上市公司的股权激励效应研究—财务本科.doc

2013届毕业生毕业论文 题目：上市公司的股权激励效应研穴 随着经济的发展，上市公司之问的竞争越来越激烈，如果想要在这个 弱肉强食的生存环境中屹立不倒，就必须采取符合社会发展趋势的策略。 而在当前的环境不，人才是生存下去的关键，人才资本在企业中的地位也 变得越来越重要。企业想要生存就必须采取有效的股权激励机制来抓住人 才，增强管理人员的工作积极性，挖掘出他们的创新潜能，为企业的长久 发展添一份力量。股权激励作为一种新型的激励方式，它受到国内外广大 学者的关注，经过研究产生的观点也各有千秋。 由于国外的资本市场发展比较早，为它们国家的上市公司进行股权激 励提供了良好的市场环境。相对于国外来说，我国资本市场不完善，由此 导致我国股权激励的实施存在着很多问题，为此本文对股权激励进行了详 细阐述，并通过实证对我国上市公司的股权激励进行了研究，最后根据实 证研宄结果及分析对我国上市公司如何改善股权激励效果提出了一些自 己的观点。 关键词：上市公司，股权激励，效应 Abstract With the development of economy, the competition between the listing become more and more fierce. They want to exist in the jungle environment, they must take the strategy which conform to the tenfency of the social development. But in the current circumstances, talented persons is the key to survive and human capital has become more and more important. The enterprises must take effective incentive mechanism to talent if they want to live, enhancing the staffs’ positivity for works, digging out the employees’ potentials for innovation to add a force for the long-term development. As a new kind of incentive mode, it has been the interest of scholars and lots of views appeared. The earlier development of overseas capital market provides a good environment for their listing Corporations? stock incentive. China’s capital market is not perfect compared with foreign countries’ and many problems exists. This paper expounded the equity incentive detailedly and made some research to analyse the effect of equity incentive .Finally according to the results of research, I puts forward some opinions for how to improve the effect. Key words： Listing Corporations, Equity incentive, Effect 目录 TOC \o 1-5 \h \z 1文献回顾 1 1.1国外股权激励研宄现状 1 1.2国内股权激励研宄现状 2 1.2.1股权激励的实施与公司经营绩效之间不存在显著相关关系2 1.2.2股权激励的实施与公司经营绩效之间存在显著相关关系..2 1.3国内外股权激励研究比较 3 2股权激励的含义与方式 4 2.1股权激励的含义 4 2. 2股权激励的方式 4 2.2.1从权利与义务的角度来划分股权激励 4 2.2.2从股权性质的角度来划分股权激励 5 3股权激励对我国上市公司的影响 11 3.1股权激励的价值转移效应对企业经营绩效的影响 11 3.2股权激励的价值创造效应对企业经营绩效的影响 13 4上市公司股权激励效应的实证研究 14 4.1研究假设的提出 14 4.1.1提出假设前的分析 14 4. 1.