【作者】 李晶；

【导师】 陈友邦；

【作者基本信息】 东北财经大学 ， 财务管理， 2010， 硕士

【摘要】 信息化的发展,社会分工的出现,使现代企业呈现出一个重要特征：所有权和经营权相分离。这样就引发了股东与经营管理者的目标不一致的问题。股东想要经营管理者提高企业价值来实现自身利益,就必须给予经营管理者一定的激励措施,激励有多种形式,如股权激励、货币激励、奖金激励等,现在很多企业认可的是股权激励。股权激励是公司治理中长期激励机制的一个重要的机制。该机制是通过让经营管理者也持有一定数量的公司股票,使得经营管理者和股东的利益趋于一致,从而有效地解决两者之间的利益冲突问题,同时经营管理者与股东也是委托人与代理人的关系,这样能有效地减少代理成本,改进企业业绩,最终提高企业价值。在欧美成熟市场,股权激励已经被证明是一种有效的激励手段,而在我国,资本市场正处于制度建设时期,上市公司经营管理者的股权激励制度还不完善,但股权激励作为重要的长期激励机制正在被多数企业所采纳,为了股权激励措施的有效实施,国家也相应出台了相关法律和政策,为股权激励提供了发展的条件和环境。股权分置改革后,我国上市公司的治理机制不断完善,一些公司已经开始实施股权激励制度。此时研究经营管理者股权激励与企业价值之间关系,有利于我们看到股权激励制度的实施效果,从而一定程度上完善了股权激励的机制和企业的治理结构。本文分析了国内外相关文献研究和企业实况后,提出了经营管理者股权激励与企业价值的理论模型,但是这个模型是否在我国的环境中适用,还要进一步的实证分析来检验。本文是在我国实施股权分置改革后对A股上市公司的经营管理者股权激励进行研究,选取了2007年至2009年上市公司为样本,运用EVIEWS6.0经济计量学软件来分析。首先对各变量进行分年与总体的统计性描述,以此来了解各个变量的数理特性,然后在此基础上进行相关分析和回归分析并进行了相关的检验,接着分析实证结果,来研究上市公司经营管理者股权激励与企业价值的关系,本文研究结果表明：上市公司经营管理者股权激励与企业价值之间存在一种负相关关系,但是不能显著说明股权激励对我国上市公司的企业绩效没有起到积极的作用。最后通过分析我国实施股权激励存在的问题,提出相应的政策及建议。更多还原

【Abstract】 As the development of information technology and the emergence of social division of labor, the modern enterprise show an important. feature that the separation between ownership and management rights, which make a big problem that the shareholders and managers of the target inconsistencies. Shareholders want managers to improve enterprise value to achieve their own interests. Managers must be given certain incentives. Encouraging include many forms such as equity incentives, monetary incentives, bonuses and other incentives. An equity incentive has been recognized by many enterprises by far. Equity incentives mechanism is one of the important and long-term mechanisms in corporate governance.This mechanism lets the management personnel hold a certain amount of company stock, making interests between business managers and shareholders in line, effectively address the conflict between principal and agent, effectively reduce the agency costs, improve enterprise performance and ultimately improve business value. On the mature markets in Europe and the United States, equity incentives mechanism has been proven to be an effective incentive. While in China, the capital market being constructed, equity incentives mechanism in listed companies is not perfect, but it has been adopted by most enterprises as an important and long-term mechanism. To the effective implementation of equity incentive, the State introduced the corresponding laws and policies, providing conditions and the environment for the equity incentive development.With the constant improvement of governance after the split share structure of listed companies, more and more companies have begun to implement equity incentive system. The research of relationship between operators’equity incentive and corporate value, help understand the conditions and effects in the companies which implement the equity incentive mechanism; help improve equity incentives mechanism and the structure of corporate governance. This article proposes a theoretical model between executive equity incentive and enterprise value based on the domestic and foreign research. While, whether this model is applicable for our environment needs further empirical analysis to test. This article use A-share listed companies to study executive equity incentive after the implementation of equity division in China, selecting from 2007 to 2009 listed companies as samples, using EVIEWS6.0 software to analyze.First of all, the variables and the overall yearly statistical description let us understand the number properties of the different variables. Second, I will conduct the correlation and regression analysis, and also complete corresponding test based on the former works. The third, by analysis of empirical results, I will study the relationship between the executive equity incentives and the corporate value. This study shows a negative correlation between the executive equity incentives and the corporate value in listed companies. But it is not a striking testimony to say that the equity incentive mechanism dose not play a important role in listed companies performance. Finally, based on the analysis of problems of equity incentive implementation, I propose the corresponding policies and proposals.更多还原