中国上市公司的股权激励效果分析-analysis of equity incentive effect of chinese listed companies.docxVIP

摘要 摘要 中国 中国上市公司的股权激励效果研究 摘要 股权激励制度作为一种长期激励制度，被用来解决企业中存在的委托代理问 题。它将企业所有者的利益和经营者的利益结合在了一起，有效降低了道德风险， 在降低代理成本的同时实现了有效的长期激励目的。 股权激励计划非常复杂，会受到很多因素的影响。本文对中国的上市公司按 行业进行分类，分别研究某个行业股权激励实施的影响因素。证券市场有效性是 股权激励实施的前提，本文研究了上市公司每股收益与股价回报率之间的关系， 在研究的十二个行业中，只有两个行业上市公司的每股收益与股价回报率之间存 在显著正向关系，从这个角度来说，中国证券市场的有效性是不足的。本文还对 影响股权激励的公司内部因素进行了分析，发现不同行业的上市公司受到的影响 因素不同，影响程度也不同。 本文对高级管理人员持股比例与公司绩效之间的关系进行了详细的分析，发 现在研究的十二个行业中，农林牧渔业、建筑业和信息技术业的高管持股比例与 公司绩效之间存在显著的正向线性关系，公司绩效随高管持股的增加而提升。采 掘业和建筑业的高管持股比例与公司绩效之间存在三次曲线关系，并且建筑业的 三次曲线模拟效果要比线性模拟效果更好。 关键词：股权激励计划 高管持股比例 公司绩效 Ab Abstract 中国 中国上市公司的股权激励效果研究 Abstract As a long time incentive system, Stock option incentive plan has been used to solve the principal-agent problem in many enterprises. It can motivate the managers in a long period and reduce the agency cost and moral hazard by combining the benefit of the corporation’s owners and managers. Stock option incentive plan is very complex and affected by many factors. This paper classified listed companies of China by industry and researched influencing factors in every industry. Stock option incentive plan is based on the premise of validity of securities market. This paper researched the relationship between corporation’s earnings per share and stock yield, in all the twelve industries, we found the significant positive relationship between earnings per share and stock yield in only two industries. From this point, we can say that the validity of Chinese securities market is very weak. This paper also researched influencing factors in corporations. Corporations of different industries are affected by different factors and the influencing extent of the same factor is different. This paper researched the relationship between shareholding ratio of managers and company performance. In the twelve industries, we found that there is a significant positive relationship between shareholding ratio of managers and company performance in agriculture, construction industry and information technology industry. In thes