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论文编号：	7425
作者编号：	2120132390
上传时间：	2015/6/9 19:44:38
中文题目：	我国创业板上市公司股权激励、成长性与高管离职研究
英文题目：	Research On Equity Incentive, Growth And Top Management Turnover For The GEM Listed Companies
指导老师：	陆宇建
中文关键字：	创业板；股权激励；成长性；高管离职
英文关键字：	GEM; Equity incentive; Growth; Top management turnover
中文摘要：	创业板作为主板的补充，主要定位于培育和扶持高成长性企业，营造创新氛围，完善和促进我国资本市场的发展。然而，近年来，创业板高管离职消息频频传出，甚至可以说是出现了“高管离职潮”的现象，这不禁让人们开始怀疑高管离职背后的真正动因。高管人员是企业的核心竞争资源，他们负责企业的经营管理，为企业的发展做出决策，因此保持高管人员团队的稳定性对企业至关重要。 本文从创业板高管频频离职这个现实问题出发，探究股权激励、成长性与高管离职之间的作用关系，探究造成高管离职的隐藏动因和稳定高管团队的方法和手段。文章以我国创业板所有的公司2011年到2013年的数据作为研究对象，建立Logit模型，采用了实证分析方法进行了检验和分析，得到了股权激励、成长性与高管离职三者之间关系的结论。研究发现：（1）对于我国创业板上市公司，实施股权激励并不能降低高管离职的概率，反而会提高高管离职的概率，这种影响在股权激励实施后的两年内都还存在；（2）不同模式的股权激励对高管离职的作用不存在区别；（3）高管离职的概率会随着公司成长性水平的提高而降低；（4）同时实施股权激励对高管离职的效应会因成长性水平不同而不同，公司成长性水平越高，实施股权激励导致高管离职率提高的作用会减弱。最后本文根据研究结论，提出一些政策建议，以期望能够为创业板公司留住高管提供一定的参考。
英文摘要：	As a complement to our main board market, GEM is mainly aimed at cultivating and supporting the high growth enterprises, building innovation atmosphere, improving and promoting the development of capital market in China. GEM is of great significance to the development of capital market in our country. However, in recent years, the news of GEM top managers dimission spread frequently，and even it can be called a “top management turnover tide”. This phenomenon allows people to suspect the genuine cause for top management turnover. Top managers are the core competing resources of enterprises. They are responsible for business management and make decisions for the development of enterprises, thus maintaining the stability of senior management team is critical to the enterprises. This paper embarks from the the problem of GEM top management turnover, studies the relationship between equity incentive, growth and top management turnover, in order to explore the real reasons behind top management turnover and the ways and means of stabilizing the top manager team. This paper chooses all of the GEM listed companies’ data from 2011 to 2013 of China as the research sample to establish a logit model, and then carries on the empirical analysis. Finally, the paper draws conclusions about the relationship between equity incentive, growth and top management turnover.The result shows that: (1) For the GEM listed companies in our country, the implementation of equity incentive can not reduce the probability of top management turnover, however, will increase the probability and this effect will exist in the following two years; (2)There is no differences between the influence of different kind of equity incentive to top management turnover; (3) The higher the enterprise’ growth, the lower the probability of top management turnover; (4)The enterprise’ growth level affect the the effect of equity incentive to top management turnover. When an enterprise has a high level of growth，the effect of equity incentive to top management turnover will be weakened. At the end of the paper, this paper puts forward some policy suggestions based on research conclusions, in order to offer some references for keeping the top managers of GEM enterprises.
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