本文關鍵詞：我國上市公司股票期權激勵效應的實證研究　出處：《南昌大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 股票期權激勵 上市公司績效 上市公司業(yè)績、風險性及成長性

【摘要】：在現(xiàn)代公司治理中,股票期權制度被認為是重要的公司治理機制,廣泛用于解決由于所有權與經(jīng)營權相分離而帶來的委托代理問題。2006年以后,股票期權激勵制度在我國上市公司中也得到了快速的推廣和應用。但是,無論是公司治理的實踐還是理論研究方面,目前的結果都表明股票期權制度并沒有人們想象得那么富有成效,學術界的爭論也一直沒有停止。因此,對我國上市公司實施股票期權激勵的效果進行實證研究,以促進我國上市公司股票期權激勵制度的完善和健康發(fā)展,是十分必要的。 本文以國內外股票期權激勵的相關研究結果為基礎,選取我國2008年開始實施股票期權激勵的上市公司為樣本,通過描述性統(tǒng)計和相關數(shù)據(jù)的回歸分析,對我國實施股票期權的上市公司的業(yè)績、風險性及成長性進行了研究,得到如下結論：第一,我國上市公司實施股票期權激勵后,上市公司抵御風險能力有所提高,企業(yè)業(yè)績則變化不一,有的好轉,有的有所下降,成長性變化不能一概而論；第二,激勵比例對樣本公司業(yè)績的影響不大,激勵收益有利于提高公司業(yè)績,激勵期限對公司業(yè)績的影響不明顯,總體期票期權激勵有利于公司業(yè)績的提升；第三,單純的提高激勵比例延長激勵期限,并不能使上市公司面臨的風險性得到改善,而良好的激勵收益(行權價格),能夠使經(jīng)營者為確保自身收益,在面對風險選擇時,更加傾向于收益比較穩(wěn)定的盈利項目。第四,股票期權激勵并不能明顯促使經(jīng)營者更加注重企業(yè)的未來成長。最后,針對本文的研究結論,指出了我國股票期權激勵制度推廣實施過程中的不足,并提出了相關政策建議。
[Abstract]:In the modern corporate governance, stock option system is considered to be an important mechanism of corporate governance, is widely used to solve the separation of ownership and management brought by the.2006 agency years later, the stock option incentive system of Listed Companies in China has been rapid promotion and application. However, both aspects of corporate governance the practice and theoretical research, the results show that the stock option system and no people imagine so fruitful, the academic debate has not stopped. Therefore, the empirical research on China's Listed Companies in the implementation of the stock option incentive effect, in order to improve the incentive system of Listed Companies in China and the healthy development of stock option that is very necessary.
Based on the relevant research results at home and abroad, the stock option incentive based selection in China in 2008 started the implementation of stock option incentive of listed companies as samples, through descriptive statistics and regression analysis of the relevant data, the implementation of the stock option in our country the performance of listed companies, and growth risks were studied. The conclusions are as follows: first, the implementation of stock option incentive in China's listed companies, listed companies to improve the ability to resist risks, enterprise performance did not change, some better, some decline, the growth of change should not be concerned; second, little impact on the performance of Sample Firms incentive proportion, incentive income is conducive to improve the performance of the company, the impact of incentives on the deadline the performance of the company is not obvious, the overall note option incentive is conducive to enhance the performance of the company; third, simply increase the proportion of incentive long term incentive, Does not make the risk faced by listed companies is improved, and a good incentive income (exercise price), enabling operators to ensure their own profits, the risk in the face of choice, more inclined to return more stable profit project. Fourth, the stock option incentive can not significantly promote the operators pay more attention to the future growth of enterprises finally. In this paper, according to the conclusion of the study, points out the disadvantages of implementing the system in the process of stock option in our country, and put forward relevant policy suggestions.

【學位授予單位】：南昌大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F272;F832.51;F224

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