地方政府绩效评估的公众参与机制研究.doc

PAGE PAGE 36 地方政府绩效评估的公众参与机制研究 摘要 股权激励作为一种解决两权分离而带来的委托—代理问题的有效手段，已逐渐被大众所认可。该制度从内部治理着手，将股东与经理人的利益捆绑在一起，充分发挥人力资源的作用。2006年，国家颁布《股权激励管理试行办法》，我国的股权激励制度正式起步，但是对其有效性仍旧存在不确定性。因此，研究股权激励对提升公司业绩是否有效，特别是属性差别巨大的国有及民营上市公司，具有重要意义。 本文基于股权激励和公司业绩的相关理论知识和实际情况，结合2009年到2013年41个国有样本上市公司、207个民营样本上市公司的年报信息，采用描述性分析、配对样本T检验、相关性分析和回归分析的方法，研究了股权激励对公司业绩的影响，得出三个结论：①股权激励实施有助于业绩提升。②股权激励比例与上市公司业绩显著正相关，且在国有上市公司更突出，但增幅有限。③对民营上市公司来说，股票期权模式较好。最后，针对实证分析的结果指出研究不足并提出了相关建议。 关键词：股权激励、公司业绩、国有上市公司、民营上市公司 ABSTRACT Equity incentive as a effective solution to the separation of ownership and principal - agent problem, has been gradually recognized by the public. From the start of the system of internal governance, the interests of shareholders and managers will be bundled together and give full play to the role of human resources. In 2006, the state promulgated?the management equity incentive pilot scheme, our equity incentive system?officially started,?but its effectiveness remains uncertain. Therefore, the study?of whether equity incentive is effective to enhance the performance of the company, especially a huge difference in the properties of state-owned and private listed companies, is important. This study is based on the relative theory of performance evaluation system and?equity incentive. It studies the equity incentive’s explanation ability to the enterprise value, combined with?41 samples of owned listed company and 207 samples of private listed company?information in the annual report during the year of 2009 - 2013. What’s more, it uses descriptive analysis, paired-samples T test, correlation analysis and regression analysis method to?learn how equity incentive influence company achievements. Here are the three conclusions: (1) The implementation of equity incentive is contribute to the performance improvement. (2) The equity incentive ratio has a significant positive correlation with the companys performance, especially in owned listed companies, but the growth is limited. (3) For private listed