股权激励对上市公司绩效影响的实证分析.doc

摘要:现今，随着我国企业市场化进程的发展，上市公司股权激励机制亦取得了进步。我国上市公司已基本上具备实施股权激励的环境条件，实施股权激励有利于解决股东利益和管理层问题，通过价值转移，持续、有效地提高上市公司业绩和价值，推动上市公司股价的上升，给投资者巨大的投资机会和信心。股权激励在企业中，特别是在上市公司中的作用非常重要。而且，理论界认为股权激励是未来企业经营者激励体系中最有潜力的激励方式，他们通过国内外成功经验来肯定股票期权的激励作用。本文介绍了我国实行股权激励制度情况，选了上证180指数样本股为例，以我国实施股权激励的国有上市公司为样本，在细致的描述性分析基础上，利用专业的经济金融数据库中的最新上市公司数据，进行实证分析，考察股权激励计划的实施对上市公司绩效的影响，对实施股权激励和公司总体绩效之间的关系进行了分析，并根据结论提出相应的建议。

关键词  上市公司；股权激励；公司绩效；实证分析

Abstract:Nowadays, with the development of our country enterprise marketing process, the listed company equity incentive mechanism also made progress. Listed companies in our country has basically have the implementation of equity incentive conditions, implementation of equity incentive is helpful to solve the problem of shareholders and management, through the value transfer, continuous, effectively improve the performance and the value of listed companies, promote the listed company's share price rose, huge investment opportunities and confidence to investors. Equity incentive in the enterprise, especially is very important role in the listed companies. And theorists believe that equity incentive is the most potential in the future enterprise operators incentive system of incentives, they certainly by domestic and foreign successful experience of stock option incentive effect. Implement equity incentive system in our country were introduced in this paper, taking the Shanghai 180 index sampled stocks, for example, in the implementation of equity incentive in our country state-owned listed companies as samples, on the basis of detailed descriptive analysis, using the latest professional financial database data of listed companies, empirical analysis, and inspect the implementation of equity incentive plans of listed companies performance, the influence of the implementation of equity incentive and the relationship between the overall performance of the company has carried on the analysis, and put forward corresponding suggestions according to the conclusion.

Keywords  Listed Company  Stock Option Incentive  Company Performance  Empirical Analysis