本文選題：股份支付　切入點：公司績效　出處：《安徽大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2006年2月15日,財政部發(fā)布了《企業(yè)會計準則第11號——股份支付》,首次以準則的形式規(guī)范了上市公司股份支付的會計處理問題,在一定程度上反映了規(guī)范股份支付會計處理的必要性和急迫性。人力資源是公司經(jīng)營成敗的關(guān)鍵因素,如何通過股權(quán)激勵吸引并留住人才成為公司關(guān)注的重點問題。股份支付作為上市公司股東激勵管理層及其他核心人員的重要手段,對上市公司績效具有一定的影響。研究股份支付對上市公司績效的影響,一方面可以明確股份支付對公司的重要性,另一方面也有利于上市公司在準則和其他法律法規(guī)的規(guī)范之下,規(guī)范而又科學(xué)地實施股份支付計劃,從而提升公司績效。本文采用規(guī)范研究和實證分析相結(jié)合的研究方法,選擇股份支付強度作為上市公司股份支付的替代變量,以滬、深兩市A股上市公司2008—2010年三年間公布的財務(wù)公告中有關(guān)股份支付的數(shù)據(jù)為研究樣本,研究股份支付對公司績效的影響。希望通過本文的研究,為我國上市公司股份支付計劃的有效性提供經(jīng)驗證據(jù),為改進公司股份支付計劃、提高上市公司績效提供理論依據(jù)。 本文的研究共分為五個部分：第一部分為引言,主要闡述本文的研究背景及意義、國內(nèi)外文獻綜述、研究思路與研究方法等；第二部分為股份支付與公司績效的理論分析,對研究對象相關(guān)概念進行界定,并闡述了股份支付的主要形式和特征,然后對股份支付與公司績效關(guān)系的理論基礎(chǔ)進行梳理,最后分析股份支付對公司績效的作用機理；第三部分為上市公司股份支付的現(xiàn)狀,概括描述了上市公司股份支付的現(xiàn)狀；第四部分為股份支付對企業(yè)績效影響的實證研究,選取2008—2010年我國滬、深兩市A股上市公司有關(guān)數(shù)據(jù)為研究樣本,采用回歸分析和統(tǒng)計檢驗的方法,在相關(guān)性分析的基礎(chǔ)上,通過回歸模型驗證股份支付對上市公司績效的影響；第五部分為研究結(jié)論和政策建議。 研究發(fā)現(xiàn)：股份支付對上市公司績效有正向影響,但由于樣本量較小,以及所研究的時間區(qū)間受金融危機影響較大,導(dǎo)致股份支付對上市公司績效的影響不是非常顯著；股份支付的總量和實施方式不同對其績效的影響也不一樣,股份支付的實施總量與公司績效成正比,選擇以權(quán)益為基礎(chǔ)進行股份支付的公司,其績效優(yōu)于以現(xiàn)金為基礎(chǔ)進行股份支付的公司；我國上市公司所制定的股份支付計劃還不夠成熟,股份支付金額的確定存在隨意性,支付方式比較單一,應(yīng)該在完善公司治理結(jié)構(gòu)的同時,著力于制定長遠的股份支付計劃,合理安排股份支付的金額、行權(quán)條件及支付方式等,并建立相應(yīng)的監(jiān)管體系,保障股份支付計劃的實施。
[Abstract]:On February 15, 2006, the Ministry of Finance issued the Accounting Standard for Enterprises No. 11-share payment, which for the first time standardized the accounting treatment of the share payment of listed companies in the form of standards. To a certain extent, it reflects the necessity and urgency of standardizing the accounting treatment of share payments. Human resources are the key factors for the success or failure of the company's operation. How to attract and retain talents through equity incentive has become a key issue for the company to pay attention to. It has certain influence on the performance of listed companies. To study the effect of share payment on the performance of listed companies, on the one hand, we can make clear the importance of share payment to the company. On the other hand, it is helpful for listed companies to carry out stock payment plan in a standardized and scientific way under the standards and other laws and regulations, so as to improve the performance of the company. This paper adopts the research method of combining normative research with empirical analysis. This paper selects the intensity of share payment as the substitute variable of stock payment of listed companies, and takes the data of stock payment published in the financial statements of Shanghai and Shenzhen A-share listed companies from 2008 to 2010 as the research samples. Through the research of this paper, we hope to provide empirical evidence for the effectiveness of the stock payment plan of listed companies in China, and provide theoretical basis for improving the stock payment plan and improving the performance of listed companies. This paper is divided into five parts: the first part is the introduction, mainly describes the research background and significance of this paper, literature review at home and abroad, research ideas and research methods, etc. The second part is the theoretical analysis of share payment and corporate performance. The related concepts of the research object are defined, and the main forms and characteristics of the share payment are expounded, then the theoretical basis of the relationship between the share payment and corporate performance is combed out, and the mechanism of the effect of the share payment on the corporate performance is analyzed. The third part is the status quo of stock payment of listed companies, and describes the status quo of stock payment of listed companies. The fourth part is the empirical research on the impact of stock payment on corporate performance, selecting Shanghai, China, from 2008 to 2010. The data of A-share listed companies in Shenzhen and Shenzhen stock markets are used as the research samples, and the methods of regression analysis and statistical test are used to verify the effect of share payment on the performance of listed companies through the regression model on the basis of correlation analysis. The 5th part is the conclusion of the research and policy recommendations. It is found that the stock payment has a positive effect on the performance of listed companies, but due to the small sample size and the financial crisis, the impact of the stock payment on the performance of listed companies is not very significant. The effect of the total amount and the implementation of the stock payment on its performance is also different. The total amount of the implementation of the share payment is proportional to the performance of the company, and the company that pays shares on the basis of equity is chosen. Its performance is better than that of the company whose shares are paid on the basis of cash, the stock payment plan formulated by the listed company in our country is not mature enough, the determination of the share payment amount is arbitrary, and the payment method is relatively simple. While perfecting the corporate governance structure, we should lay down a long-term stock payment plan, reasonably arrange the amount of share payment, exercise conditions and payment methods, and establish a corresponding supervision system to ensure the implementation of the share payment plan.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F832.51;F224

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