励在实际应用中是否能有效地降低代理成本,提升公司价值,成了学术界和实务界共同关心的问题。同时,不同上市公司应该如何选择股权激励模式,这是股权激励合约优化的重点,也是影响我国股权激励制度未来是否能够蓬勃发展的重要因素。本文从激励模式的视角切入,对股票期权与限制性股票模式在机制设计与实务操作中的差异进行总结,并以2006年至2011年间推行股权激励计划的上市公司为样本,对上市公司实施股权激励前后业绩变化进行实证分析,得出上市公司经营绩效与股权激励程度成正比,而在激励程度相同时,限制性股票的激励效应优于股票期权；同时,非国有公司业绩表现优于国有公司,且这种优势在限制性股票模式下被放大。综上所述,本文的结论为继续完善我国股权激励制度给予支持,同时也为公司优化股权激励合约提供参考。
[Abstract]:Equity incentive is a kind of new salary distribution system, through the managers to a stake in the company, intended to reduce the agency cost caused by the owner and operator of two power separation, improve the operating performance of the company.2005 in December, China Commission announced "equity incentive of listed companies management approach (Trial)", marking China's equity incentive system into the standardized development stage. With the constant improvement of the relevant supporting policies, the implementation of equity incentive companies have early scale, including stock options and restricted stock incentive is the most commonly used mode. With the equity incentive of expanding the scope of application, whether equity incentive in practice effectively reduce agency costs, enhance the value of the company. Has become a common concern in academic and practical circles. At the same time, the different listed companies how to choose the mode of equity incentive, the incentive contract optimization The emphasis is also an important factor that affects the future of China's equity incentive system.
This paper starts from the perspective of incentive mode, the difference of stock options and restricted stock model and operation mechanism design are summarized, and for the period from 2006 to 2011 the implementation of equity incentive plans of listed companies as the sample of Listed Companies in the implementation of equity incentive performance empirical analysis before and after the change, the operating performance and equity incentive the degree of listed company is proportional to, and in the same degree of incentive, the incentive effect of stock option is better than restricted stock; at the same time, the non state-owned company's performance is better than that of state-owned companies, and this advantage in restricted stock mode is enlarged. To sum up, the conclusion of this paper is to give support to improve the equity incentive system, at the same time provide a reference for the optimization of company stock incentive contracts.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F272.92

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