上市公司股权激励、资本配置与公司绩效——以A股上市公司为例.pdf

研发、对外投资等企业资本配置方式对公司绩效的影响。(2)本文立足中国特殊 的制度环境，以《上市公司股权激励管理办法》的实施为契机，研究企业在不同 的资本配置模式下，股权激励对公司绩效影响的作用机理，这有利于探索企业优 化资源配置的路径，从而提高资本市场的配置效率。当然，由于水平有限，本文 还存在以下不足：首先在研究方法上，由于多元线性回归模型通常只能有一个因 变量，在本文中只使用财务指标并不能完全衡量公司的绩效水平。在未来的研究 中，可以尝试使用结构方程模型SEM,尝试使用多变量描述企业的价值，计量 软件上也可以利用AMOS进行统计分析，这样会使得实证结果更加准确，结论 也更有说服力。另外，本文有关研究都是建立在定量研究的基础上实施的。实际 上，股权激励、研发或者对外投资对公司的影响并不仅体现在薪酬或者资金上。 比如，对公司管理层实施股权激励不仅表现为公司股东在公司管理层薪酬上的投 入，更重要的是，这体现了公司股东对公司管理层或者核心技术人员的信任和肯 定。 关键词：股权激励；企业资本配置；公司绩效 万方数据 Abstract A remarkable characteristic of modem enterprise system is the separation of ownership and management，resulting in the principal—agent problem in enterprise intefior．Equity incentive is all important institutional arrangement to solve as principal between company owners and operators of the agent,and it has gradually become the focus of research in the field of corporate govemance．But previous studies have paid too much attention on the enterprise incentive system arrangement effect on corporate performance，while rarely introduced variable，mode of action to further explore the equity incentive mechanism and enterprise capital allocation in the company．In this background,we start from the equity incentive system，in case of the A shared listed corporation as example，According to the main line of”Equity Incentive—Capital Allocation-Corpration Performance”，through the method of theoretical analysis and empirical test,Study the effect on corporate capital allocation from the equity incentive，Analyse the effect between the equity incentive and corporate performance relationship from corporate capital allocation．in order to provide theoretical and empirical evidence for the construction of the equity incentive system from the listing Corporation． This research is mainly divided into the following parts：the first chapter is the introduction,mainly introduce the research background，the research goal and the significance ete．The second chapter is the basic theory and literature review in this paper,F破ly，we defme th