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论文编号：	7081
作者编号：	2120112483
上传时间：	2014/12/11 13:20:21
中文题目：	业绩型股权激励与盈余平滑的实证研究
英文题目：	Research on the Effect of Performance-Vested Equity Incentive on Earning Smoothing of Chinese Listed Company
指导老师：	吴德胜
中文关键字：	股权激励;业绩型股权激励;盈余平滑;操控性应计
英文关键字：	Equity Incentive; Performance-vested Equity Incentive; Earning Smoothing
中文摘要：	上个世纪八十年代以来，股权激励在美国兴起，继而传遍欧洲和日本。从2006年之后，我国的股权激励也得到了长足的发展。股权激励的必要性源自所有权与经营权分离下因信息不对称而产生的代理问题。2005年12月31日证监会颁布了《上市公司股权激励管理办法》，这标志着股权激励是我国上市公司高管薪酬改革进程中继年薪制后又一重大举措。为规范上市公司的股权激励行为，进一步完善公司法人治理结构提供了规范和指引。国内上市公司在不断探索股权激励计划的制定与实施。然而随着上市公司实践的发展，股权激励有效性越来越受到质疑，内部人控制问题不断涌现，重大的财务造假丑闻、侵占公司财产，吞噬股东利益的问题层出不穷。管理层是否会出于利己的动机来操纵上市公司股权激励计划的实施？比如，通过操纵上市公司盈余来如何从制度上保证股权激励成为解决代理问题的机制，而不会沦为代理问题的一部分。中国上市公司全部采取了业绩型股权激励的方式，即高管获授的限制性股票或股票期权的解锁或行权基于公司的业绩是否达到股权激励计划所设定的业绩门槛。 论文选取了2006-2012年度实施股权激励的上市公司作为研究对象，根据研究要求取得499个样本，通过把实施股权激励的上市公司实施股权激励前后对比及与根据倾向值匹配方法筛选的配对样本的对比分析，探索股权激励对于上市公司的影响，进而揭示其背后的作用机理和行为动机，丰富上市公司股权激励的内容，有助于公司在股权激励带来的各种风险和收益之间做出衡量，更好的设计并实施股权激励计划。 本文最终得出以下结论：实施股权激励的上市公司实施后比实施前盈余平滑程度高，存在着盈余管理行为；与控制样本相比，同时期实施股权激励的上市公司盈余平滑程度高，存在着盈余管理的行为。 本文的结构主要分为六部分：首先为绪论，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。第以章对相关文献进行综述，分别对股权激励的理论基础、股权激励的相关研究及股权激励与盈余平滑关系的国内外相关文献进行综述；第二章简要介绍了中国股权激励相关制度和实施过程；第三章为论文的研究设计和研究假设部分，对股权激励与盈余平滑之间的关系进行了阐述。第四章介绍了数据来源，并对样本进行了描述性统计分析。第五章进行了实证分析，并对相关结果进行了稳健性检验。最后是研究结论及不足。
英文摘要：	With the appearance of modern firm as well as the separation of the ownership and control, 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 earning of the stock as the important 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 thesis takes 500 listed companies as examples, which practice the stock machanism during 2006-2012. Through the research 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 thesis 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 related 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 does 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.
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