上市公司股权激励与绩效关系研究

摘要现代企业所有权和经营权彼此分离，委托人与代理人因为利益冲突等引发出委托代理问题。在股权激励机制作用下，管理者成为企业股东成员，和企业共同承担企业的收益和风险，有效缓解了委托代理问题。在股权激励的作用下，企业管理人员为了在行权时获取较为理想的预期收益，会尽力提高经营效率，从而可能提升企业绩效。行权价格的设定决定了管理者获取股票期权时的成本，而成本水平可能会影响股权激励效果。本文从我国 A 股市场选取了施行股权激励机制的部分上市公司进行研究，通过实证结果分析股权激励和企业经营绩效两者间的关系。79052

毕业论文关键词股权激励企业绩效行权价格

Title Research on the Equity Incentive of Listed Companies

Abstract The ownership and management rights are separated in modern enterprises。 There is a conflict of interest between the client and the agent。 Thus, the principal-agent problem has been produced。 Under the effect of equity incentive mechanism, managers become members of the corporate shareholders。 Together with the enterprise, they share the profits and risks of the enterprise, which effectively alleviate the problem of the principal-agent problem。 In order to obtain a nice expected return when exercising the option, they will work hard to improve operational efficiency under the equity incentive effect, and hope the performance of enterprises can be enhanced。 The exercise price determines the cost of the manager to get tickets。 The level of cost may affect the effect of the equity incentive。 In this paper, we selected some listed companies carried out equity incentive from the China's A-share market。 Finally, according to empirical results, we analysis of the relationship between equity incentive and business performance。

Keywords Equity incentive Business Performance Exercise price

本科毕业论文第 I 页

1 绪论 1

1。1 研究背景 1

1。2 研究意义 1

1。3 文献综述 2

2 相关理论及假设 4

2。1 相关理论 4

2。2 研究假设 5

3 研究设计 6

3。1 样本选择和数据来源 6

3。2 研究模型 7

3。3 变量定义与计量 7

4 实证检验及分析 10

4。1 公司绩效和股权激励显著相关检验 10

4。1。1 横向比较分析 10

4。1。2 纵向比较分析 11

4。2 公司绩效和行权价格的关系检验 12

5 结论及局限性 16

5。1 研究结论上市公司股权激励与绩效关系研究:http://www.youerw.com/kuaiji/lunwen_91258.html