我国上市企业股权激励制度对企业绩效影响的实证研究

发布时间：2018-03-03 19:11

本文选题：上市企业　切入点：股权激励　出处：《长安大学》2015年硕士论文　论文类型：学位论文

【摘要】：企业绩效的提升是企业健康与发展的体现,是企业所追求的目标。随着企业规模的扩大,由出资者一人掌管企业的传统管理模式逐渐演变为所有权和管理权相互独立的新型管理模式。这种新型管理模式在提高管理效率的同时也带来了经营者与管理者利益不统一、管理者为了自身短期利益无视甚至损害企业长期绩效等问题。针对这种现象,股权激励制度作为解决措施之一,在降低企业委托代理成本、吸引并留住高端人才、约束管理者兼顾企业短期发展和长期绩效的提升方面发挥着重要的作用,但同时也存在着股权激励额度设置不合理,高管人员进行投机套现、操纵股价等损害企业绩效行为的问题。因此研究股权激励与企业绩效之间的关系,明确怎样的股权激励制度能避免负面效应、更好的提高企业绩效,具有重要的意义。本论文选取实施股权分置改革后的2006年至2013年上市企业的数据作为研究样本,从横向和纵向两个角度对各类企业间的绩效进行比较,实证检验了股权激励对于上市企业绩效的提升效果已及股权激励的实施额度、激励模式与企业绩效之间的具体关系,得出以下结论:①限制性股票激励模式下的企业绩效提升效果会优于股票期权下的;②企业绩效会随着股权激励比例的增加而得到相应的提高,当激励比例达到3%时,企业绩效会随着激励的增加而减小,因此股权激励比例与企业绩效间呈非线性相关关系,最佳股权激励比例应控制在0%至3%之间;③在几种股权激励模式中,企业采用股票期权和限制性股票两种模式分别占有51%和47%,股票增值权等其他激励方式采用相对较少甚至没有。在这两种主流模式中,实证检验限制性股票激励模式下的企业绩效提升效果会优于股票期权下的。针对以上结果,本论文从完善信息披露机制,促进经理人市场的成熟,加强业绩考核制度建设,扩宽企业股权激励的授予范围等方面提出对策建议。目的在于通过了解股权激励制度和企业绩效之间的具体关系,明确如何设置股权激励制度及如何改善企业内外环境以避免股权激励制度实施不当对企业绩效带来的不良影响,从而更加有效的提高企业绩效,促使企业健康可持续发展。
[Abstract]:The improvement of enterprise performance is the embodiment of the health and development of the enterprise and the goal pursued by the enterprise. The traditional management mode, which is managed by one investor, has gradually evolved into a new management model, which is independent of ownership and management power. This new management mode not only improves the management efficiency, but also brings about the disunity of the interests of managers and managers. For the sake of their own short-term interests, managers ignore or even damage the long-term performance of enterprises. In view of this phenomenon, equity incentive system, as one of the solutions, can reduce the cost of agency, attract and retain high-end talents. Constraining managers to take into account the short-term development and long-term performance of enterprises plays an important role, but at the same time there is unreasonable setting of equity incentive quota, and executives speculate to cash out. Therefore, to study the relationship between equity incentive and enterprise performance, to make clear what kind of equity incentive system can avoid negative effects, and to improve enterprise performance better. This paper selects the data of listed enterprises from 2006 to 2013 after the implementation of the split share structure reform as the research sample, and compares the performance of all kinds of enterprises from the horizontal and vertical angles. The paper tests the effect of equity incentive on the performance of listed enterprises and the implementation quota of equity incentive, and the specific relationship between incentive mode and enterprise performance. The following conclusions can be drawn that the performance enhancement effect under the restricted stock incentive mode of 1: 1 will be better than that under the stock option with the increase of equity incentive ratio, and when the incentive ratio reaches 3, the performance will be improved with the increase of equity incentive ratio. The enterprise performance will decrease with the increase of incentive, so the proportion of equity incentive is nonlinear correlation with enterprise performance. The optimal proportion of equity incentive should be controlled between 0% and 3% in several kinds of equity incentive modes. Enterprises use stock options and restrictive stock models to occupy 51% and 47 respectively, and other incentive modes such as stock appreciation right are relatively few or even absent. The empirical test shows that the effect of performance improvement under restrictive stock incentive mode will be better than that under stock option. In view of the above results, this paper improves the mechanism of information disclosure, promotes the maturity of manager market, and strengthens the construction of performance appraisal system. The purpose of this paper is to understand the relationship between equity incentive system and enterprise performance. It is clear how to set up the equity incentive system and how to improve the internal and external environment of the enterprise to avoid the negative impact of the improper implementation of the equity incentive system on the enterprise performance so as to improve the enterprise performance more effectively and promote the healthy and sustainable development of the enterprise.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F272.92

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