中小板上市公司股权激励与公司业绩关系的实证研究
发布时间：2019-06-22 14:09
【摘要】：为加快我国多层次资本市场的构建,2004年经国务院批准,我国在深交所设立了中小企业板股票交易市场,该板块的创立为我国一些收入增长快、盈利能力强、科技含量高的中小企业进入资本市场、实现股权融资提供了平台。近些年来,随着我国现代企业制度的建立,企业产权和权责关系逐渐清晰,所有者和经营者之间的委托代理关系日益明显,如何降低代理成,促进经营者同公司利益的趋同,逐渐引起了国内学者的关注。二十世纪九十年代初期,我国开始引入股权激励制度,股权激励作为一种长期有效的激励机制,其实质是对公司剩余收益的一种索取权,通过授予激励对象一定的公司股权,使其共享公司发展带来的收益。国外学者对股权激励机制的研究表明,股权激励在降低代理成本,改善委托代理关系,提高公司经营业绩方面具有重要的作用。我国中小板资本市场从2006年开始有公司推出股权激励计划,发展至今,该板块共有112家公司曾推出过股权激励计划,受资本市场环境变动和证监会颁布的有关股权激励政策法规的影响,虽然部分公司在制定后又中止／终止了其股权激励计划,但是股权激励机制这一概念正在为越来越多的企业所接受。国内学者对股权激励同公司业绩关系的研究开始于二十世纪末期,研究对象主要集中在深沪两市的主板市场,对中小板市场的研究比较少。 本文以2006-2011年我国中小板市场实施股权激励的公司为研究样本,对股权激励与公司业绩之间的关系进行了研究,研究表明股权激励与公司业绩之间存在显著的正相关关系。同时本文还发现,国内学者在选择股权激励的业绩考核指标时,大都忽略了非经常损益和行业因素对公司经营业绩的影响,由于股权激励作为一种长期的激励机制,在股权激励有效期内都可能会对公司业绩产生影响,因而本文认为对公司经营业绩的考核,考虑非经常损益和行业因素的影响较为合理。 本文在研究中小板市场股权激励同公司业绩的关系时,首先提出了研究的思路和方法,论文框架和主要的研究贡献,其次对股权激励方面的国内外研究文献进行了回顾和总结,并阐述了股权激励的理论基础和公司业绩的评价方法。然后从不同角度对我国中小板市场股权激励的现状进行了描述,并利用样本公司数据进行了实证分析,最后根据实证结果形成本文的研究结论,同时分析本文研究的局限性并提出相关建议。各部分的主要研究内容如下： 第一部分为导论。主要阐述本文的研究背景、研究意义、研究思路和方法以及本文的研究框架和主要贡献,本部分的主要目的是介绍论文的写作背景和整体的构思框架,为后文的实证研究做铺垫。 第二部分为文献综述。主要对国内外学者在股权激励与公司业绩关系方面的研究进行了回顾和总结。目前国内外学者对两者关系的研究结论并不统一,主要可归纳为三种观点,第一种观点认为股权激励同公司经营业绩之间存在线性正相关关系；第二种观点认为股权激励同公司经营业绩之间存在非线性相关关系,第三种观点为认为股权激励同公司经营业绩之间负相关或不相关。 第三部分是本文的理论分析部分。在该部分本文首先对股权激励的概念进行了界定,然后对股权激励的理论基础——委托代理理论和人力资本理论进行了阐述,最后对公司绩效的评价方法进行了概述,公司绩效的评价方法主要包括：企业财务指标法、托宾Q值法和经济增加值法。 第四部分是对我国中小板市场股权激励现状的分析。本文主要从样本公司股权激励实施情况和经营业绩情况两个方面展开。在分析样本公司股权激励实施情况时,本文选取了行业分布、股权集中度、股权激励模式等九个方面进行了详细的描述。在分析样本公司经营情况时,本文选取了股本、市值和平均市盈率三个方面进行了概括性描述。 第五部分是本文的实证研究部分。在该部分本文首先提出了研究假设,在提出假设的基础之上,利用样本公司数据进行了实证研究,实证研究分为描述性统计分析、自变量相关性分析、多元线性回归分析和稳健性分析四个部分。通过对样本公司进行描述性统计和回归分析,本文发现股权激励在不同行业和不同股权激励模式之间的实施效果存在较大差异,股权激励水平的高低对对公司经营业绩具有显著的正向影响。 第六部分是本文的研究结论、局限性与相关建议部分。本文在这部分首先提出了主要的研究结论,即从整体来看,我国中小板资本市场实施的股权激励是有效的,股权激励水平与公司经营业绩之间正相关,股权激励水平越高,公司经营业绩越好。然后分析了本文的局限性并根据实证研究中发现的问题,从微观和宏观两个方面提出了相关建议,在论文的最后对股权激励的后续研究方向进行了展望。 本文在股权激励相关理论的支持下,利用我国中小板市场股权激励公司数据进行了实证研究,主要研究贡献表现在以下几个方面： (1)对公司经营业绩的衡量,本文选取了能够反映公司长期经营业绩的扣除行业均值后的加权平均扣除非经常损益后的净资产收益率指标。国内的研究文献在衡量公司业绩时多选择了净资产收益率或每股收益,由于这两个指标容易受到经营者短期行为和宏观经济环境变化的影响,因而本文认为对公司经营业绩的考核,采用反映公司长期经营业绩的指标更为合理。 (2)对股权激励水平的衡量,本文选取了各公司公布的股权激励计划中标的股票总额与总股本的比值作为股权激励水平的衡量指标。而国内学者对股权激励水平的衡量则多选择了管理层持股比例,由于我国中小板市场中家族企业较多的,部分公司的控股股东同时担任了管理者的角色,其所持股票可能并非全部来自于股权激励,采用管理层持股比例来衡量股权激励水平并不准确,因而本文认为采用激励比例来衡量股权激励水平更为合理。 (3)对变量的描述性统计,本文选取了扣除行业均值后的加权平均扣除非经常损益后的净资产收益率作为公司经营业绩的衡量指标,对不同行业和不同股权激励模式的样本公司实施股权激励后的业绩变化,分年度进行了描述性统计分析,在样本量较小的情况下,采用这种分析方法能够更为直观的反映出公司业绩与股权激励之间的变化关系。 本文在研究中,由于研究对象定位在中小板市场,因而在样本选取和研究设计上,可能存在着以下不足： (1)本文的研究对象是我国中小板市场的股权激励公司,由于我国中小板市场从2006年开始才有公司陆续实施股权激励计划,实施股权激励的公司数量较少。因而样本数量较小,是本文研究中的一个不足之处,虽然可以达到回归方程对样本公司数量上的最低要求,但是可能会降低本文研究结果的说服性。 (2)本文在描述性统计部分,分不同行业和不同股权激励模式进行了描述性统计分析。在分行业的描述性统计中,本文主要统计了股权激励实施前一年度和实施后各年度的公司业绩,因而可能会导致个别行业股权激励实施前后公司业绩变化不明显。 (3)对股权激励同公司业绩关系的研究,有学者认为管理层持股比例与公司业绩之间存在非线性相关关系,在不同的持股比例区间内,两者之间的相关关系也不相同。由于本文以股权激励比例作为激励水平的衡量指标,样本公司的股权激励比例比较集中,因而本文未对股权激励比例进行区间划分,直接构建了线性模型进行多元回归分析。我国中小板市场股权激励比例同公司业绩之间是否也存在“区间效应”,本文未对进行更深入的研究。
[Abstract]:In order to speed up the construction of the multi-level capital market in China, in 2004, with the approval of the State Council, China established a small and medium-sized enterprise board stock exchange market in the Shenzhen Stock Exchange, which was founded in the capital market of small and medium-sized enterprises with high income growth, strong profitability and high scientific and technological content in China. And the platform is provided for realizing equity financing. In recent years, with the establishment of the modern enterprise system in our country, the relationship between the owner and the operator is becoming clear, and the relationship between the owner and the operator is becoming more and more obvious. In the early 1990 's, our country began to introduce the stock-stock incentive system and the equity incentive as a long-term incentive mechanism. Its essence is the right to obtain the surplus income of the company, and it can share the benefits of the company's development through the grant of a certain equity of the company. The research on equity incentive mechanism of foreign scholars has shown that the equity incentive plays an important role in reducing agent cost, improving the relationship between the entrusted agent and improving the performance of the company. The capital market of the medium and small-sized board of China has launched the stock-stock incentive plan from 2006, so far, a total of 112 companies have launched the stock-stock incentive plan, and are affected by the changes of the capital market environment and the relevant policies and regulations on the equity incentive issued by the SFC. The concept of equity incentive mechanism is being accepted by more and more enterprises, although some companies have suspended/ terminated their equity incentive plans after the development. At the end of the 20th century, the research on the relationship between the equity incentive and the company's performance was mainly focused on the main board market in Shenzhen and Shanghai, and the research on the small and medium-sized board market was less. In this paper, the relationship between stock-stock incentive and the company's performance has been studied by the company which implements the stock-stock incentive in the medium and small-sized board market in China in 2006-2011. The research shows that there is a significant positive correlation between the stock-stock incentive and the company's performance. At the same time, the paper also finds that the influence of the non-recurrent profit and loss and the industry factors on the performance of the company is largely ignored when the performance evaluation index of the stock option incentive is selected by the domestic scholars, and the equity incentive is a long-term incentive machine. The system can influence the performance of the company during the period of the stock-stock incentive, so this paper is of the opinion that the performance of the company's performance is evaluated, and the influence of the non-recurrent profit and loss and the industry factors is considered. In this paper, when studying the relationship between the equity incentive and the company's performance in the small and medium-sized board market, the paper first puts forward the thought and method of the research, the paper frame and the main research contribution, and then reviews the domestic and foreign research literature in the aspect of equity incentive. And expounds the theoretical basis of the equity incentive and the evaluation of the company's performance. In this paper, the current situation of the stock-stock incentive of the medium and small-sized board in China is described from different angles, and the data of the sample company is used to carry out the empirical analysis. Finally, the research conclusion of this paper is formed according to the empirical results, and the limitation of this paper is also analyzed and the phase is put forward. Cross-cutting recommendations. Within the main study of each section The capacity is as follows: first The main purpose of this part is to introduce the writing background and the overall conceptual framework of the paper, which is an example of the following. The research is the foundation of the study. The part is a review of the literature. The research on the relationship between the equity incentive and the company's performance of the domestic and foreign scholars At present, the conclusion of the research on the relationship between the domestic and foreign scholars is not uniform, and it can be divided into three viewpoints. The first point is that the equity incentive is the same as the company's operating performance. In the second view, there is a non-linear relationship between the equity incentive and the company's operating performance, and the third point is that the equity incentive is the same as the company's operating performance There is a negative or a negative correlation. The third part is In this part, the concept of equity incentive is defined, then the theoretical basis of equity incentive, the theory of proxy agent and the theory of human capital are set forth, and the evaluation method of the company's performance is summarized, and the company's performance The method of evaluation mainly includes: enterprise financial index method, Tobin Q The fourth part is the small and medium-sized board in China The analysis of the current situation of the market share incentive. This paper is based on the implementation of the stock-stock incentive of the sample company and the analysis of the present situation. In the case of the analysis of the implementation of the stock-stock incentive of the sample company, the paper selected the distribution of the industry, the degree of equity concentration, the mode of equity incentive, and so on. A detailed description is given in terms of the analysis of the operating conditions of the sample company, the share capital, the market value and the average price-to-earnings ratio of three are selected. A general description is made in terms of one aspect. The fifth part is the empirical research part of this paper. In this part, we first put forward the research hypothesis, on the basis of putting forward the hypothesis, using the sample company's data to carry on the empirical study, the empirical study is divided into descriptive statistics analysis, independent variable correlation analysis, and multiple linear regression. By means of descriptive statistics and regression analysis of the sample companies, this paper finds that the effect of equity incentive in different industries and different stock-stock incentive models is different, and the level of equity incentive is opposite to the company. The performance of the operation has a significant positive effect. The sixth part is the article. In this part, the main research conclusion is put forward, that is, from the whole point of view, the equity incentive of the capital market of the small and medium-sized board in China is effective, and the equity incentive level is positively related to the operation performance of the company. The higher the incentive level, the better the business performance of the company. Then, the limitation of this paper is analyzed and the problems found in the empirical study are analyzed. The follow-up research direction of the right incentive is prospected. With the support of the theory of equity incentive, this paper makes an empirical research on the data of the stock-stock incentive of the small and medium-sized board in China. The main research contribution of the research is as follows In terms of (1) the measurement of the company's operating performance, this paper selects the weighted average of the industry average value that can reflect the long-term operation performance of the company The average rate of return of net assets after the regular gain or loss is measured. The domestic research documents have selected the return of net assets or the earnings per share at the time of the measurement of the company's performance, as the two indicators are subject to short-term and macro-economic changes of the operator. As a result, this paper is of the view that the performance of the company should be assessed. It is more reasonable to adopt the index that reflects the long-term business performance of the company. (2) In the measurement of the stock-stock incentive level, the paper selects the total share of the stock in the equity incentive plan published by each company. The ratio of the amount to the total share capital is the measure index of the equity incentive level. The role, whose shares may not all come from the equity incentive, use the management holding ratio to measure the equity incentive level and is not accurate, so this paper It is considered that the incentive ratio is more reasonable to measure the level of equity incentive. (3) Descriptive statistics of the variables are selected, and the weighted average deduction after the industry average is deducted is selected in this paper. The return on net assets after profit and loss is used as the measurement index of the company's operating performance, and the performance changes after the equity incentive of the sample companies with different industries and different stock-stock incentive models are divided. A descriptive statistical analysis was conducted for the year, and in the case of a small sample size, this analytical method can be used more In this paper, the relationship between the company's performance and the equity incentive is reflected in the paper. In this paper, the research object is located in the small and medium-sized board The field, therefore, may have the following deficiencies in the sample selection and study design: (1) The research object in this paper is the stock-stock incentive of the medium and small-sized board market in China, since the market of medium and small-sized board in China started in 2006 The company has implemented the equity incentive plan in succession, and the number of companies implementing the equity incentive is small. Therefore, the number of samples is small, which is a deficiency in the research of this paper, although the regression equation can be achieved to sample the sample the minimum requirements on the number of divisions, but may reduce the persuasion of the results of this study. (2) This article is in a descriptive sense The statistical analysis is carried out in the statistical section, in different industries and in different stock-stock incentive models. In the descriptive statistics of the sub-industry, this paper mainly counts the company's performance in the year before and after the implementation of the equity incentive. It may result in the change of the company's performance before and after the implementation of the equity incentive of the individual industry. (3) The study of the relationship between the equity incentive and the company's performance, some scholars believe that there is a non-line between the proportion of the management holding and the company's performance In this paper, the relationship between the equity incentive ratio and the stock-stock incentive ratio of the sample company is not the same. According to the division of the proportion of the equity incentive, the linear model is directly constructed to carry on the multiple regression analysis, and whether there is a "unk>" int between the equity incentive proportion and the company's performance in China and the small and medium-sized board market
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.3;F832.51
本文编号：2504655
[Abstract]:In order to speed up the construction of the multi-level capital market in China, in 2004, with the approval of the State Council, China established a small and medium-sized enterprise board stock exchange market in the Shenzhen Stock Exchange, which was founded in the capital market of small and medium-sized enterprises with high income growth, strong profitability and high scientific and technological content in China. And the platform is provided for realizing equity financing. In recent years, with the establishment of the modern enterprise system in our country, the relationship between the owner and the operator is becoming clear, and the relationship between the owner and the operator is becoming more and more obvious. In the early 1990 's, our country began to introduce the stock-stock incentive system and the equity incentive as a long-term incentive mechanism. Its essence is the right to obtain the surplus income of the company, and it can share the benefits of the company's development through the grant of a certain equity of the company. The research on equity incentive mechanism of foreign scholars has shown that the equity incentive plays an important role in reducing agent cost, improving the relationship between the entrusted agent and improving the performance of the company. The capital market of the medium and small-sized board of China has launched the stock-stock incentive plan from 2006, so far, a total of 112 companies have launched the stock-stock incentive plan, and are affected by the changes of the capital market environment and the relevant policies and regulations on the equity incentive issued by the SFC. The concept of equity incentive mechanism is being accepted by more and more enterprises, although some companies have suspended/ terminated their equity incentive plans after the development. At the end of the 20th century, the research on the relationship between the equity incentive and the company's performance was mainly focused on the main board market in Shenzhen and Shanghai, and the research on the small and medium-sized board market was less. In this paper, the relationship between stock-stock incentive and the company's performance has been studied by the company which implements the stock-stock incentive in the medium and small-sized board market in China in 2006-2011. The research shows that there is a significant positive correlation between the stock-stock incentive and the company's performance. At the same time, the paper also finds that the influence of the non-recurrent profit and loss and the industry factors on the performance of the company is largely ignored when the performance evaluation index of the stock option incentive is selected by the domestic scholars, and the equity incentive is a long-term incentive machine. The system can influence the performance of the company during the period of the stock-stock incentive, so this paper is of the opinion that the performance of the company's performance is evaluated, and the influence of the non-recurrent profit and loss and the industry factors is considered. In this paper, when studying the relationship between the equity incentive and the company's performance in the small and medium-sized board market, the paper first puts forward the thought and method of the research, the paper frame and the main research contribution, and then reviews the domestic and foreign research literature in the aspect of equity incentive. And expounds the theoretical basis of the equity incentive and the evaluation of the company's performance. In this paper, the current situation of the stock-stock incentive of the medium and small-sized board in China is described from different angles, and the data of the sample company is used to carry out the empirical analysis. Finally, the research conclusion of this paper is formed according to the empirical results, and the limitation of this paper is also analyzed and the phase is put forward. Cross-cutting recommendations. Within the main study of each section The capacity is as follows: first The main purpose of this part is to introduce the writing background and the overall conceptual framework of the paper, which is an example of the following. The research is the foundation of the study. The part is a review of the literature. The research on the relationship between the equity incentive and the company's performance of the domestic and foreign scholars At present, the conclusion of the research on the relationship between the domestic and foreign scholars is not uniform, and it can be divided into three viewpoints. The first point is that the equity incentive is the same as the company's operating performance. In the second view, there is a non-linear relationship between the equity incentive and the company's operating performance, and the third point is that the equity incentive is the same as the company's operating performance There is a negative or a negative correlation. The third part is In this part, the concept of equity incentive is defined, then the theoretical basis of equity incentive, the theory of proxy agent and the theory of human capital are set forth, and the evaluation method of the company's performance is summarized, and the company's performance The method of evaluation mainly includes: enterprise financial index method, Tobin Q The fourth part is the small and medium-sized board in China The analysis of the current situation of the market share incentive. This paper is based on the implementation of the stock-stock incentive of the sample company and the analysis of the present situation. In the case of the analysis of the implementation of the stock-stock incentive of the sample company, the paper selected the distribution of the industry, the degree of equity concentration, the mode of equity incentive, and so on. A detailed description is given in terms of the analysis of the operating conditions of the sample company, the share capital, the market value and the average price-to-earnings ratio of three are selected. A general description is made in terms of one aspect. The fifth part is the empirical research part of this paper. In this part, we first put forward the research hypothesis, on the basis of putting forward the hypothesis, using the sample company's data to carry on the empirical study, the empirical study is divided into descriptive statistics analysis, independent variable correlation analysis, and multiple linear regression. By means of descriptive statistics and regression analysis of the sample companies, this paper finds that the effect of equity incentive in different industries and different stock-stock incentive models is different, and the level of equity incentive is opposite to the company. The performance of the operation has a significant positive effect. The sixth part is the article. In this part, the main research conclusion is put forward, that is, from the whole point of view, the equity incentive of the capital market of the small and medium-sized board in China is effective, and the equity incentive level is positively related to the operation performance of the company. The higher the incentive level, the better the business performance of the company. Then, the limitation of this paper is analyzed and the problems found in the empirical study are analyzed. The follow-up research direction of the right incentive is prospected. With the support of the theory of equity incentive, this paper makes an empirical research on the data of the stock-stock incentive of the small and medium-sized board in China. The main research contribution of the research is as follows In terms of (1) the measurement of the company's operating performance, this paper selects the weighted average of the industry average value that can reflect the long-term operation performance of the company The average rate of return of net assets after the regular gain or loss is measured. The domestic research documents have selected the return of net assets or the earnings per share at the time of the measurement of the company's performance, as the two indicators are subject to short-term and macro-economic changes of the operator. As a result, this paper is of the view that the performance of the company should be assessed. It is more reasonable to adopt the index that reflects the long-term business performance of the company. (2) In the measurement of the stock-stock incentive level, the paper selects the total share of the stock in the equity incentive plan published by each company. The ratio of the amount to the total share capital is the measure index of the equity incentive level. The role, whose shares may not all come from the equity incentive, use the management holding ratio to measure the equity incentive level and is not accurate, so this paper It is considered that the incentive ratio is more reasonable to measure the level of equity incentive. (3) Descriptive statistics of the variables are selected, and the weighted average deduction after the industry average is deducted is selected in this paper. The return on net assets after profit and loss is used as the measurement index of the company's operating performance, and the performance changes after the equity incentive of the sample companies with different industries and different stock-stock incentive models are divided. A descriptive statistical analysis was conducted for the year, and in the case of a small sample size, this analytical method can be used more In this paper, the relationship between the company's performance and the equity incentive is reflected in the paper. In this paper, the research object is located in the small and medium-sized board The field, therefore, may have the following deficiencies in the sample selection and study design: (1) The research object in this paper is the stock-stock incentive of the medium and small-sized board market in China, since the market of medium and small-sized board in China started in 2006 The company has implemented the equity incentive plan in succession, and the number of companies implementing the equity incentive is small. Therefore, the number of samples is small, which is a deficiency in the research of this paper, although the regression equation can be achieved to sample the sample the minimum requirements on the number of divisions, but may reduce the persuasion of the results of this study. (2) This article is in a descriptive sense The statistical analysis is carried out in the statistical section, in different industries and in different stock-stock incentive models. In the descriptive statistics of the sub-industry, this paper mainly counts the company's performance in the year before and after the implementation of the equity incentive. It may result in the change of the company's performance before and after the implementation of the equity incentive of the individual industry. (3) The study of the relationship between the equity incentive and the company's performance, some scholars believe that there is a non-line between the proportion of the management holding and the company's performance In this paper, the relationship between the equity incentive ratio and the stock-stock incentive ratio of the sample company is not the same. According to the division of the proportion of the equity incentive, the linear model is directly constructed to carry on the multiple regression analysis, and whether there is a "unk>" int between the equity incentive proportion and the company's performance in China and the small and medium-sized board market
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.3;F832.51
【参考文献】
相关期刊论文 前10条
1 张宗益,宋增基;上市公司经理持股与公司绩效实证研究[J];重庆大学学报(社会科学版);2002年06期
2 袁燕;于海莹;;基于上市公司实际数据的股权激励与公司业绩关系研究[J];当代经济(下半月);2007年06期
3 吴淑琨;股权结构与公司绩效的U型关系研究——1997～2000年上市公司的实证研究[J];中国工业经济;2002年01期
4 陈勇;廖冠民;王霆;;我国上市公司股权激励效应的实证分析[J];管理世界;2005年02期
5 王华;黄之骏;;经营者股权激励、董事会组成与企业价值——基于内生性视角的经验分析[J];管理世界;2006年09期
6 吕长江;郑慧莲;严明珠;许静静;;上市公司股权激励制度设计:是激励还是福利?[J];管理世界;2009年09期
7 吕长江;张海平;;股权激励计划对公司投资行为的影响[J];管理世界;2011年11期
8 陈丝璐;;股权激励对公司价值的影响因素研究——基于A股市场2006-2008年的实证研究[J];湖北工业大学学报;2010年06期
9 盛明泉;蒋伟;;我国上市公司股权激励对公司业绩的影响——基于2006～2008年度的面板数据[J];经济管理;2011年09期
10 于东智,谷立日;上市公司管理层持股的激励效用及影响因素[J];经济理论与经济管理;2001年09期
，本文编号：2504655
本文链接：https://www.wllwen.com/jingjilunwen/zbyz/2504655.html
