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MBA毕业论文_权激励、制度环境与上市公司市值管理效果研究PDF

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内容简介
市值是上市公司综合实力的重要体现,市值管理能够推动上市公司实体经 营和资本运营的良性互动,提高上市公司市值管理效果不仅能增强其市场竞争 力、提高融资效率,并且能够降低上市公司被并购的风险。2014年国务院发布 了《关于进一步促进资本市场健康发展的若干意见》,明确提出“鼓励上市公 司建立市值管理制度”。股权激励作为有效缓解企业代理问题的长效治理机制, 近年来逐渐被用于上市公司市值管理的实践之中,与此同时,股权激励对上市 公司市值管理效果的作用会受到我国制度环境的影响和制约,基于此,本文从 制度环境视角出发,研究股权激励对上市公司市值管理效果的影响。 在回顾股权激励、制度环境及市值管理相关的文献后发现,当前对于股权 激励与市值管理的研究都是从企业自身角度出发,鲜少有研究将外部因素纳入 二者的研究范围中。因此,本文结合市值管理理论、有效市场假说、委托代理 等理论,从企业外部的制度环境视角出发,研究了股权激励、制度环境、市值 管理效果之间的关系。以2012-2017年实施股权激励计划的A股上市公司作为 研究样本,通过建立多元线性回归模型,本文着重研究了以下几个问题:第一, 股权激励对上市公司市值管理效果的影响及作用机理;第二,不同股权激励方 案对上市公司市值管理效果的差别作用;第三,制度环境对股权激励与市值管 理效果关系的影响。 本文的研究得出以下几点结论:第一,上市公司实施股权激励计划有利于 提升其市值管理效果。第二,相对于股票期权,采用限制性股票模式能更加有 效的提升市值管理效果;同时,有效期较短的股权激励方案能更加有效的提升 上市公司市值管理效果。第三,制度环境在股权激励与市值管理效果之中具有 显著的调节作用,市场化进程越快,政府干预越少,法律环境越完善,越有利 于股权激励的合理设置和顺利实施,促使激励效用的充分发挥,进而能够正向 调节股权激励与市值管理效果的关系。基于已有的研究成果,本文创新性地从 制度环境视角出发,研究股权激励对上市公司市值管理效果的影响,拓展了市 值管理的研究方向、丰富了相关的研究成果,有助于上市公司更好的结合制度 环境利用股权激励以提高其市值管理效果。 关键词:股权激励,制度环境,市值管理,上市公司 II Abstract Market value is the main manifestation of the comprehensive strength of listed companies. Market value management can promote the positive interaction between the entity operation and capital operation of listed companies. Improving the market value management performance of listed companies can not only enhance the market competitiveness of listed companies, improve the financing efficiency and cost, but also reduce the risk of merger of listed companies. In 2014, the State Council issued 《Opinions on Promoting the Healthy Development of the Capital Market》, which explicitly proposed “encouraging listed companies to establish a market value management system”. Equity incentives, as a long-term governance mechanism to effectively alleviate corporate agency problems, have been gradually used in the practice of market value management of listed companies in recent years. At the same time, this effect will be restricted and influenced by China's institutional environment. Based on this, this thesis will research the impact of equity incentives on the effectiveness of market value management of listed companies from the perspective of the institutional environment. After reviewing the literature on equity incentives, institutional environment, and market value management, it is found that the current research on equity incentives and market value management is from the perspective of the enterprise itself, and few studies have incorporated external factors into the research scope of the two.Therefore, based on the theories of market value management, efficient market hypothesis and principal-agent theory, this thesis studies the relationship among equity incentive, institutional environment and market value management performance from the perspective of external institutional environment of enterprises.Taking the A-share listed companies that implemented the equity incentive plan as the research sample from 2012 to 2017, this thesis focuses on the following issues by establishing a multiple linear regression model:First, the effect of equity incentive on market value management of listed companies and its mechanism; Second, verify the effect of different equity incentive schemes on market value management; Thirdly, the influence of institutional environment on the relationship III between equity incentive and market value management performance, whether there is a regulating effect. The research in this thesis draws the following conclusions: First, the implementation of equity incentive plans by listed companies is conducive to improving their market value management performance. Second, compared with stock options, the restricted stock model can improve market value management performance more effectively. At the same time, the short - term equity incentive plan can improve the market value management performance more effectively. Thirdly, the institutional environment has a significant regulatory role in the effects of equity incentives and market value management.The faster the process of marketization is, the higher the efficiency of resource allocation and the transparency of information are, which can play a positive regulatory role;With less government intervention and more fierce competition, enterprises will pay more attention to human capital, which can promote the use of equity incentive;The more perfect the legal environment, the more favorable the rational setting and smooth implementation of equity incentives will be, which will promote the full use of incentives, and then play a positive role in regulating the effects of equity incentives and market value management. Based on the existing research results, this thesis innovatively studies the impact of equity incentive on the market value management of listed companies from the perspective of institutional environment, expands the research direction related to market value management, enriches the research results, and helps listed companies to better use equity incentive in combination with the institutional environment to improve the market value management performance. Keywords: Equity Incentives, Institutional Environment, Market Value Management, Listed Companies IV 目录 摘要 ............................................................................................................................... I Abstract ......................................................................................................................... II 第1章 导论 ................................................................................................................. 1 1.1研究目的与研究意义 ..................................................................................... 1 1.1.1研究目的 .............................................................................................. 1 1.1.2研究意义 .............................................................................................. 2 1.2国内外文献综述 ............................................................................................. 3 1.2.1市值管理研究综述 .............................................................................. 3 1.2.2股权激励研究综述 .............................................................................. 6 1.2.3制度环境研究综述 .............................................................................. 9 1.2.4文献评述 ............................................................................................ 10 1.3研究内容与研究方法 ................................................................................... 11 1.3.1研究内容 ............................................................................................ 11 1.3.2研究方法 ............................................................................................ 12 第2章 概念界定及理论基础 ................................................................................... 14 2.1概念界定 ....................................................................................................... 14 2.1.1市值管理 ............................................................................................ 14 2.1.2股权激励 ............................................................................................ 15 2.1.3制度环境 ............................................................................................ 16 2.2理论基础 ....................................................................................................... 17 2.2.1有效市场假说 .................................................................................... 17 2.2.2市值管理理论 .................................................................................... 18 2.2.3委托代理理论 .................................................................................... 19 2.2.4人力资本理论 .................................................................................... 20 2.2.5制度理论 ............................................................................................ 20 第3章 实证研究设计 ............................................................................................... 22 3.1研究假设 ....................................................................................................... 22 3.1.1股权激励对市值管理效果的影响 .................................................... 22 3.1.2不同股权激励方案对市值管理效果的影响 .................................... 23 V 3.1.3制度环境的调节作用 ........................................................................ 26 3.2样本选取与数据来源 ................................................................................... 30 3.3变量设定 ....................................................................................................... 30 3.3.1被解释变量 ........................................................................................ 30 3.3.2解释变量 ............................................................................................ 36 3.3.3调节变量 ............................................................................................ 36 3.3.4控制变量 ............................................................................................ 37 3.4模型设计 ....................................................................................................... 38 第4章 实证检验与结果分析 ................................................................................... 40 4.1描述性统计 ................................................................................................... 40 4.1.1股权激励的描述性统计 .................................................................... 40 4.1.2其他变量的描述性统计 .................................................................... 40 4.2相关性分析 ................................................................................................... 41 4.3多元线性回归分析 ....................................................................................... 43 4.3.1股权激励对市值管理效果的影响 .................................................... 43 4.3.2不同股权激励方案的影响 ................................................................ 44 4.3.3制度环境的调节作用 ........................................................................ 45 4.4稳健性检验 ................................................................................................... 49 第5章 研究结论与展望 ........................................................................................... 52 5.1结论与创新点 ............................................................................................... 52 5.1.1研究结论 ............................................................................................ 52 5.1.2创新点 ................................................................................................ 52 5.2对策建议 ....................................................................................................... 53 5.2.1企业层面 ............................................................................................ 53 5.2.2政府层面 ............................................................................................ 54 5.3研究不足及展望 ........................................................................................... 55 致谢 ............................................................................................................................. 56。。。。。。以下内容略