【作者】 张丹；

【导师】 陈友邦；

【作者基本信息】 东北财经大学 ， 财务管理， 2012， 硕士

【摘要】 现代公司制度以及国外多年的实践研究表明,股权激励作为一种长效激励机制,在改善公司管理效率,降低委托代理成本方面的确起到了积极的作用。随着2005年《上市公司股权激励管理办法(试行)》在我国的正式实施,标志着我国进入了为股权激励制度的规范化建立起一个全面的指导和监督体系的初始阶段,我国上市公司对于推出股权激励方案的热情空前高涨,越来越多的公司涉足这个新的领域,但是股权激励契约由于其自身特点,具有正反两面性,如果实施得当,将会大大调动高级管理人员的积极性,达到预期的激励效果；如果实施不得当,将可能产生道德风险,刺激管理层的盈余操纵动机,反倒对公司的长远发展造成巨大的负面影响,因此,近些年来,宣告股权激励实施计划的上市公司的盈余操纵行为受到国内学者的广泛关注,因此本文基于管理层股权激励的视角,针对管理层的盈余管理行为进行深入研究。本文运用委托代理理论,契约不完备性理论以及管理层控制权寻租行为等理论,采用定性与定量相结合的办法,对我国上市公司的管理层股权激励和盈余管理做了理论和实证的分析。本文以2009年底至2010年底实施股权激励的42家上市公司作为研究对象,选择修正Jones模型并在其基础上引入存货和主营业务成本两个影响因素来测度盈余管理程度,通过构建多元线性回归模型,运用面板数据对管理层股权激励与盈余管理程度之间的内在关系进行实证研究。得到的主要结论有：(1)通过配对样本的T检验,证实股权激励计划公告日之前,公司管理层存在降低会计盈余进行下调的盈余管理行为。(2)股权激励方案中的关键指标如激励计划的有效期限以及业绩考核标准,对管理层的盈余操纵动机存在一定的刺激作用。(3)独立董事对于管理层的盈余管理行为起到了显著的抑制作用。(4)在其他影响公司盈余管理行为因素中,公司股权集中度,公司规模以及公司的管理费用与管理层盈余管理程度之间相关性关系显著,资产负债率与管理层盈余管理程度相关性不显著。本文结构安排如下：首先,在引言部分中,介绍了本文的选题背景及研究意义,回顾和述评了国内外关于股权激励和盈余管理关系的相关研究；接下来,梳理和阐述了股权激励和盈余管理的相关理论并分析了我国股权激励方案的特点；在第三部分中,提出了本文的预期假设,介绍了模型建立、变量选择和样本筛选过程；第四部分主要包括以多元回归为研究方法的实证分析,根据得出的实证结果提出了改善基于管理层股权激励的盈余管理行为的政策和建议;最后一个部分,主要是对本文的主要结论进行总结,阐述了本文的创新处以及局限点。更多还原

【Abstract】 According to the theory of modern corporate system and the years of practical research aboard, listed companies implementing equity incentive plans, corporate structure of modern governance is an important measure. It plays a positive role in increasing the management efficiency of the company, reducing the principal-agent cost and decreasing the probability of moral hazard and maintaining investors’benefits. Since2005, our company have set up a comprehensive, feasible and scientific evaluation system for the standardization of the option incentive system, what’s more, the passion where listed companies implement the plan of share motivation has been inspired since2006. However, because of having its own characteristics, stock option incentive plan has a dual outcome. If the plan is well executed, the company would achieve the desired result, whereas if the plan is not well executed, the company would achieve the desired result, whereas if the plan is not well executed. It would not only create new moral risk, but also seriously disturb company’s future development. While in China, for the limitation of law system, employee stock options being used by the listed companies have led to many problems especially earnings management which based on the share motivation of listed company.On the basis, the paper discusses the relationship between the earnings management and the share motivation of listed companies in agent mechanism and human captial. This paper makes an empirical analysis on the main factors influencing the relationship between the earning management and the share motivation of listed companies according to the sample data of84listed companies during2009-2011. Through qualitative research and quantitative research. This thesis has come to the following conclusions:1. The empirical results find some evidence that the Chinese listed companies existed earnings management behavior.2. The percentage of top management shareholding has significant positive correlation with earnings management degree.3.At the same time, the proportion of the independent director, the large shareholders’holding and the corporation size have positive correlation with earnings management degree.4. The correlation of the period of validity, achievement evaluation index and asset-liability ratio with earnings management degree are not significant.The structure goes as follows:Firstly, the part of introduction presents the meaning of this paper, the current research status and existing problems in this field, and the theories and methods applied by author. Secondly, in the part of theory analysis, based on the literatures of scholars at home and abroad about the cost of capital, this thesis combs and summarizes the relevant theories. Thirdly, the empirical part confirms the game model which majorly analyzes the main factors influencing the relationship between the earnings management and the share motivation of listed companies.At the end of the article, the author gives some suggestions to solve the problems of market environment, which are meaningful to the effective implement of stock-based incentive strategies.更多还原