对中国管理层股权激励影响的实证研究

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1、对外经济贸易大学硕士学位论文对中国管理层股权激励影响的实证研究姓名：吴美娟申请学位级别：硕士专业：金融学指导教师：江萍201103摘要本文研究股权激励在中国公司的影响．首先，本文发现在股权激励方案宣布日存在显著为正的超额累积收益率，这表明资本市场对其做出的正向反应。紧接着，对可能影响超额累积收益率大小的几个因素进行了分析，包括：资产收益率，公司最终控股权，股权集中度，公司规模，股权激励的标的以及杠杆率，来检验它们对超额累积收益率的影响．和我预期的假设相同，资产收益率与超额累积收益率存在一个显著的正相关关系．除此

2、之外，杠杆率同样对超额累积收益率有显著的正相关．其他的因素，比如是否国有控股，股权集中度，公司规模和股权激励标的对超额累进收益率的产生并没有显著的影响．最后，本文对引入股权激励受公司的经营绩效是否得到提升进行研究。关键词：股权激励，超额累积收益率，经营业绩AbstractThispaperinvestigatestheeffectofstockoptionscompensationinChinesefinns．Ifirstfindasignificantpositivecumulativeabnormalret

3、urn(CAR)ontheannouncementdayofstockoptionscompensationscheme，whichsuggestsapositivereactionofthecapitalmarket．ThenIexplorewhichfactorsmayaffectthesizeoftheCAR．Controlvariablesinclude：returnonasset(ROA)，finalcontrolofthecompany(state-controlornot)(SC)，concent

4、rationlevelofequitycontrol(CLEC)，scaleofthefirm(so)，subjectofstockoptionscompensation(ssoc)，leverageratio(LR)toseetheirinfluenceonCAR．Consistentwithmyhypothesis，ROAisfoundtohaveasignificantpositiveeffectonCAR．Inaddition，leverageratioalsohasapositiverelationw

5、ithCAR．Otherremainingfactors，likestate—control(sc)，concentrationlevelofequitycontrol(CLEC)，scaleofthefirmandsubjectofstockoptionscompensation(SSOC)arenotfoundtohavesignificanteffectsonCAR．Finally,Iinvestigateiftheoperatingperformanceisimprovedaftertheintrodu

6、ctionofstockoptionscompensation．Keywords：stockoptionscompensation，CAR,operatingperformanceI．IntroductionAlongwiththeactiveexplorationonformingmodernfirmsystem，lot’Sofincentiveconstraintmechanismsrepresentedbymanagementstockownershiparemoreandmoreoftenintrodu

7、cedintothereformoflistedfirms’corporategovernance,andstockoptionscompensationisaformofmanagementstockownership．Stockoptionscompensationisalongtermincentivesystemthroughwhichmanagementofthefinngetsomestockownership，withthepurposethatmanagerscanparticipateinbu

8、sinessdecisions，profitsharingandriskbearingfromashareholder’Sperspective，whichinturnmakethemprovideservicesforthefirminthelong—runterm．Intheworld，stockoptionscompensationisoneofthemostcommonways