R李思峥-上市公司高管层股权激励与公司业绩关系的实证研究-2.docxVIP

分 类 号：F830.91 单位代码：10183学 号 密 级：公 开吉 林 大 学本科毕业论文上市公司高管层股权激励与公司业绩关系的实证研究An Empirical Study of Listed Companies senior equity incentive and corporate performance 作者姓名： 李思峥专 业： 会计学指导教师： 呼建光培养单位： 商学院2014年 5月摘要自从企业诞生以来，委托代理问题就一直成为困扰企业发展的一个重要方面。股权激励是一种有效解决委托代理问题的长效激励制度。企业通过实施股权激励计划，可有效减少代理成本，促使股东与高管层目标的统一。随着我国股权分置改革的实行和相关法规的公布，越来越多的上市公司开始实施股权激励计划，然而我国的上市公司股权激励计划是否能如预期般促进公司业绩增长，一直备受关注。本文以2009-2012四年间持续实施业绩股票激励计划的上市公司为样本，以净资产收益率为因变量，以激励股票数占总股本的比例为自变量，研究了样本公司股权激励与公司业绩之间的关系，实证研究结果发现二者呈现显著地正向相关关系。最后，本文结合我国实际情况，提出了关于完善我国上市公司股权激励机制的相关政策性建议。关键词：高管层 股权激励 公司业绩AbstractSince enterprise was born, the principal-agent problems has become an important aspect in enterprise development. Equity incentive is a kind of effective long-term incentive mechanism to solve the problem of principal-agent. Enterprises through the implementation of equity incentive plan, which can effectively reduce agency cost, encourage the unification of the shareholders and senior management goals. Along with the implementation of the reform of non-tradable shares and the publication of the relevant regulations of our country, more and more companies begin to implement equity incentive plan, however, the companies that implement equity incentive plan whether can earn growth as expected has been closely watched. In this paper, select four years from 2009 to 2012 for listed companies that continue to implement stock incentive plan companies as samples, take return on equity as the dependent variable, take incentive shares for the proportion of the total equity as independent variables, study the relationship between equity incentive and corporate performance of the sample companies, the empirical study found that the two variables present significantly positive correlation. Finally, this paper combined with the actual situation of our country, put forward the policy Suggestions to perfect the equity incentive plan of our country.Key words: leadership team; equity incentive; company performance目录1．引