摘要
随着股份制改革等措施的实施,现代企业制度逐渐在我国建立起来,越来越
多的公司采用股权激励这种新型的分配方式。我国的股权激励与美国相比,起步
较晚,美国的股权激励兴起于上世纪八十年代,比我国早了将近三十年。股权激
励可以有效地解决现代企业制度中,因企业经营权和所有权分离而产生的委托代
理问题。

2005年中国证监会《上市公司股权激励管理办法(试行)》的公布,为我国上市
公司股权激励的实施拉幵了序幕。2006年至2011年之间共有261家上市公司公布
了股权激励预案,经过统计分析发现,公布股权激励预案的公司数量整体呈上升
趋势。公布预案的公司数量很多,但是完成股权激励的只占少数,2006年至2011
年间,只有60家上市公司完成了股权激励。格力电器是少数完成股权激励的公司
之一,又是日用家电行业的龙头企业,它的股权激励案例研究,为上市公司尤其
是闩用家电行业的上市公司提供的了宝贵的实证经验。

本文首先通过对股权激励理论和文献综述的总结,介绍了股权激励的理论发
展以及国内外股权激励与市场反应的实证研究情况。接着分析了我国股权激励实
施的大环境并对2006年-2011年股权激励实施情况进行了描述性统计分析。在此
基础上,分析了格力电器的股权激励方案,并对格力电器股权激励预案发布以及
股权激励实施宣告H前后的市场反应首次采用事件研究法分析。经过分析,得出
格力电器的股权激励方案设计简单,有管理层自我激励的可能的结论;同时格力
电器在宣告股权激励预案以及宣告2005年股权激励方案的时候,累计超额收益率
显著为正,表现出正向的市场反应,但是2006年和2007年股权激励方案宣告的
时候,累计超额收益率为负,表现出负向的市场反应。负向的影响基本是受2007
年股市下滑和2008年的金融危机影响。

关键词:格力电器;股权激励;市场反应
ABSTRACT
With the implementation of the joint-stock reform, the modern enterprise system
has been built up in China gradually. More and more companies are using equity
incentive as the new mode of distribution. Compared with the United States, China's
equity incentive has a later start. The equity incentive emerged in the United States in
the last eighties, which is three decades earlier than that in China. Equity incentive can
effectively solve the issue of entrusted agency which is caused by the separation of
management and ownership in the modern enterprise system.
In 2005,the China Securities Regulatory Commission gave publicity to
Administrative Measures (Trial) to Equity Incentive of Listed Company, which
announced a prelude to the implementation of equity incentive of listed companies in
China. Totally a number of 261 listed companies announced pre-arranged planning of
equity incentive between 2006 and 2011,and a statistical analysis showed an overall
upward trend on the number of companies announcing equity incentive plans. However,
among the large number of companies who announced pre-arranged planning, only 60
listed companies flilfilled equity incentive. Gree Electric Appliances, as the leading
enterprises in the household appliances industry, is among the minorities who fulfilled
the equity incentive. Case studies on its equity incentive can provide valuable practical
experience for listed companies, especially listed companies of the household appliance
industry.
In this paper, through a summary of the equity incentive theory and the literature
review,the author introduced the theoretical development of the equity incentive as well
as the empirical research on equity incentive and the market reaction at home and
abroad first. After that, the author analyzed the macroenvironment of equity incentive in
China and did a descriptive statistical analysis on implementation of equity incentive
from 2006 to 2011. On this basis, the author analyzed the。。。