企业作为现代社会的重要微观经济体，不可避免地会受到宏观经济的影响。本文 基于宏观市场经济背景和我国企业股权性质类别，选取2009-2016年沪深市场类全部 A股样本进行分析，实证检验市场化进程、股权性质是否影响以及如何影响上市公司 的股权激励合约特征，初步探索其与股权激励合约特征的关系，填充现有研究不足的 领域，为后续相关研究提供了新方向，并为上市公司股权激励方案制定者和相关社会 部门提供了建议。 首先，在对市场化进程、股权性质和股权激励合约特征的相关文献和理论进行梳 理总结后，据此提出本文的研究假设和模型，通过搜集整理上市公司相关数据，对模 型进行检验，研究证明：上市公司所在地区市场化进程越高，越倾向于实施限制性股 票的激励方式；上市公司所在地区的市场化进程对公司股权激励强度存在明显的负向 影响，并且在非国有上市公司中，这种负向影响更为明显；市场化进程对股权激励有 效期无显著影响，但在不同的股权性质下，市场化进程对有效期有显著正向影响；上 市公司所在地区市场化进程越高，激励条件越宽松，在非国有企业中，这种影响更加 明显；市场化进程对整体上市公司预留权益比重无显著影响，但在非国有企业有显著 负向影响。 本文研究采用最新的数据和不同于以往的研究视角，对相关理论进行了扩充和深 化，丰富了市场化进程、股权性质对股权激励合约特征五要素的经验数据，对市场化 进程、股权性质和股权激励合约特征方面的研究做出了一定的成果和贡献。 关键词：市场化进程；股权性质；股权激励；合约特征 II Abstract Asanimportantmicro-economyentityofthemodernsociety,enterprisescanbe affectedbymacroeconomicsinevitably.Basedonthemacro-marketeconomicbackground andthenatureofequityofChineseenterprises,thispaperselectsallA-sharesamplesfrom theShanghai-Shenzhenmarketin2009-2016foranalysis,andtestthemarketization process,whetherthenatureofequityaffectsandhowitaffectsthecharacteristicsofequity incentivecontractsoflistedcompanies.Initiallyexploreitsrelationshipwiththe characteristicsofequityincentivecontracts,fillintheexistingresearchareas,providea newdirectionforfollow-upresearch,toproviderecommendationsforlistedcompanies' equityincentiveplanmakersandrelevantsocialdepartments. First,aftersortingouttherelevantliteraturesandthetheoriesofthemarketization process,thenatureofequity,andthecharacteristicsoftheequityincentivecontracts.This paperputsforwardtoresearchhypothesesandmodels,andcollectsrelevantdatafromthe listedcompaniestoprovethemodel.Theresearchprovesthatthehigherthemarketization processintheregionwherethelistedcompanyislocated,themoreinclineditisto implementtheincentivemethodofrestrictivestocks;Themarketizationprocessofthe listedcompany'sregionhasasignificantnegativeimpactonthecompany'sequityincentive intensity,andinthenon-state-ownedlistedcompanies,thisnegativeimpactismore obvious;Themarketizationprocesshasnosignificantimpactontheeffectiveperiodof equityincentives,butunderdifferentequitynature,themarketizationprocesshasa significantpositiveimpactontheeffectiveperiod;Thehigherthemarketizationprocessin theregionwherethelistedcompanyislocated,themorerelaxedtheincentiveconditions, andtheimpactismoreobviousinnon-state-ownedenterprises;Themarketizationprocess hasnosignificantimpactontheproportionofreservedequityofthelistedcompanyasa whole,butithasasignificantnegativeimpactonnon-state-ownedenterprises. Thispaperusesthelatestdataanddifferentresearchperspectivestoexpandand deepentherelevanttheories,enrichingtheempiricaldataofthemarketizationprocess,the natureofequityandthefiveelementsoftheequityincentivecontractcharacteristics,this paperhasmadecertainachievementsandcontributions. Keywords:Marketization;Equityproperties;Equityincentive;Contractcharacteristics III 目录 摘要..................................................................................................................................I Abstract...................................................................................................................................II 第一章绪论......................................................................................................................-1- 1.1研究背景.....................................................................................................................-1- 1.2研究意义.....................................................................................................................-2- 1.2.1理论意义...........................................................................................................-2- 1.2.2现实意义...........................................................................................................-2- 1.3研究内容及研究方法.................................................................................................-3- 1.3.1研究内容...........................................................................................................-3- 1.3.2研究方法...........................................................................................................-3- 第二章概念界定与理论基础........................................................................................-4- 2.1市场化进程的相关综述.............................................................................................-5- 2.1.1市场化进程的概念...........................................................................................-5- 2.1.2市场化进程的衡量体系...................................................................................-5- 2.2股权激励合约特征五要素.........................................................................................-6- 2.2.1股权激励合约特征...........................................................................................-6- 2.2.2股权激励合约特征五要素的界定和分类.......................................................-7- 2.3理论基础.....................................................................................................................-8- 2.3.1委托代理理论...................................................................................................-8- 2.3.1人力资本理论...................................................................................................-8- 2.3.3博弈论...............................................................................................................-9- 2.3.4期望理论...........................................................................................................-9- 2.3.5需要层次理论...................................................................................................-9- 2.4市场化进程、股权性质对股权激励合约特征五要素的研究...............................-10- 2.4.1市场化进程、股权性质对激励方式的研究.................................................-10- 2.4.2市场化进程、股权性质对激励强度的研究.................................................-10- 2.4.3市场化进程、股权性质对激励有效期的研究.............................................-11- 2.4.4市场化进程、股权性质对激励条件的研究.................................................-11- 2.4.5市场化进程、股权性质对高管和核心人员预留权益程度的研究.............-11- IV 2.5两者关系研究评述...................................................................................................-11- 2.5.1两者关系目前研究成果.................................................................................-11- 2.5.2研究不足.........................................................................................................-12- 2.6本章小结...................................................................................................................-13- 第三章研究设计............................................................................................................-15- 3.1理论分析与研究假设...............................................................................................-15- 3.2样本选择和数据来源...............................................................................................-18- 3.3变量定义...................................................................................................................-18- 3.3.1被解释变量.....................................................................................................-18- 3.3.2解释变量......................................