中国上市公司股票期权行权价格的影响因素研究
发布时间：2018-11-17 08:48
【摘要】：股票期权作为上市公司的一种长期有效的激励方式,在一些发达国家已经得到了验证。那么,在我国特有的国情和股票市场的现有状态下,不能盲目引进国外的股票期权制度,应该加强我国上市公司行权价格的研究,找到行权价格的定价依据,分析行权价格定价的影响因素。如何建立一个适合我国自身特点的行权价格定价方案,建立起更科学的期权激励机制,是我国上市公司关注的问题。 本文以上市公司股票期权行权价差为研究对象,选取2012年度样本数据,突破以往的多元回归和因素分析方法,以计量软件Eviews7.0为工具,分别从上市公司特征、财务指标、治理结构和风险水平四个方面各选取了几个代表性因素作为备选的行权价格影响因素,对沪深A股中挑选出的123个实行股票期权计划的上市公司相关数据进行多种相关性检验并建立面板数据模型分析,以此研究各种影响因素如何作用于行权价格,对其影响因素进行了深入探讨,并分析各因素的显著性和重要性,得出结论,确定上市公司在对股票期权进行定价时应重点考虑的影响因素,进而为相关的上市公司和政府部门提出相应的政策建议。
[Abstract]:Stock option as a long-term effective incentive for listed companies has been verified in some developed countries. Then, under the unique national conditions of our country and the current state of the stock market, we should not blindly introduce the foreign stock option system. We should strengthen the research on the exercise price of the listed companies in our country, and find out the pricing basis of the exercise price. This paper analyzes the influence factors of the pricing of exercise rights. How to set up a pricing scheme suitable for our own characteristics and how to set up a more scientific option incentive mechanism are the problems that our listed companies pay close attention to. This paper takes the stock option price difference of the listed company as the research object, selects the sample data of 2012, breaks through the previous multiple regression and factor analysis method, takes the measurement software Eviews7.0 as the tool, separately from the listed company characteristic, the financial index. The four aspects of governance structure and risk level have each selected several representative factors as the alternative factors affecting the exercise price. This paper analyzes the correlation of 123 listed companies selected from Shanghai and Shenzhen A shares and sets up panel data model to study how all kinds of influencing factors affect the exercise price. In this paper, the influencing factors are discussed, and the significance and importance of each factor are analyzed, and the conclusion is drawn that the influencing factors should be taken into account in the pricing of stock options by listed companies. Then the relevant listed companies and government departments to put forward the corresponding policy recommendations.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2337198
[Abstract]:Stock option as a long-term effective incentive for listed companies has been verified in some developed countries. Then, under the unique national conditions of our country and the current state of the stock market, we should not blindly introduce the foreign stock option system. We should strengthen the research on the exercise price of the listed companies in our country, and find out the pricing basis of the exercise price. This paper analyzes the influence factors of the pricing of exercise rights. How to set up a pricing scheme suitable for our own characteristics and how to set up a more scientific option incentive mechanism are the problems that our listed companies pay close attention to. This paper takes the stock option price difference of the listed company as the research object, selects the sample data of 2012, breaks through the previous multiple regression and factor analysis method, takes the measurement software Eviews7.0 as the tool, separately from the listed company characteristic, the financial index. The four aspects of governance structure and risk level have each selected several representative factors as the alternative factors affecting the exercise price. This paper analyzes the correlation of 123 listed companies selected from Shanghai and Shenzhen A shares and sets up panel data model to study how all kinds of influencing factors affect the exercise price. In this paper, the influencing factors are discussed, and the significance and importance of each factor are analyzed, and the conclusion is drawn that the influencing factors should be taken into account in the pricing of stock options by listed companies. Then the relevant listed companies and government departments to put forward the corresponding policy recommendations.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
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