發(fā)布時間：2018-11-17 08:48

【摘要】：股票期權(quán)作為上市公司的一種長期有效的激勵方式,在一些發(fā)達國家已經(jīng)得到了驗證。那么,在我國特有的國情和股票市場的現(xiàn)有狀態(tài)下,不能盲目引進國外的股票期權(quán)制度,應(yīng)該加強我國上市公司行權(quán)價格的研究,找到行權(quán)價格的定價依據(jù),分析行權(quán)價格定價的影響因素。如何建立一個適合我國自身特點的行權(quán)價格定價方案,建立起更科學(xué)的期權(quán)激勵機制,是我國上市公司關(guān)注的問題。 本文以上市公司股票期權(quán)行權(quán)價差為研究對象,選取2012年度樣本數(shù)據(jù),突破以往的多元回歸和因素分析方法,以計量軟件Eviews7.0為工具,分別從上市公司特征、財務(wù)指標、治理結(jié)構(gòu)和風險水平四個方面各選取了幾個代表性因素作為備選的行權(quán)價格影響因素,對滬深A(yù)股中挑選出的123個實行股票期權(quán)計劃的上市公司相關(guān)數(shù)據(jù)進行多種相關(guān)性檢驗并建立面板數(shù)據(jù)模型分析,以此研究各種影響因素如何作用于行權(quán)價格,對其影響因素進行了深入探討,并分析各因素的顯著性和重要性,得出結(jié)論,確定上市公司在對股票期權(quán)進行定價時應(yīng)重點考慮的影響因素,進而為相關(guān)的上市公司和政府部門提出相應(yīng)的政策建議。
[Abstract]:Stock option as a long-term effective incentive for listed companies has been verified in some developed countries. Then, under the unique national conditions of our country and the current state of the stock market, we should not blindly introduce the foreign stock option system. We should strengthen the research on the exercise price of the listed companies in our country, and find out the pricing basis of the exercise price. This paper analyzes the influence factors of the pricing of exercise rights. How to set up a pricing scheme suitable for our own characteristics and how to set up a more scientific option incentive mechanism are the problems that our listed companies pay close attention to. This paper takes the stock option price difference of the listed company as the research object, selects the sample data of 2012, breaks through the previous multiple regression and factor analysis method, takes the measurement software Eviews7.0 as the tool, separately from the listed company characteristic, the financial index. The four aspects of governance structure and risk level have each selected several representative factors as the alternative factors affecting the exercise price. This paper analyzes the correlation of 123 listed companies selected from Shanghai and Shenzhen A shares and sets up panel data model to study how all kinds of influencing factors affect the exercise price. In this paper, the influencing factors are discussed, and the significance and importance of each factor are analyzed, and the conclusion is drawn that the influencing factors should be taken into account in the pricing of stock options by listed companies. Then the relevant listed companies and government departments to put forward the corresponding policy recommendations.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：2337198