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MBA论文_我国信息技术行业管理层股权激励对公司绩效的影响研究DOC

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文本描述
摘要
根据现代管理理论,股权激励作为一种长期激励机制,意在降低代理成本,提高经
营效率,以实现股东财富最大化,是一种符合现代企业长期发展的激励方式。股权激励
对于经营效率的提高以及公司股东与企业管理者之间的委托代理问题的解决都有着很
好的效果,激励科学和合理的公司绩效评价体系对于衡量股权激励机制效应有着关键性
的作用。但是信息技术行业较相比于其他行业更具有高成长性、高风险、收益率强等特
征,又让信息技术行业成为了目前选择实施股权激励机制数量最多的行业之一。所以对
于我国信息技术行业实施股权激励的现状以及制度设计的研究具有很重要的实践意义

正是以这样的思考为出发点,本文以信息技术行业上市公司在股权激励制度下的公司绩
效进行实证研究

本文通过对股权激励理论相关知识与国内外文献研究的基础上,对我国股权激励机
制的实施现状进行了探讨,包括我国上市公司实施股权激励的制度背景以及自《上市公
司股权激励管理办法》(试行)颁布后我国已推出股权激励方案的上市公司的股权激励
模式、公司性质、股票来源和行业分布,并且以 2015 年 12 月 31 日为横截面我国已宣
布实施股权激励计划并在沪深两市上市的信息技术企业作为研究样本,对股权激励与公
司绩效的相关性进行实证分析。本文选取了上市公司的偿债、营运、获利和发展等能力
作为样本指标,通过因子分析法来建立公司绩效评价模型,计算得到公司绩效评价综合
值,引入多个控制变量并以股权激励比例作为自变量进行多元回归,验证上市公司股权
激励机制与公司绩效之间的关系,希望对上市公司的股权激励方案实施与设计提供借

通过实证研究,本文得出以下主要结论:我国上市公司股权激励与公司绩效之间具
有显著的正相关关系,管理层股权激励在上市公司中发挥着积极的作用,文章最后针对
进一步完善上市公司股权激励机制提出了相关的对策建议

关键词:股权激励,公司绩效,上市公司,绩效分析III
ABSTRACT
According to modern management theory, as a kind of long-term incentive equity incentive
mechanism,to reduce the agent cost, improve the efficiency of management, to realize the maximization of
the Stockholders&39; equity is a kind of meet long-term incentives for the development of modern enterprises.
Equity incentive to a certain extent, help to solve the principal-agent problems between shareholders and
operator and improve operational efficiency, measure effect of equity incentive mechanism is an important
problem is how to establish scientific and reasonable performance evaluation system. And information
technology industry itself inherent high intelligence, high growth, high risk, high profitability characteristic,
and makes the information technology industry to become the equity incentive into the implementation
stage one of the largest industry. It is very important to study the rationality and effect of the equity
incentive design in the information technology industry in China. Based on this thought, this paper makes
an empirical study on the performance of equity incentive in the information technology industry.
In this paper, on the basis of equity incentive theory and on the basis of literature research both at
home and abroad, discusses the implementation of equity incentive mechanism in China, including the
listed companies in China since the implementation of equity incentive system background and the
measures for the administration of the listed company equity incentive (trial) following the promulgation of
our country has launched the equity incentive plan of the listed company equity incentive mode, nature of
the company and industry distribution, stock source, and in 2015, China&39;s Shanghai and shenzhen two city
announced the implementation of equity incentive plans of listed company information technology industry
as the research sample, on the relationship between the equity incentive and corporate performance
empirical analysis. This article selects the reflects the listed company debt paying ability, operation ability,
profit ability and development ability of multiple indicators, corporate performance evaluation model is
established by using factor analysis method, to calculate the comprehensive performance evaluation of
value, proportion of equity incentive as the independent variable multiple control variables to multiple
regression, introduced at the same time, verify the listed company equity incentive mechanism and the
relationship between the corporate performance in order to design and implementation of the listedIV
company equity incentive plan for reference.
Through empirical research, this paper, the following main conclusions: equity incentive and corporate
performance of listed companies in our country has a significant positive correlation between the
management equity incentive plays a positive role in the listed company, finally to improve the listed
company equity incentive mechanism related countermeasures and Suggestions are put forward
KEY WORDS: equity incentive, company performance, listed company, performance analysisV
目 录
摘要.......I
ABSTRACT ..... III
目 录.....V
第一章 绪论......1
1.1 研究的背景和意义......... 1
1.1.1 研究背景...... 1
1.1.2 研究意义...... 2
1.2 文献综述. 2
1.2.1 国外研究现状.......... 3
1.2.2 国内研究现状.......... 3
1.2.3 文献述评...... 5
1.3 研究思路方法..... 5
1.3.1 研究思路...... 5
1.3.2 研究内容...... 7
1.3.3 研究方法...... 7
1. 创新点..... 7
第二章 股权激励的相关理论分析......9
2.1 股权激励基本概念......... 9
2.1.1 股权激励内涵.......... 9
2.1.2 股权激励对象........ 10
2.1.3
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