民营上市企业股权激励的效果及影响因素分析.docVIP

PAGE PAGE 30 民营上市企业股权激励的效果及影响因素分析 摘要： 继2005年股权分置改革后，关于我国上市公司股权激励的法规政策陆续出台，相关的政策环境逐渐成熟。经过20多年的改革与发展，民营上市公司已经成为国民经济的重要组成部分和最具潜力的经济增长点。但是面对经济全球化所带来的激烈竞争，其管理制度不健全尤其是缺乏有效的激励机制的问题逐渐成为民营经济深化发展的障碍。所以，本文选择此研究课题是具有很大的理论以及现实意义的。 本文在理解课题所在经济环境背景下，首先对股权激励现有的国内外研究文献进行了分类梳理与理解评述，发现了现存文献的不足，并确定了研究方向。接下来具体介绍股权激励的相关基本概念和理论基础。随后将重心放置在对民营企业的股权激励现状和问题研究上，先对其影响因素进行描述性统计，后以52家民营上市公司2011至2013年的财务数据为样本，运用SPSS软件进行各影响因素的实证分析。最后选取排除行业因素后的净资产收益率为主要业绩指标，采用不同年份纵向比较和不同行业均值，中值等统计指标的分析方法评述股权激励的效果。最终得出主要结论如下：在研究时段内，存在实施股权激励的样本企业业绩要好于行业平均水平的状况，说明激励计划有提高绩效作用；企业股权激励效果受到所在行业、激励模式、企业规模以及市场竞争这些因素的影响。 关键词： 民营上市公司，股权激励，影响因素，企业绩效 Analysis of the Implementing Effect of Equity Incentive Mechanism and its Influential Factors based on the Private Listed Enterprises of China Abstract: Following the 2005 share structure reform, the equity incentive regulations and policies of the Chinese listed companies have been put forward and the policy environment matures gradually. After 20 years of reform and development, Private Listed Company has become an important part of the national economy and have the most potential economic growth,but with intensive competition the economic globalization brought about and its imperfect management system, especially the lack of an effective incentive mechanism, the arising problems gradually become obstacles to development. In this context,the topic of my paper have great theoretical and practical significance. In this paper,by classifying the existing domestic and international related literature and founding out the deficiencies, I firstly determine the research direction. Then after elaborating the basic concepts and theories related to equity incentive basis, I focus on issues about private enterprise. Based on descriptive statistical factors analysis calculated from financial data of 52 private listed companies from 2011to2014, I used SPSS software for further analysis. ROE, excluded of industry factors effect, was finally selected as key performance indicators and by using