我国上市公司期权计划实施效果研究.docVIP

我国上市公司期权计划实施效果研究 摘要期权激励计划属中、长期激励机制，是为克服经理人等管理层的短期行为而设立的，从根本上是为了解决因公司经营管理权和所有权分离而产生的委托一代理问题。本文选取最新的上市公司数据进行分析，根据因子分析法客观综合地评价了实施期权激励计划的上市公司在研究期间的经营业绩，并对2009至2011年杨本公司的业绩评分进行配对样本T检验，考察了实施期权激励计划前后上市公司业绩的变化情况。然后，本论文以期权激励计划对应的股权数量占总股本比重为自变量，对样本公司业绩进行回归分析，得出上市公司业绩与实施期权激励的关系，即我国上市公司期权激励计划的实施效果。研究发现，实施期权激励计划前后上市公司业绩变动不明显；从激励比例和公司业绩的回归分析结果来看，我国上市公司业绩与期权激励只存在较弱的正相关关系。这说明我国上市公司期权计划的激励效果不显著，可能是由于我国证券市场不健全和公司治理机制不完善导致的。最后，本文在研究结论的基础上提出了相关的改进建议。10858 关键词期权激励计划，业绩综合评价，因子分析，回归分析 TitleResearch on the Effect of Listed Companies#39; Option Incentive Plan in China Abstract Option Incentive Plan as a long-term incentives, is set up to overcome the short-term behavior of the managers .Fundamentally, it is set up tosolve the principal-agent problem arising due to the company management and ownership separation. This paper selects the latest listed companies#39; data to analyze .At first ,we use Factor Analysis to evaluate the performance of Sample companies in the study period .Then ,we use the result of Factor Analysis to do Paired T Test to find the change of performance before and after the implementation of the Option Incentive Plan .After this ,we take the number of incentive equity of the total share capital as incentive proportion and performance scores as the dependent variable to do regression analysis .Through these analyzes, we obtain the relationship between the performance of listed companies with the option incentive .The study found that before and after the implementation of the Option Incentive Plan ,China#39;s listed companies#39; performance change is not obvious .From the results of regression analysis ,we find that the performance of listed companies in China and option incentive exists only a weak positive correlation. This study concluded that incentive effects of China#39;s listed companies#39; Option Incentive Plan was not significant, maybe a result of unsound securities market and imperfect corporate governance mechanism. Finally, on the conclusions of the st