【作者】 李静；

【导师】 陈芳平；

【作者基本信息】 兰州商学院 ， 金融学， 2011， 硕士

【摘要】 股权激励作为一种长期激励制度,对于改善公司治理结构,降低委托—代理成本,留住吸引人才,提升公司绩效,促进公司的可持续发展等具有重要意义。股权激励在欧美等资本市场成熟的国家已得到广泛应用,而我国在20世纪90年代才引入股权激励制度。随着股权分置改革的完成及股权激励相关法规的颁布,越来越多的上市公司推出股权激励计划。本文在综述国内外学者关于股权激励效应研究成果的基础上,详细介绍了股权激励的基本理论,系统梳理了股权激励相关政策在我国的推进过程,并对股权分置改革后我国上市公司股权激励的实施情况按公司类型、行业分布、股权激励模式、股票来源、股权激励标的股票占总股本的比例等分类作了系统全面的描述性统计分析,且论述了制约我国上市公司股权激励效应的因素。然后以我国股权分置改革后正在实施股权激励的A股上市公司为样本进行股权激励效应实证研究：首先,通过横向比较发现实施股权激励的上市公司绩效总体上优于未披露股权激励计划的上市公司绩效,通过纵向比较发现,在股权激励计划实施后上市公司绩效并未出现显著提高；其次,采用多元回归分析法,在引入相关控制变量的基础上,探讨上市公司股权激励和公司绩效之间的相关关系,研究发现股权激励同公司绩效正相关,但不显著；最后,从公司治理结构、股票市场、职业经理人市场、相关的法律规章、绩效考核标准等方面提出完善股权激励效应的对策建议。更多还原

【Abstract】 The equity incentive as a long-term incentive system, is significant for improving the corporate governance structure, reducing the principal-agent costs, retaining and attracting talent, improving company performance, and promoting the sustainable development of company. It is widely used in mature capital markets, such as Europe and the United States while it is not introduced in china until the 20th century 90 years. With the completion of the share reform and the issuing of relevant regulations on the equity incentive, more and more listed companies launch equity incentive plans.Based on review of research about the incentive equity effects of western and domestic scholars, the paper introduces the basic theory of the equity incentive, and systematically sorts out the promotion process of the relevant policies on the equity incentive in China. The paper makes a systematic and comprehensive description of the statistical analysis on the equity incentive being implemented of Chinese listed company after the share reform by business type, industry distribution, equity incentive model, and the stock source, etc. The paper discusses the constraints of the effects of the equity incentive. With the sample of implementing the equity incentive in Chinese listed company after the share reform, the paper makes an empirical study on the incentive equity effects:firstly, by horizontal comparison, the result suggests that the performance of the listed company which implement the equity incentive plans is superior to the one which did not disclose that; by vertical comparison, the result suggests that the listed company performance did not significantly increased after the implementation of the equity incentive plans. Secondly, the paper studies the relationship between the equity incentive and the company performance through the multiple regression analysis on the basis of introducing relevant control variables. The empirical study finds the equity incentive is positively related to the company performance, but not significant. Finally, the paper proposes countermeasures to improve the effects of the equity incentive in Chinese listed company from the aspects of the corporate governance structure, stock market, professional managers market, the relevant laws and regulations, appraisal standards of the performance.更多还原