上市公司股权激励效果实证分析.docVIP

PAGE PAGE 41 上市公司股权激励效果实证分析 摘要：股权激励是二十世纪中叶于西方出现的一种激励制度，它是通过高层管理者和股东利益一致化，让剩余控制权与剩余索取权相匹配，从而有效地解决了委托代理问题，我国在上世纪90年代引入,并不断发展。本文基于现有四大理论，选取2011-2015 年间公告并且实施股权激励方案的A 股上市公司进行研究，分析我国上市公司股权激励现状分析。将公司业绩作为被解释变量用每股收益和净资产收益率衡量，股权激励规模作为解释变量用激励股权占总股本的比例衡量，结合实际情况加入了资本结构和公司规模作为控制变量对公司特征和治理结构加以控制，通过股权激励与公司绩效之间的回归关系分析，从而为上市公司设计或完善股权激励制度提供借鉴，以最大会发挥股权激励的效果。 关键词：经理层股权激励经营绩效激励效应 Empirical Analysis of Equity Incentive in Listed Company Abstract： The Equity Incentive System is a kind of incentive system appeared in the middle of the 20th century.By reconciling the interest of management and shareholders, the equity incentive system matches the power of surplus control with that of surpluses share, thus resolves the problem of agent effectively.It was first introduced into China in 1990s and developed constantly.This paper empirically studies the correlation between the equity incentive of listed companys management and corporate performance based on existing four theories and the data of all listed companies which had completed share reform and have published the stock incentive program between 2011 and 2015,with using return on equity and earnings per share as explained variable to measure the performance of the company and choosing management shareholding ratio as the explanatory variable to measure the level of equity incentive.Combined with the actual situation,the paper selects the capital structure and the scale of the company as control variables to control the company characteristics and corporate governance.We explore, according to the theoretical , the ways of making good use the incentives. Key words：management equity incentive operating performance incentive effects 一、 绪论 （一） 研究背景 股权激励最早出现在20世纪50年代的美国，是辉瑞公司用于解决公司高管薪酬的避税问题，随后相继出现了员工持股计划、股票期权计划等激励模式。在80 年代，美国的股权激励发展到一个高潮，其赋予了经营者股东角色的第二重身份，实现了二者目标利益的一致，并有力推动美国经济发展。然而90 年代股票期权在美国企业高管中的滥用招致了各界对股权激励制度的广泛质疑和反思，成为股权激励制度在美国不断完善和成熟的助推器。 我国的股权激励始于80 年代的股份制改造，员工购买本企业的股票或者企业向员工配售，称为内部职工股，但没有起到利益共享、风险共担的作用。90年代相继出现了公司职工股和职工持股会，但也因没有起到激