本文選題：創(chuàng)業(yè)板 + 股權(quán)激勵(lì)�。� 參考：《西南交通大學(xué)》2017年碩士論文

【摘要】：股權(quán)激勵(lì)是一種目的在于吸引和留住企業(yè)的核心人員、激勵(lì)管理團(tuán)隊(duì)的一種方式。它是指上市公司通過給予其激勵(lì)對(duì)象(一般而言即高層管理人員和核心技術(shù)人員)以限制性股票或股票期權(quán)等一定經(jīng)濟(jì)權(quán)利的方式,使得激勵(lì)對(duì)象與公司股東的利益牢固捆綁,讓經(jīng)營層能夠以股東的身份參與到公司的各項(xiàng)決策中來,經(jīng)營者與所有者共擔(dān)風(fēng)險(xiǎn)、共享利潤,可以在一定程度上解決委托代理問題,達(dá)到盡心盡力地為公司的長遠(yuǎn)發(fā)展而努力的目的。股權(quán)激勵(lì)公告的發(fā)布通常會(huì)對(duì)投資者預(yù)期產(chǎn)生影響進(jìn)而影響到企業(yè)的股價(jià),引起股票市場(chǎng)價(jià)格的波動(dòng),即產(chǎn)生市場(chǎng)反應(yīng),這種價(jià)格異常波動(dòng)對(duì)于企業(yè)的價(jià)值來說是具有明顯的影響作用的。本文使用事件研究法,選取2014-2016年期間創(chuàng)業(yè)板市場(chǎng)公布了股權(quán)激勵(lì)方案的上市公司作為樣本,對(duì)公告股權(quán)激勵(lì)方案所產(chǎn)生的市場(chǎng)效應(yīng)展開實(shí)證研究。經(jīng)過對(duì)共計(jì)82個(gè)樣本研究分析,結(jié)果表明:1.創(chuàng)業(yè)板市場(chǎng)的上市公司公告股權(quán)激勵(lì)這個(gè)事件具有正的市場(chǎng)效應(yīng),股票價(jià)格有明顯提升,但是持續(xù)時(shí)間很短。2.創(chuàng)業(yè)板市場(chǎng)中的公司由于其所屬行業(yè)不同,股權(quán)激勵(lì)帶來的市場(chǎng)效應(yīng)也有所差別。3.公司使用限制性股票作為其激勵(lì)方式的占大多數(shù),且市場(chǎng)對(duì)于使用限制性股票的市場(chǎng)效應(yīng)比使用股票期權(quán)方式的公司要高。4.公告股權(quán)激勵(lì)方案的事件日以前,公司股價(jià)就出現(xiàn)了顯著為正的異常收益率,說明股權(quán)激勵(lì)公告方案提前就泄露出去了。
[Abstract]:Equity incentive is a way to attract and retain the core staff and motivate the management team. It refers to the way in which listed companies restrict their economic rights such as stock or stock options by giving their incentive objects (generally speaking, senior management and core technicians), so that the incentive objects are firmly tied to the interests of the shareholders of the company. To enable the management layer to participate in the decisions of the company as a shareholder, the operator and the owner share the risks and profits, which can solve the principal-agent problem to a certain extent. To achieve the goal of working hard for the long-term development of the company. The announcement of stock incentive usually has an impact on investors' expectations and then affects the stock price of the enterprise, which causes the fluctuation of the stock market price, that is, the market reaction. This kind of price unusual fluctuation to the enterprise's value has the obvious influence function. In this paper, we choose listed companies in the gem market from 2014-2016 as a sample to carry out an empirical study on the market effects of the announced equity incentive schemes. A total of 82 samples were studied and analyzed, and the result showed that 1: 1. Listed companies in the gem market announced that the event of equity incentive has a positive market effect, stock prices have increased significantly, but the duration is very short. 2. Companies in the gem market have different market effects due to their different industries. The majority of companies use restricted stock as their incentive mode, and the market effect of using restricted stock is higher than that of the company using stock option. Prior to the announcement of the stock incentive scheme, the company's stock price had a significantly positive abnormal rate of return, indicating that the equity incentive announcement scheme had leaked out in advance.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F272.92

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本文編號(hào)：1850383