上市公司的股权激励效应研究

2013届毕业生毕业论文题目：上市公司的股权激励效应研究院(系)别财经学院专业财务管理班级财务092学号090910341姓名贾雪容指导教师孙烨二○一三年六月山东交通学院毕业论文I摘要随着经济的发展，上市公司之间的竞争越来越激烈，如果想要在这个弱肉强食的生存环境中屹立不倒，就必须采取符合社会发展趋势的策略。而在当前的环境下，人才是生存下去的关键，人才资本在企业中的地位也变得越来越重要。企业想要生存就必须采取有效的股权激励机制来抓住人才，增强管理人员的工作积极性，挖掘出他们的创新潜能，为企业的长久发展添一份力量。股权激励作为一种新型的激励方式，它受到国内外广大学者的关注，经过研究产生的观点也各有千秋。由于国外的资本市场发展比较早，为它们国家的上市公司进行股权激励提供了良好的市场环境。相对于国外来说，我国资本市场不完善，由此导致我国股权激励的实施存在着很多问题，为此本文对股权激励进行了详细阐述，并通过实证对我国上市公司的股权激励进行了研究，最后根据实证研究结果及分析对我国上市公司如何改善股权激励效果提出了一些自己的观点。关键词：上市公司，股权激励，效应贾雪容：上市公司的股权激励效应研究IIAbstractWiththedevelopmentofeconomy,thecompetitionbetweenthelistingbecomemoreandmorefierce.Theywanttoexistinthejungleenvironment,theymusttakethestrategywhichconformtothetenfencyofthesocialdevelopment.Butinthecurrentcircumstances,talentedpersonsisthekeytosurviveandhumancapitalhasbecomemoreandmoreimportant.Theenterprisesmusttakeeffectiveincentivemechanismtotalentiftheywanttolive,enhancingthestaffs’positivityforworks,diggingouttheemployees’potentialsforinnovationtoaddaforceforthelong-termdevelopment.Asanewkindofincentivemode,ithasbeentheinterestofscholarsandlotsofviewsappeared.TheearlierdevelopmentofoverseascapitalmarketprovidesagoodenvironmentfortheirlistingCorporations’stockincentive.China'scapitalmarketisnotperfectcomparedwithforeigncountries’andmanyproblemsexists.Thispaperexpoundedtheequityincentivedetailedlyandmadesomeresearchtoanalysetheeffectofequityincentive.Finallyaccordingtotheresultsofresearch,Iputsforwardsomeopinionsforhowtoimprovetheeffect.Keywords：ListingCorporations,Equityincentive,Effect山东交通学院毕业论文III目录1文献回顾................................................................................................................................11.1国外股权激励研究现状.............................................................................................11.2国内股权激励研究现状.............................................................................................11.2.1股权激励的实施与公司经营绩效之间不存在显著相关关系......................11.2.2股权激励的实施与公司经营绩效之间存在显著相关关系..........................21.3国内外股权激励研究比较.........................................................................................22股权激励的含义与方式........................................................................................................32.1股权激励的含义.........................................................................................................32.2股权激励的方式..........................................................................................................32.2.1从权利与义务的角度来划分股权激励..........................................................32.2.2从股权性质的角度来划分股权激励..............................................................33股权激励对我国上市公司的影响........................................................................................73.1股权激励的价值转移效应对企业经营绩效的影响.................................................73.2股权激励的价值创造效应对企业经营绩效的影响.................................................84上市公司股权激励效应的实证研究..................................................................................104.1研究假设的提出.......................................................................................................104.1.1提出假设前的分析........................................................................................104.1.2研究假设........................................................................................................124.2样本选择、变量设定及模型构建...........................................................................124.2.1样本数据的选择.............................................................................................124.2.2变量设定........................................................................................................124.2.3模型构建........................................................................................................134.3研究分析及结果.......................................................................................................144.3.1研究模型分析................................................................................................144.3.2研究结果........................................................................................................155提高上市公司股权激励效应的若干建议..........................................................................175.1完善资本市场...........................................................................................................175.2扩大公司规模...........................................................................................................175.3调整资本结构...........................................................................................................175.4保证股权激励条件的有效性...................................................................................17致谢......................................................................................................................................19附录A样本数据(1)................................................................................................................21附录B样本数据(2).................................................................................................................22山东交通学院毕