本文選題：創(chuàng)業(yè)板市場 + 股權(quán)激勵�。� 參考：《江西理工大學(xué)》2017年碩士論文

【摘要】：知識經(jīng)濟(jì)時代的到來,促進(jìn)了高成長、高科技公司的快速發(fā)展,低準(zhǔn)入、高運(yùn)作、嚴(yán)披露的創(chuàng)業(yè)板崛起,美國納斯達(dá)克市場發(fā)展良好。相對于主板市場,創(chuàng)業(yè)板市場為“三高一小”(高成長、高科技、高風(fēng)險、小規(guī)模)的公司,創(chuàng)造了良好的融資平臺和有效的資本運(yùn)作方式。我國創(chuàng)業(yè)板2009年10月在深圳證券交易所上市,截止至2016年9月底就吸引了540家的公司加入,成為了自主創(chuàng)新的孵化地和產(chǎn)業(yè)園。但是創(chuàng)業(yè)板市場這些蘊(yùn)含巨大發(fā)展?jié)摿Φ墓久媾R著高風(fēng)險,稍有不慎就會被競爭激烈的創(chuàng)業(yè)板市場淘汰出局。創(chuàng)業(yè)板上市公司發(fā)展的最大動力是核心技術(shù)人員的研發(fā)能力和高層管理人員的優(yōu)秀管理理念,如何吸引并留住這些優(yōu)秀人才是公司生存和發(fā)展的關(guān)鍵。股權(quán)激勵作為解決委托代理問題、激勵人才的有效方式,在西方國家得到了廣泛的運(yùn)用,我國在二十世紀(jì)九十年代引入。股權(quán)激勵以股權(quán)為標(biāo)的,使高管和核心技術(shù)人員享有公司決策參與權(quán)和利潤分享權(quán),激勵對象和公司股東目標(biāo)一致、利益趨同,提高了他們的工作效率和積極性。本文對股權(quán)激勵的相關(guān)文獻(xiàn)進(jìn)行了整理歸納,發(fā)現(xiàn)大部分學(xué)者是將這種激勵計劃當(dāng)作一個整體去研究,對其內(nèi)部的各個契約要素探討的不深入,本文將試圖彌補(bǔ)這一塊的欠缺和空白,并從創(chuàng)業(yè)板入手分析,這也是本文的創(chuàng)新之處。本文在介紹相關(guān)概念和理論的基礎(chǔ)上,分析了創(chuàng)業(yè)板上市公司實(shí)施股權(quán)激勵的現(xiàn)狀,發(fā)現(xiàn)激勵比例普遍偏低、有效期較短、行權(quán)條件單一、模式簡單的問題。為了更加深入的研究股權(quán)激勵契約要素和績效的關(guān)系,本文選取了181家公司作為樣本,用實(shí)證方法進(jìn)行分析。首先,為了避免單一指標(biāo)的片面性,本文選取了14個財務(wù)指標(biāo),用因子分析得出績效的綜合得分,績效評價結(jié)果表明創(chuàng)業(yè)板市場推行股權(quán)激勵公司的績效一般。接著,用獨(dú)立樣本T檢驗(yàn)分析股權(quán)激勵推行后的效果,發(fā)現(xiàn)企業(yè)績效略有提升但不顯著。最后,通過回歸方法探究了契約要素中激勵比例、有效期、行權(quán)條件和企業(yè)績效的關(guān)系,并對比兩種主要模式的實(shí)施效果,得出以下結(jié)論:激勵比例和績效是弱正相關(guān)關(guān)系;有效期與績效無顯著性關(guān)系;行權(quán)條件個數(shù)越多,企業(yè)績效越好;限制性股票的激勵效果優(yōu)于股票期權(quán)。針對以上實(shí)證結(jié)果,本文提出了建議:股權(quán)激勵契約要素設(shè)計方面,要合理確定激勵比例、有效期和激勵模式,行權(quán)條件多元化。外部環(huán)境方面,需要培育良好的市場氛圍,優(yōu)化公司治理結(jié)構(gòu),加強(qiáng)對管理層的監(jiān)督,完善內(nèi)部控制,健全相關(guān)法律法規(guī)。
[Abstract]:The arrival of knowledge economy era has promoted the rapid development of high-tech companies, low access, high operation, strict disclosure of the growth Enterprise Market (gem), the United States NASDAQ market has developed well. Compared with the main board market, the gem market has created a good financing platform and an effective capital operation mode for "three high and one small" companies (high growth, high technology, high risk, small scale). China's gem listed on the Shenzhen Stock Exchange in October 2009. By the end of September 2016, it has attracted 540 companies to join, and has become the incubator and industrial park of independent innovation. However, the gem market which contains huge development potential companies are facing high risk, a little inadvertently will be eliminated from the competitive gem market. The biggest motive force for the development of gem listed companies is the research and development ability of core technicians and the excellent management concept of senior management personnel. How to attract and retain these outstanding talents is the key to the survival and development of the company. As an effective way to solve the problem of principal-agent and encourage talents, equity incentive has been widely used in western countries. Equity incentive takes equity as the target, which makes executives and core technicians enjoy the right to participate in decision-making and share profits. The objectives of incentive and shareholders are the same, the interests converge, and their working efficiency and enthusiasm are improved. This paper summarizes the relevant documents of equity incentive, and finds that most scholars study this incentive plan as a whole, and do not deeply discuss the various contractual elements within the incentive plan. This paper will try to make up for the lack and blank of this piece, and analyze from the gem, which is also the innovation of this paper. Based on the introduction of related concepts and theories, this paper analyzes the current situation of equity incentive in gem listed companies, and finds that the incentive ratio is generally low, the validity period is relatively short, the exercise condition is simple, and the mode is simple. In order to further study the relationship between equity incentive contract elements and performance, this paper selects 181 companies as a sample and uses empirical methods to analyze. First of all, in order to avoid the one-sidedness of a single index, this paper selects 14 financial indicators, using factor analysis to obtain a comprehensive score of performance, performance evaluation results show that the gem market equity incentive company performance is generally. Then, using independent sample T test to analyze the effect of equity incentive, we find that the enterprise performance is slightly improved but not significant. Finally, the relationship between incentive ratio, validity period, exercise condition and enterprise performance in contract elements is explored by regression method, and the following conclusions are drawn: incentive ratio and performance are weakly positive correlation; There is no significant relationship between validity and performance; the more the number of exercise conditions, the better the performance of the firm; the incentive effect of restricted stock is better than that of stock option. In view of the above empirical results, this paper puts forward some suggestions: in the aspect of designing the elements of equity incentive contract, we should reasonably determine the incentive ratio, the period of validity, the incentive mode, and the diversification of the exercise conditions. In terms of external environment, it is necessary to cultivate a good market atmosphere, optimize the corporate governance structure, strengthen the supervision of the management, perfect the internal control, and improve the relevant laws and regulations.
【學(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F272.92;F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 廖穎秀;;市盈率投資策略的適用性實(shí)證研究——基于我國創(chuàng)業(yè)板市場[J];平頂山學(xué)院學(xué)報;2016年05期

2 孫文靜;;我國創(chuàng)業(yè)板上市公司股權(quán)激勵問題研究[J];商業(yè)經(jīng)濟(jì);2016年05期

3 劉亭昆;;創(chuàng)業(yè)板市盈率指標(biāo)有效性的實(shí)證研究[J];財會通訊;2015年36期

4 袁友龍;;產(chǎn)權(quán)性質(zhì)、激勵模式、契約要素與公司績效[J];市場論壇;2015年06期

5 林麗萍;蔡永林;廖妍;;創(chuàng)業(yè)板上市公司股權(quán)激勵效果實(shí)證研究[J];財會通訊;2015年03期

6 吳文華;姚麗華;;戰(zhàn)略性新興產(chǎn)業(yè)上市公司核心骨干股權(quán)激勵對創(chuàng)新績效的影響研究[J];科技進(jìn)步與對策;2014年05期

7 白潔;;上市公司高管特征與股權(quán)激勵對企業(yè)績效的交互影響研究[J];財會通訊;2013年30期

8 付東;;股權(quán)激勵契約設(shè)計與公司業(yè)績關(guān)系研究[J];企業(yè)經(jīng)濟(jì);2013年03期

9 曹建安;聶磊;李珊;;上市公司高管股權(quán)激勵與企業(yè)業(yè)績的實(shí)證關(guān)系研究[J];經(jīng)濟(jì)師;2013年01期

10 丁榮清;倪鳳蓮;;創(chuàng)業(yè)板股權(quán)激勵的市場效應(yīng)研究[J];會計之友;2012年18期

相關(guān)博士學(xué)位論文 前1條

1 李雪斌;股權(quán)激勵機(jī)理研究[D];財政部財政科學(xué)研究所;2013年

相關(guān)碩士學(xué)位論文 前9條

1 肖亞娟;股權(quán)激勵對上市公司長期盈利能力的影響研究[D];河北經(jīng)貿(mào)大學(xué);2015年

2 高艷;創(chuàng)業(yè)板上市公司股權(quán)激勵與公司財務(wù)績效相關(guān)性研究[D];華北電力大學(xué);2015年

3 方慧萍;我國中小上市公司股權(quán)激勵契約優(yōu)化研究[D];浙江大學(xué);2014年

4 紀(jì)欣琳;民營上市企業(yè)股權(quán)激勵效果研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2014年

5 王旭光;我國創(chuàng)業(yè)板上市公司股權(quán)激勵方案設(shè)計[D];復(fù)旦大學(xué);2013年

6 董麗娟;上市公司股權(quán)激勵實(shí)施效應(yīng)及影響因素研究[D];南京郵電大學(xué);2013年

7 羅帥;高管人員股權(quán)激勵效應(yīng)及其影響因素研究[D];西南財經(jīng)大學(xué);2012年

8 凌艷;上市公司管理層股權(quán)激勵與企業(yè)績效關(guān)系實(shí)證研究[D];武漢科技大學(xué);2011年

9 史婧;股權(quán)激勵與經(jīng)營績效關(guān)系的實(shí)證分析[D];西南財經(jīng)大學(xué);2011年

，

本文編號：1792898