【摘要】：股票期權(quán)作為上市公司的一種長(zhǎng)期有效的激勵(lì)方式,在一些發(fā)達(dá)國(guó)家已經(jīng)得到了驗(yàn)證。那么,在我國(guó)特有的國(guó)情和股票市場(chǎng)的現(xiàn)有狀態(tài)下,不能盲目引進(jìn)國(guó)外的股票期權(quán)制度,應(yīng)該加強(qiáng)我國(guó)上市公司行權(quán)價(jià)格的研究,找到行權(quán)價(jià)格的定價(jià)依據(jù),分析行權(quán)價(jià)格定價(jià)的影響因素。如何建立一個(gè)適合我國(guó)自身特點(diǎn)的行權(quán)價(jià)格定價(jià)方案,建立起更科學(xué)的期權(quán)激勵(lì)機(jī)制,是我國(guó)上市公司關(guān)注的問(wèn)題。 本文以上市公司股票期權(quán)行權(quán)價(jià)差為研究對(duì)象,選取2012年度樣本數(shù)據(jù),突破以往的多元回歸和因素分析方法,以計(jì)量軟件Eviews7.0為工具,分別從上市公司特征、財(cái)務(wù)指標(biāo)、治理結(jié)構(gòu)和風(fēng)險(xiǎn)水平四個(gè)方面各選取了幾個(gè)代表性因素作為備選的行權(quán)價(jià)格影響因素,對(duì)滬深A(yù)股中挑選出的123個(gè)實(shí)行股票期權(quán)計(jì)劃的上市公司相關(guān)數(shù)據(jù)進(jìn)行多種相關(guān)性檢驗(yàn)并建立面板數(shù)據(jù)模型分析,以此研究各種影響因素如何作用于行權(quán)價(jià)格,對(duì)其影響因素進(jìn)行了深入探討,并分析各因素的顯著性和重要性,得出結(jié)論,確定上市公司在對(duì)股票期權(quán)進(jìn)行定價(jià)時(shí)應(yīng)重點(diǎn)考慮的影響因素,進(jìn)而為相關(guān)的上市公司和政府部門(mén)提出相應(yīng)的政策建議。
[Abstract]:Stock option as a long-term effective incentive for listed companies has been verified in some developed countries. Then, under the unique national conditions of our country and the current state of the stock market, we should not blindly introduce the foreign stock option system. We should strengthen the research on the exercise price of the listed companies in our country, and find out the pricing basis of the exercise price. This paper analyzes the influence factors of the pricing of exercise rights. How to set up a pricing scheme suitable for our own characteristics and how to set up a more scientific option incentive mechanism are the problems that our listed companies pay close attention to. This paper takes the stock option price difference of the listed company as the research object, selects the sample data of 2012, breaks through the previous multiple regression and factor analysis method, takes the measurement software Eviews7.0 as the tool, separately from the listed company characteristic, the financial index. The four aspects of governance structure and risk level have each selected several representative factors as the alternative factors affecting the exercise price. This paper analyzes the correlation of 123 listed companies selected from Shanghai and Shenzhen A shares and sets up panel data model to study how all kinds of influencing factors affect the exercise price. In this paper, the influencing factors are discussed, and the significance and importance of each factor are analyzed, and the conclusion is drawn that the influencing factors should be taken into account in the pricing of stock options by listed companies. Then the relevant listed companies and government departments to put forward the corresponding policy recommendations.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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