發(fā)布時(shí)間：2018-03-16 19:05

  本文選題：生物醫(yī)藥　切入點(diǎn)：股權(quán)激勵(lì)　出處：《江蘇大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：股權(quán)激勵(lì)是指通過(guò)授予高管以及核心技術(shù)人員等具有核心價(jià)值的員工一定數(shù)量的股票來(lái)實(shí)現(xiàn)激勵(lì)目的。一方面讓員工獲得了股票溢價(jià)帶來(lái)的經(jīng)濟(jì)利益,另一方面讓員工獲得了股權(quán)所附屬的參與企業(yè)經(jīng)營(yíng)管理決策的投票權(quán)。因而這在一定程度上可以有效解決現(xiàn)代公司治理結(jié)構(gòu)下,由于公司所有權(quán)和經(jīng)營(yíng)權(quán)相分離導(dǎo)致的信息不對(duì)稱問(wèn)題,并且有效緩解了委托代理雙方在目標(biāo)追求和利益訴求等方面的沖突。作為一種有效的現(xiàn)代公司治理手段,股權(quán)激勵(lì)在我國(guó)的推行和發(fā)展已有20余年的歷史,生物醫(yī)藥行業(yè)作為一種高新技術(shù)行業(yè),其高技術(shù)性、高成長(zhǎng)性、高市場(chǎng)應(yīng)用性的特點(diǎn)對(duì)于股權(quán)激勵(lì)具有良好的適用性,自2005年股權(quán)分置改革之后,越來(lái)越多的生物醫(yī)藥企業(yè)加入股權(quán)激勵(lì)的行業(yè),并取得了一定的成效。基于這樣的研究背景,本文選取2006-2016年生物醫(yī)藥行業(yè)實(shí)施股權(quán)激勵(lì)的上市公司為樣本。首先通過(guò)描述性統(tǒng)計(jì)分析的方法從股權(quán)激勵(lì)年份分布、激勵(lì)水平分布、高管及核心技術(shù)人員占比、股票來(lái)源、授予方式、相關(guān)期限方面,對(duì)生物醫(yī)藥行業(yè)實(shí)施股權(quán)激勵(lì)的大體狀況作了定性的分析和總結(jié)。實(shí)證研究中,采用因子分析的方法加權(quán)得到用以衡量企業(yè)業(yè)績(jī)的綜合業(yè)績(jī)指標(biāo);采用獨(dú)立樣本T檢驗(yàn)方法從時(shí)間維度研究分析了股權(quán)激勵(lì)后相關(guān)指標(biāo)的差異顯著性;采用偏相關(guān)分析方法對(duì)股權(quán)激勵(lì)水平與綜合業(yè)績(jī)進(jìn)行了定性的相關(guān)分析;隨后又采用回歸分析的方法定量研究了股權(quán)激勵(lì)水平與激勵(lì)效果之間的關(guān)系。研究發(fā)現(xiàn):實(shí)施股權(quán)激勵(lì),不管對(duì)高管的激勵(lì)還是對(duì)核心技術(shù)人員的激勵(lì),都對(duì)業(yè)績(jī)的增長(zhǎng)起到了正相關(guān)的推動(dòng)作用,并且高管對(duì)業(yè)績(jī)的推動(dòng)作用要比核心技術(shù)人員的推動(dòng)作用顯著。通過(guò)對(duì)激勵(lì)1年后、2年后業(yè)績(jī)的回歸分析發(fā)現(xiàn),對(duì)高管實(shí)施股權(quán)激勵(lì)有利于短期業(yè)績(jī)的增長(zhǎng),而對(duì)核心技術(shù)人員實(shí)施股權(quán)激勵(lì)有利于公司長(zhǎng)遠(yuǎn)績(jī)效的改善。研究還發(fā)現(xiàn)股權(quán)激勵(lì)對(duì)業(yè)績(jī)的改善有一定的局限性,高水平的股權(quán)激勵(lì)并不一定會(huì)帶來(lái)高水平的業(yè)績(jī)?cè)鲩L(zhǎng),股權(quán)激勵(lì)水平應(yīng)該控制在適度的范圍。總體而言,股權(quán)激勵(lì)對(duì)改善管理層經(jīng)營(yíng)模式,變追求短期業(yè)績(jī)?yōu)樽⒅亻L(zhǎng)遠(yuǎn)發(fā)展,起到了積極地引導(dǎo)作用。
[Abstract]:Equity incentive is to achieve the incentive goal by conferring a certain number of shares with core value, such as senior executives and core technicians. On the one hand, it gives employees the economic benefits of the stock premium. On the other hand, it gives employees the right to vote to participate in the decision-making of enterprise management, which can effectively solve the problem of modern corporate governance structure. Because of the information asymmetry caused by the separation of the ownership and the management right of the company, the conflict between the principal and agent in the pursuit of goals and interests is effectively alleviated. As an effective means of modern corporate governance, Equity incentive has been implemented and developed in our country for more than 20 years. As a kind of high-tech industry, the characteristics of high technology, high growth and high market application of biopharmaceutical industry have good applicability to equity incentive. Since the reform of split share structure in 2005, more and more biopharmaceutical enterprises have joined the industry of equity incentive, and have achieved certain results. In this paper, the listed companies in biopharmaceutical industry from 2006 to 2016 are selected as samples. Firstly, through descriptive statistical analysis, the paper analyzes the year distribution of equity incentive, incentive level distribution, the proportion of senior executives and key technicians, and the stock source. In the aspect of awarding method and relevant time limit, this paper makes qualitative analysis and summary on the general situation of implementing equity incentive in biomedical industry. In the empirical research, the method of factor analysis is used to weight to obtain the comprehensive performance index to measure the enterprise's performance. Using the independent sample T-test method, the paper analyzes the difference significance of the relevant indexes after equity incentive from time dimension, and uses partial correlation analysis to analyze qualitatively the correlation between equity incentive level and comprehensive performance. Then the relationship between equity incentive level and incentive effect is quantitatively studied by means of regression analysis. Both played a positive role in promoting performance growth, and executives were more likely to promote performance than core technicians. Regression analysis of performance after one year of motivation and two years later found that, The implementation of equity incentive to executives is conducive to the growth of short-term performance, while the implementation of equity incentive to core technicians is conducive to the improvement of the long-term performance of the company. The study also found that equity incentive has some limitations on the improvement of performance. A high level of equity incentive does not necessarily lead to a high level of performance growth. Equity incentive levels should be kept within a moderate range. Overall, equity incentives have an impact on improving management management's business model and changing the pursuit of short-term performance to a focus on long-term development. Played an active role in guiding.
【學(xué)位授予單位】：江蘇大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.72;F272.92

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