【作者】 谢玮；

【导师】 姚禄仕；

【作者基本信息】 合肥工业大学 ， 会计学， 2009， 硕士

【摘要】 管理层激励是现代公司治理机制问题的主要内容。随着我国上市公司治理机制的不断完善,越来越多的公司开始实施股权激励制度。然而,由于采用的模式不同,加上国内各种环境因素的制约,股权激励的实施效果有较大差别。因此,如何正确分析、评价股权激励的实施效果,及时从中发现问题并提出有效的解决途径就显得尤为重要。本文首先回顾了股权激励的国内外相关文献,其次简要介绍了股权激励的类型及其在中国的实践,然后分别采用比较分析法以80家样本公司数据为基础分析了实施股权激励的中国上市公司的财务业绩,采用事件研究法以43家样本公司数据为基础分析了实施股权激励的中国上市公司公告日前后股价的市场反应。研究结果表明,实施股权激励未能给上市公司财务业绩带来大幅提升,但是实施股权激励的上市公司股票在短期内得到了市场的追捧。本文的研究,不仅对股权激励的实施效果的定量分析和评价提供了一种思路,而且还可以为上市公司实施股权激励制度提供有益的参考。因此,本研究具有较为重要的理论和现实意义。更多还原

【Abstract】 Motivation for manager is an important component of corporate governance mechanism. With the improvement of corporate governance mechanism in China, more and more companies involve in the stock ownership motivation. In actual implementation, however, there exit many distinct effects in different enterprise because of different motivation mode and domestic surrounding. Therefore, it is important to rightly analyze and appraise the actual effect of motivation and search the right way to solve the problem.The paper firstly gives a brief review on the stock ownership motivation theory at home and abroad, current research situation and different stock ownership motivation modes. Then, while relying on the financial data of eighty listed companies and using comparative analysis method the paper analyzes the financial situation of listed companies implementing incentive mechanism of stock option, relying on the stock price data of forty-three listed companies and using event study method the paper analyzes the reflection of market to the renouncement of the implementation of incentive mechanism of stock option. The result reviews that the implementation of incentive mechanism of stock option has not raised the financial situation of the listed companies, but the market gives the positive signal to that event in the short run.The study of this paper, not only promotes an idea of analyzing and evaluating the effect of implementing incentive mechanism of stock option, but provides useful reference of implementing incentive mechanism of stock option. So the paper has more important both theoretical and practical significance.更多还原