我国上市公司股票期权激励效应研究

【作者】 曾海晖；

【导师】 徐培华；

【作者基本信息】 复旦大学 ， 金融学， 2008， 硕士

【摘要】 国外研究表明,股票市场环境、相关法律法规以及上市公司股权结构对股票期权激励作用的发挥都具有重要的影响。股权激励制度早在我国上市公司股权分制改革之前就已经被部分公司引进采用,国内研究结果表明其作用并不显著。随着股权分制改革的完成以及2006年初《上市公司股权激励管理办法》、《国有控股上市公司(境内)实施股权激励试行办法》相继颁布实施,我国上市公司股票期权激励制度的实施初步具备了企业股权结构和法律法规方面的条件。为了研究新形势下股票期权激励对于我国上市公司基本面的影响,本文首先建立了股票期权激励模型,从理论的角度分析股票期权激励对上市公司股东价值最大化的影响。同时本文选取自2006年开始实施股票期权激励的34家上市公司作为样本,对其2003-2007年间的历史数据进行实证分析,得出股票期权激励对于上市公司盈利能力,成长潜力以及总风险等几方面的影响如下:(1)股票期权激励对上市公司提高净资产收益率的影响显著,上市公司在实施股票期权激励措施后,经营者对该激励措施采取了积极的应对措施。(2)股票期权激励对上市公司成长能力的影响是积极的,但效果并不显著。(3)股票期权激励对上市公司总风险的影响不明显,企业总风险水平的变化取决于其他方面的因素。为了弥补纵向实证分析的不足,本文结合相关行业数据把样本公司与同行业上市公司进行了横向比较,结果表明实施股票期权激励后的上市公司在经营业绩方面不仅相对以前年度大有改善,而且改善幅度相对行业内的其他上市公司的平均水平要大;在成长性方面虽然相对以前年度改善情况较为明显,而相对行业内的其他上市公司的平均水平并无明显改善;在总风险方面不仅相对以前年度改善情况不明显,而且相对行业内的其他上市公司的平均水平也无明显改善。从而本文得出结论:股票期权激励对于我国上市公司的基本面的影响还只是存在改善业绩方面,而对提高公司成长能力和降低企业风险都起不到预期的作用。股票期权长期激励效应的发挥需要严格的市场条件和制度保障,结合以上结论,本文深入分析了我国上市公司股票期权激励计划的实施方案,提出从企业内部来讲,要根据自身情况合理设置股票期权激励方案,从外部来讲要进一步完善证券市场价格形成机制、完善公司治理结构、建立经理人市场以及完善上市公司信息披露机制和企业会计制度。为我国上市公司股票期权激励计划的有效实施创造完善的外部条件。更多还原

【Abstract】 Foreign studies show that the stock market circumstance、related laws and regulations and corporate ownership structure have great impact on the effectiveness of executives’ stock option to the listed companies. The executive equity incentive had been introduced to China long before the share structure reformation in 2005, but its effectiveness is not clear. After the share structure reformation and the promulgation and inaction of "Provisional measures on the equity incentives in the listed Company"、"Provisional measures on the equity incentives in the listed State-Own Enterprise" in 2006, the outside obstacles in the implement of executive stock option had been eliminated. In order to study the effectiveness of executive’s stock option to the listed companies of china since 2006, the dissertation at first construes the executive stock option model to study the this effectiveness in the theoretical aspect. At the same time, by selecting 34 listed companies which implemented executive stock option in 2006 as the sample, the dissertation studies their historical data empirically. The empirical result shows that:(1) Executive stock option’s effectiveness to the samples’ operational achievements is positive and obvious.(2) Executive stock option’s effectiveness to the samples’ potential growth ability is positive but not obvious.(3)Executive stock option’s effectiveness to the samples’ total risk is not clear.To make up for shortcoming of the above empirical study, the dissertation compares the sample companies’ operational achievements、growth ability and total risk with their comparatives in the same industry separately. The result shows that the sample companies’ operational achievements improved obviously compare to their comparatives, but their growth ability and total risk didn’t have any relative improvement. So the dissertation come to the conclusion that executive stock option have positive effect only on improving list companies’ operational achievements, it has no much effect on upgrade their growth ability and reduce their total risk. At last, the dissertation analyzes the relationship between sample companies’ executive stock option plans and their performance in operational achievements、growth ability and total risk. Then we put forward several suggestions. At first listed companies should set their executive stock option plan according to their own situation; Secondly, we should further improve the stock market’s pricing mechanism and the listed company’s ownership structure; Thirdly, we should cultivate a competitive managerial labor market. Finally, the news reporting regulation and accounting norm should be further improved.更多还原