上市公司股权激励股东财富效应研究：公告效应与公司业绩比较视角.pdfVIP

塑垩三塑奎兰硕士论文 上市公司股权激励的股东财富效应研究：公告效应与公司业绩的比较视角 THE WEALTHEFFECT OF INCENTIVEIN EQUITY LISTED COMPANIES：COMPARE EFFECTANDCOMPANY PERFORMANCE ABSTRACT Sincethe sharestructurereformin numberoflisted split 2005，the inthe of incentivecontinuedto companiesimplementation equity plan increase．Incentiveinlisted arealso programscompaniesmaturing．Stock options to the the granted company’Skey employeesespecially can and staffand to management．Itinspireguidekey management enhance valueand corporate increaseshareholderwealth．Thishas becometheconsensusof and this theorypractice．In paper,after domesticand literatureonthe reviewing foreign foundthat subject，we thecurrent incentivescholarsthe onshareholder equity studyimpact wealthisconcentratedinmarket reactionor performance improveaspects． the incentivestoincreaseshareholderwealth However,ifequity havea iil 万方数据 浙江工商大学硕士论文 上市公司股权激励的股东财富效应研究：公告效应与公司业绩的比较视角 significant incentiveachievetheintended impact，equityreally purpose， thenthis effectbothinthemarketreactiontotheannouncementdate reflectsthe itcanexistfor ofthe positive impact long—termperformance ofdifferentshouldbe company,theimpact periods this fromshareholder whetherincentives departure returns，testingequity can wealth toshareholdersintheshortand bring growth longterm，and thereare factorswhichaffectshareholderwealth． important This foundthat incentiveswill study equity appearsignificantly excessreturnsbeforeand positive afterthe themarket announcement，but forthereactionandstock intwodifferentexcitationmodes type options are incentive-basedincentiveconditions verydifferent；and equity vesting with tomore the marketis respect stringentwelfare—type，SO expected incentiveincentivewillbeable equity to excess plan generatehigher the non--state--ownedcan returns；also companies implementequity incentivemoreattractivetoinvestors．Inthe plan long-termperformance ofthe incentive of company’Sequity impact，theperformance hascontrast withthenot implementedcompany paired implemented， foun