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1、摘 要股权激励作为一种中长期激励机制，能够将股东与管理者的利益联系在一起，便于调动管理者的工作积极性，最大程度地提高公司业绩，很多研究成果和实践经验都证实了这一点。上世纪90年代初，我国开始了股权激励的探索， 2006年中国证监会颁布的上市公司股权激励管理办法和国有控股上市公司(境内)实施股权激励试行办法，以及股权分置改革的全面实施完毕，都为股权激励提供了良好的外部环境，在此背景下，本文对股权激励的实施效果和影响因素进行了实证分析。本文在对股权激励的相关研究方法和我国实施状况进行分析的基础上，结合以往研究，以2006年至2008年沪深两市实施股权激励的上市公司为研究对象，从市场效应和财务效应两
2、方面对股权激励的实施效果进行实证研究。一方面从公司外部环境考虑，分析的是股权激励的市场效应，利用事件研究法，通过计算股权激励公告前后的累积超额收益率，考察了市场投资者对股权激励的反应。另一方面从公司自身的角度考虑，考察的是股权激励的财务效应，即分析股权激励与公司业绩的相关性，一是选取了比较常用的替代公司业绩的会计指标，并和股权激励做相关性分析；二是为了更科学全面评价公司业绩，本文基于熵值法建立公司业绩评价体系，再进行股权激励和公司业绩的关系研究。在此基础上，由于不同的股权激励对公司的业绩提升程度不同，本文以股票期权激励方式为例，分析了股权激励与公司业绩相关程度(称为报酬业绩敏感度)的影响因素。
3、本文实证结论：我国股权激励的推出确实产生了积极的市场效应，并存在滞后性；而且两种方法的结果都表明股权激励对公司业绩有明显的正向作用；同时发现股权激励比传统形式提高公司业绩的程度更高，公司规模、财务杠杆、研发支出、股权集中度、经理人年龄和教育背景对报酬业绩敏感度有显著影响，公司成长性、国有控股、外部董事比例、两职兼任、经理人持股对报酬业绩敏感度无显著影响。从本文的研究结果看出，实施股权激励对公司业绩的提高起到了一定作用，并可通过调整相关因素，例如提高研发支出、聘请年龄和教育背景适合的管理层，能够将公司业绩的提高程度扩大，这一结论对想要或正在实施股权激励的我国上市公司具有一定的借鉴意义。关键词：股
4、权激励；时间研究法；熵值法；报酬业绩敏感度ABSTRACTAs a medium and long-term incentive mechanism, equity incentive can link the interests of shareholders and managers, facilitate the mobilization of managers enthusiasm, and maximize the performance of the company. Many research results and practical experience have confi
5、rmed this. In the early 90s of last century, China started the exploration of equity incentives, the Measures for the Administration of Stock Incentives for Listed Companies promulgated by the China Securities Regulatory Commission in 2006, and the Trial Measures for the Implementation of Stock Ince
6、ntives for Listed State-controlled Listed Companies (Domestic), as well as the reform of the split share structure. After the completion of the full implementation, they all provide a good external environment for equity incentives. In this context, this paper empirically analyzes the implementation
7、 effects and influencing factors of equity incentives.Based on the analysis of equity incentive related research methods and Chinas implementation status, this paper combines previous research with the listed companies in Shanghai and Shenzhen that implemented equity incentives from 2006 to 2008 as
8、the research object, from market effects and financial effects. On the other hand, an empirical study was conducted on the effect of equity incentives. On the one hand, considering the external environment of the company, the market effect of equity incentives is analyzed. Using the event research m
9、ethod, the cumulative excess return rate before and after the equity incentive announcement is calculated to examine the market investors response to the equity incentive. On the other hand, from the perspective of the company itself, the financial effect of equity incentives is examined. That is, t
10、he correlation between equity incentives and company performance is analyzed. First, the more commonly used accounting indicators that replace corporate performance are selected and related to equity incentives. Second, in order to more scientifically and comprehensively evaluate company performance
11、, this paper establishes a company performance evaluation system based on the entropy method, and then conducts a study on the relationship between equity incentives and company performance. On this basis, because different equity incentives have a different degree of improvement in the companys per
12、formance, this article uses the stock option incentive approach as an example to analyze the factors that influence the degree of correlation between equity incentives and company performance (called reward performance sensitivity).This paper empirically concludes that the introduction of equity inc
13、entives in China does have a positive market effect, and there is a lag; and the results of both methods show that equity incentives have a significant positive effect on company performance; at the same time, they find that equity incentives are higher than traditional forms. The companys performan
14、ce is even higher. Corporate scale, financial leverage, R&D spending, equity concentration, age of manager, and education background have a significant impact on the sensitivity of compensation performance. The companys growth, state-owned holding, proportion of outside directors, and two positions
15、are concurrent. Managers shareholdings have no significant effect on earnings performance. From the results of this study, we can see that the implementation of equity incentives has played a role in the improvement of the companys performance, and can improve the performance of the company by adjus
16、ting relevant factors, such as raising the level of R&D expenditures, hiring age, and suitable management background for education. Expanding, this conclusion has certain reference significance for Chinas listed companies that want or are implementing equity incentives.Keywords: Equity incentives; time study method; entropy method; reward performance sensitivity目录摘 要IABSTRACTII第1章 绪论61.1研究背景及研究意义61.1.1 研究背景61.1.2 研究意义81.2 国内外研究现状81.2.1 国内研究
