我国上市公司管理层股权激励的实证研究

【作者】 宋兆刚；

【导师】 黄少安；

【作者基本信息】 山东大学 ， 金融学， 2006， 硕士

【摘要】 管理层股权激励问题近年来一直是我国进行市场化改革，建立现代企业制度的核心与热点。本文对我国上市公司的管理层股权激励问题从两个方面进行了实证研究。首先，利用新的管理层股权激励测度方法，本文重新检验了我国沪、深上市公司管理层股权激励与公司绩效的关系，得出了与国内已有文献不同的结论：尽管二者的相关度非常低，但管理层股权激励水平与业绩的正相关关系在统计上是显著的。该结论说明我国上市公司在管理层股权激励方面已取得了很大进步，但仍旧需要进一步改进。其次，对管理层股权激励的研究主要是从两个方面进行的：一是其与公司绩效的关系，二是其决定因素是什么及如何决定。国内文献集中分析了前者却忽略了对后者的研究，本文则从决定因素的角度利用我国上市公司的数据进行了实证分析，结论是：我国上市公司的管理层股权激励水平只有与企业成长机会的关系符合最优的激励水平，与企业规模、企业风险、自由现金流和管理层任期的关系同最优激励水平所要求的不相关甚至相反。黄少安(2004)提出的公司治理结构中的“外部人内部化”问题，我们认为，是造成这种状况的根本原因。更多还原

【Abstract】 First, using new measure of managerial equity incentives, we analyze again the relationship between the equity incentives and the performance of the firms. Contrary to the results of domestic former research, our conclusion is: although the correlative coefficient is low, the equity incentives virtually have positive impact on the performance statistically. This suggests that we have already made rapid progress in managerial equity incentives, and at the same time we should further improve it. Second, there are two aspects in the research of the managerial equity incentives: one is the relationship between the equity incentives and the performance of the firms; the other is what the determinants of the equity incentives are and how they determine the equity incentive level. The domestic research papers analyze the former at length but overlook the latter. We therefore manage a empirical study from the point of the latter-that is , the determinants of the equity incentives-with data from the firms of the Chinese stock markets. Our conclusion is that contrary to the foreign economists’ research, only the relationship between the equity incentive level and the growth opportunity is consistent with the optimal level proposed by foreign economists. However the relationship with other determinants-firm size, firm risk, free cash flow and managerial tenure-has nothing to do with the optimal level and is even just contrary to it. We commend that the problem is caused by "internalition of outsiders" proposed by Huang(2004)更多还原