高管股权激励与公司价值相关性研究毕业论文.docVIP

毕业论文 （20_ _届） 高管股权激励与公司价值相关性研究 摘 要 高管股权激励的研究已经受到了社会各方面的广泛关注，原因在于：尽管高管持有的股份的比例虽然小，但是一旦乘以企业的庞大资产就会成为天文数字，甚至可以在一夜之间涌现几百，几千位百万富翁，千万富翁乃至亿万富翁，是名副其实的“造富机器”。尤其是国有企业的高管股权激励更是受到了特别的关注，有关部门也开始对高管股权激励做出了一系列的措施，规范性政策以使其发展走向正常化，这就为高管股权激励机制发展与完善提供了一个契机。随着社会经济的深入发展以及科学的公司管理治理结构的逐步形成，如何合理进行高管股权激励，保持公司价值稳定而快速的发展已经“绕不过去”，因此这个领域的相关问题值得进行研究。 本篇论文的研究对象是截止到2010年的浙江省的30家上市公司，对这些公司的高管股权激励与公司相关性关系进行分析，分析结果表明：先进产业股权激励效果较为一般，传统产业效果不如前者来的明显，但也没有太大差异；适度的股权激励对企业价值呈负相关关系，轻度的股权激励对企业价值呈负相关关系，过度的股权激励与公司价值不行关。 关键词：Abstract Executives equity incentives research has received extensive attention from all sectors of society, because: although executives of stocks held by the proportion of though small, but once multiplied by enterprise huge asset will become an astronomical, can even overnight hundreds of thousands of emerge a millionaire, multimillionaire and billionaire, is worthy of the name build rich machine. Especially the state-owned enterprise executives equity incentive is received special attention, and the relevant departments have also started to executives equity incentive made a series of measures, normative policy in the development trend of normalization, this is the executive equity incentive mechanism of the development and perfection provides a chance. With the further development of social economy and the scientific management of the company governance structure of gradually formed, how to properly, maintain company executives equity incentive value stable and rapid development has wont last long, so the field of related problems be studied. This paper research object is 2010 zhejiangs 30 of these companies listed company, equity incentive and company executives at the correlation relationship analysis, the analysis results showed that advanced industrial equity incentive effect more general than the former, the traditional industry the obvious effect, but also not too big differences; Moderate equity incentives of enterprise value, mild negatively related to the enterprise value of