【作者】 陈晨；

【导师】 郑艳茹；

【作者基本信息】 东北财经大学 ， 会计学， 2010， 硕士

【摘要】 股票期权激励(Executive Stock Option,简称ESO)于20世纪50年代起源于美国,并得到西方发达国家的普遍认可和广泛的应用。一时间,股票期权激励制度成为解决现代企业委托—代理问题的重要途径。直到2002年起的美国一系列大公司的财务丑闻出现,高层管理人员存在粉饰隐瞒公司的财务状况,靠虚假吹捧出来的业绩拉动公司股票价格的上扬,利用股票期权计划,抛售手中的股票获取大量不正当利润。因此,股票期权激励遭到了人们的质疑。我国在上世纪90年代开始引入股权激励制度,从2005年开始的股权分制改革经过两年基本完成,新的公司法、证券法、个人所得税法的实施,2006年中国证监会《上市公司股权激励管理办法(试行)》的颁布,进一步规范了上市公司的股权激励制度,促进了我国实行股票期权激励的上市公司数量迅速增长。本文通过对实施股权激励计划上市公司的盈余管理问题的研究,阐述上市公司股权激励对公司业绩产生的影响,并深入分析了管理层股票期权激励制度影响公司业绩的原因,进而针对原因提出几点建议以改善股票期权激励的负面影响。本文首先对股票期权激励和盈余管理的相关理论进行评述,然后通过云南绿大地生物科技股份有限公司的股票期权实例,对股票期权制度进行进一步的分析,并推导出我国股票期权激励制度可能导致管理者进行盈余管理的假设。接下来,本文以2009年沪深两市公开公布的实施股票期权激励的上市公司为样本,对我国的股票期权激励计划的实施情况进行描述和分析,并通过盈余管理计量模型,对我国实施股票期权激励的上市公司的公开数据进行回归分析,并得出结论。最后,针对案例分析和实证分析的结果,笔者深入探讨我国股票期权激励与盈余管理的正相关关系产生的原因,并提出相应的应对策略。本文通过规范研究与实证研究二者相结合的研究方法,对股票期权和盈余管理的相关性问题进行了研究。本文的数据来自锐思数据库,在实证分析中,充分运用了SPSS和Excel等统计软件进行数据处理。本文的创新点在于深入分析了股票期权激励引起盈余管理的原因,并提出了相应的对策。更多还原

【Abstract】 Executive Stock Option originated in the United States in 1950s, and then spread to the Western countries, where it is widely recognized and has been widely used as the best solution to the problem of the principles-agent for modern companies, and many large companies have introduced and implemented this system, until the early 21st century, a series of financial scandals for some US companies like Enron broke. Their senior executives were found guilty of financial situation of fraud, raising the price of company stocks with an empty boast, seizing illegal profit by taking advantage of Stock Option, etc. From then on, the feasibility of Executive Stock Option got started to be suspected by people. Having seen the successive abandon announcement for Executive Stock Option from Microsoft and Citi, people questioned it extremely.The ESO was not introduced to China until 1990s. In the next decade, The ESO system in China listed companies was greatly improved by a series of reforms, and the number of companies implementing ESO system was raised rapidly.In this thesis, by researching the questions of ESO and Earnings Management and by deeply analyzing the effects of ESO on company performance, some recommendations are given to improve the negative impact of ESO. The highlight of this thesis is the further analysis of the reasons that ESO results in Earnings Management and corresponding proposals. Firstly review the relevant literature to summary of the theories. Secondly, analyze and comment the situation of domestic listed companies implementing ESO based on reality. Thirdly, get the conclusion that ESO can enable companies to improve performance. Up to the end of 2009 data of 35 listed companies are selected as samples to demonstrate the effects of ESO on the Earning Management for domestic listed companies. It also shows the existence of an action of Earnings Management motivated by a desire of high returns for managers in the listed companies implementing ESO, and its level has a positive correlation with the level of ESO.Based on the above study, this thesis states the reason that ESO results in Earning Management and make recommendations to improve ESO system for domestic listed companies.更多还原