联系我们

论文查询结果	返回搜索

论文编号：	5586
作者编号：	2120112480
上传时间：	2013/6/18 20:59:10
中文题目：	中国上市公司股票期权激励对公司风险影响的研究
英文题目：	Research on the Influence of Stock Option Icentive to Risk of Chinese Listed Company
指导老师：	张国萍
中文关键字：	股票期权，Delta，Vega，资本市场风险，投资风险
英文关键字：	Stock Options，Delta， Vega， Risk of Capital Market， Investment Risk
中文摘要：	随着现代企业的产生及所有权和控制权的分离，委托代理问题成为困扰股东和公司的一大难题，如何有效的解决委托代理问题，有效地激励并约束高管人员的行为对一个企业的发展来说至关重要。股票期权激励作为一种长期激励机制对解决委托代理问题起到了重要的作用。股票期权激励能够将管理人员的利益同公司利益内在一致化，从而减少了由于信息不对称可能引致的管理人员为了自身利益最大化而损害公司利益的道德风险或逆向选择问题的发生。股票期权激励在将高管人员利益同公司利益内在一致化的同时也分散了公司的所有权和控制权，股票收益成为高管人员财富的重要部分，高管人员对公司股票市场关注程度的提高影响高管人员的行为，最终影响公司的资本市场风险和投资风险。 本文选取了2006-2011年度实施股票期权激励的200家上市公司作为研究样本，通过对股票期权激励强度及期权-股价敏感度和期权-股价波动率敏感度同股价波动率和投资活动现金流量净额关系的实证研究，探索股票期权激励同公司资本市场风险和投资风险的关系，进而揭示其背后的作用机理和行为动机，丰富上市公司股票期权激励的内容，有助于公司在股票期权激励带来的风险和收益之间做出衡量，更好的设计并实施股票期权激励计划。 本文最终得出以下结论：股票期权激励同公司资本市场风险正相关，其中高管股票期权激励强度及非高管人员股票期权激励总额与股票期权激励总额比均同资本市场风险正相关，非高管人员股票期权激励总额与公司总股本比同资本市场风险不相关。股票期权激励强度同公司投资风险正相关，其中高管人员股票期权激励总额与股票期权总额比同投资风险正相关，其他三个股票期权激励强度指标同投资风险均不存在相关关系。Vega和Delta值越大，被激励对象的期权财富对股价或股价波动率越敏感，公司资本市场风险越高，但是对公司投资风险不存在影响。与国有控股企业相比，非国有控股企业更易于采取股票期权激励，且股票期权激励强度较高。 本文的结构主要分为六部分：第一章为导论，就选题背景与意义、本文的研究方法、文章结构和创新予以说明。第二章对相关文献进行综述，分别对股票期权激励的理论基础、股票期权激励的相关研究及股票期权激励同公司风险关系的国内外相关文献进行综述。第三章对股票期权激励与公司风险进行研究设计和研究假设。第四章为描述性统计和分析。第五章进行了实证检验与结果分析，并进行了进一步的研究。第六章是研究结论及不足。
英文摘要：	With the appearance of modern enterprises as well as the seperation of the ownership and contol, the problem of delegation and proxy has been boring the shareholders and the company. Therefore how to resolve it and to encourage at the same time to restrict the high level executives is quite crucial for an enterprise’s developing. Under this circumstances, stock option plays an important role as a long-time motivate mechanism. It can make the benefits of the executives in the company same to reduce the possibility of the moral risk that they sacrifice the interests of the company for the purpose of their own. At the same time, such mechanism also disperses the ownership and the control of the company, making the eanring of the stock as the improtant part of the excutives. As a result of executives paying more attention to the stock market of the company, the behavior is developed and the risk of the capital and investment market is both raised. This paper takes 200 listed companies as examples, which practised the stock machanism during 2006-2011. Through the reasearch of intensity of the stock option motivation, the sensitivity with the option and the price, and the volatility, the paper quests the relationship between stock option motivate mechanism and the risk of capital and investment market, furthermore exposes its functional mechanism and behavior machanism, enrich the content of mechanism of listed company, and help the company make the balance between the risk and probits result from stock option. The paper finally draws the following conclusion: The stock motivate mechanism is related to the risk the capital market. To be more specific, the intensity of mechanism to executives and the sum of mechanism to the none-executives, the sum of mechanism are related to the risk of the market. However, the sum of mechanism to the non-executives and the total share are not related to the risk. The stock option motivate mechanism is reated to the risk of investment of company, and the sum of mechanism to the executives and rate of the sum the stock option are related to the risk of investment. Other three factors of stock option intensity have no relation with the risk.The higher Vega and Delta are, the more sensitive the volatility or the option treasure of the motivated to the price of the share is, the higher the capital market of the company is. However this is not influenced to the risk of investment. Compared with the state-holding enterprises, the non-state-holding is easier to take the mechanism, and the intensity of the mechanism is higher. The paper is mainly divided in to six parts: First chapter is Instruction, focusing on the background, researching method, structure, innovation. The second one talks about the related domestic and foreign literature, both on the theoretician base of the mechanism and relation of the mechanism to risk of the company. The third chapter emphasizes on the design and surmise of the mechanism to the risk of company. The fourth chapter do the descriptive statistic. The fifth chapter is mainly about the statistical tests and the analysis of the result for the further research. The sixth part is the conclusion and the shortcoming.
查看全文：	预览  下载(下载需要进行登录)