【作者】 李嘉；

【导师】 刘炜；

【作者基本信息】 华中科技大学 ， 会计学， 2015， 硕士

【摘要】 目前,随着经济社会的快速转型和发展,股权激励制度在我国已经得到了较为广泛的实践,成为一项长效机制。从2005年股权分置改革开始至2013年间,已经有597家上市公司宣布开始实施股权激励计划,学术界和上市公司普遍对股权激励实施的效果和作用非常关注。股权激励具有稳定和激励员工的作用,是公司治理的一个重要内容。股权激励发挥的作用是长效的,因为其有效地解决了员工和公司利益目标不同带来的影响,能够充分调动员工的积极性,将更多热情投入到工作中,为实现自己的利益目标而努力,公司的绩效也获得了大幅的提升。同时,从利益的角度来看,实行股权激励制度会让公司所有者与管理者的角色紧密的结合起来,减少一定的道德风险,起到很好的约束作用。此外,股权激励也有一定的弊端,运用不当,也可能会适得其反,比如激励门槛过低或条件过松,导致股权激励成为一种员工福利,或者可能存在信息披露不完善以及向股东输送利益的问题,对公司绩效带来不利影响。本文旨在研究我国股权激励与公司绩效相关性,通过将实证研究与规范研究方法有效的结合,全文分为六个部分对其进行介绍、分析、研究。首先,通过对选题的意义以及当下的市场背景做一简要的介绍,让读者更加清晰的了解到相关信息,奠定了理论基础。其次,通过查阅相关文献,介绍了国内外学者对该问题的研究理论,同时描述了股权激励从西方引入我国后的发展历程,为提出本文的假设和设定相关变量做了理论铺垫。然后,选用2010年成功实施股权激励的39家上市公司前后时间跨度五年的数据作为研究样本进行了统计与分析,最终得出了以下结论:(1)我国上市公司股权激励的实施对公司的业绩有所提升,但效果并不显著(2)股权激励比例与公司业绩之间并没有显著的相关性,与假设预期的结果不同(3)限制性股票的股权激励方式会比股票期权产生更好的激励效果(4)较长的股权激励有效期的激励效果比短期激励较好一些。综合以上结论,本文综合考虑理论与现实情况,客观的对该机制提出合理性建议。更多还原

【Abstract】 With the development of economy and the establishment of capital market, equity incentive has been treated as a very important part of corporate governance, and has been a long-term excitation mechanism and practiced widely in China. There are 597 listed companies which had announced their equity incentive plans during 2005 to 2013. Therefore the academic circles and listed companies began to pay more attention to the effects of equity incentive.Equity incentive can encourage and constraint the managers and core staff to work hard to improve the corporate performance, which can maximize the shareholders’ wealth. Meanwhile, because of the information asymmetry, sometimes there will be the ethical risks, equity incentive system can avoid these risks by connecting the staff’s personal interests and corporate collective interests. However, equity incentive sometimes can also lead to bad effects without proper use. Therefore, it is very necessary to find out how well equity incentive can really improve corporate performance.This article is aimed at the correlation of the equity incentive and corporate performance by six parts, which has used two research methods such as standard study and empirical study. Above all, this article has reviewed some related literatures, which laid the foundation of theoretical basis and also introduced the definition and the meaning of this research. Then, the article described the background and introduced the current situation of equity incentive in China, which had laid the groundwork to come up with hypotheses and set the variables. Thirdly, the article chose 39 listed companies which had successfully implemented the equity incentive plans during 2010 to 2013 as the research samples and make analyses and finally found out following conclusions:(1)The implementation of equity incentive in China has improved the performance of the listed company, but the effect was not significant.(2) Different with the assumption, there isn’t an apparent association between incentive ratio and ROE.(3)The restricted stock will produce better than the stock option.(4)The longer validity period of incentive will produce better than the short-term. Based on these conclusions and also combined with the present situation of the market in China, this article analyzes the reasons and puts forward some opinions and suggestions at last.更多还原