中国企业国际化经营内外部影响因素的实证分析.pdfVIP

摘要 从上个世纪 80 年代起，西方国家尤其是美国就开始广泛运用股权激励改善代理 问题，提高股东价值。随着我国股权分置改革的推进和 06 年《上市公司股权激励管 理办法》的颁布，越来越多的上市公司开始实施股权激励计划，但我国和西方国家的 经济环境、法律背景、公司治理结构有很大差异，国外先进有效的激励机制搬到国内 未必能产生同样的激励效果。从我国目前的研究看，大部分学者仅用企业绩效代表股 权激励的实施效果，很少涉及到效果的其他方面，而且对于股权激励是否能提高企业 绩效也存在较大的分歧。 在这样的背景下，本文试图对股权激励制度作一个系统的制度分析及较全面的效 果研究。文中运用回归分析法和事件研究法，检验股权激励实施效果的三个方面：代 理成本、盈利及成长性、市场反应。从回归结果中发现股权激励强度在降低代理成本 方面效果优于股权激励比例，股权激励比例在提高盈利能力方面效果好于股权激励强 度，但是总体来说效果不理想；市值效应方面，股权激励的市场反应明显，公告实施 （终止）股权激励时，超额收益率显著大于（小于）0，股票期权的市场反应比限制 性股票强，表明投资者对股权激励的普遍认同，对不同的模式存在偏好性。基于上述 实证研究结果，本文综合评价了我国高管股权激励的实施效果，结合我国制度背景作 出了分析并提出了一些针对性的建议。 关键词：股权激励 代理成本 盈利及成长性 市场反应 I Abstract Since the 80’s of the last century,western countries,especially America,took the stock-based incentives as an important way to solve the agency problem and maximize the shareholder value. With the equity diversion reform completed and “Public Companies Stock-based Incentive Management Measures”(implemented from 2006.1.1) released,there were more and more Chinese companies started to use the stock-based incentives.Because of the huge difference between western countries and our country,whether the stock-based incentives had the same effect was under discussion.The scholars of China who studied the effect of the implementation of executive stock incentives mainly focused on the accounting performance,and there are still different opinions on this subject. Under the background,this paper is trying to do some deeper research into the effect of the implementation of stock-based incentives by regression analysis study and event study,which includes three aspects:agency costs, profitability and growth ,market reaction.