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论文编号：	7532
作者编号：	2120132484
上传时间：	2015/6/11 19:45:08
中文题目：	股权激励与多元化折价
英文题目：	equity incentive and diversification discount
指导老师：	李维安
中文关键字：	股权激励；多元化；企业绩效；行政型治理；经济型治理
英文关键字：	equity incentive；diversification discount；corporate performance；administrative governance；economic governance
中文摘要：	摘要 多元化作为企业的一种战略选择和投资行为，一直以来都是学术界和实业界感兴趣的话题。国内外的研究普遍发现了多元化存在折价现象，即与专业化经营相比，多元化经营会降低公司绩效。对此目前的理论解释是投资效率低下、代理成本的存在及过度的跨部门补贴。而股权激励作为一种长期激励机制，能够协调股东与经理层之间的利益偏差，使经理层在做决策时不再置企业利益于不顾而仅考虑私人收益最大化。那么实施股权激励会对多元化折价产生影响吗？不同的股权结构和公司成长性下，股权激励影响多元化绩效的情况会有所不同吗？本篇研究试回答以上问题。 本文首先回顾了多元化与企业绩效、多元化折价原因、股权激励与企业投资等方面的已有文献，接着对委托代理理论、人力资本理论、控制权-激励冲突等理论进行了梳理，在理论分析的基础上提出了本文的主要假设。在实证分析部分，我们以2011-2013年我国沪深上市公司2347家公司（共6473个观测值）为样本、利用OLS模型对我们的假设进行了检验。实证结果表明我国上市公司中存在多元化折价现象，而股权激励具有降低这种折价的效应。进一步地，我们分析了不同股权结构和成长性对这种激励效应的影响。 国内很多学者研究了股权激励与非效率投资之间的关系，认为股权激励能够显著降低企业的非效率投资水平、促进企业的效率投资，但直接研究股权激励与多元化折价之间关系的文献则较少。目前我国正处于计划经济与社会主义市场经济并存的双规经济体制中，国有企业为实现国有资产的保值，通常靠实施相关或无关的多元化并购将国有企业规模做大，但规模大并不意味着效率高、市值高。国有企业如想提高市值，还要兼具效率。本文的研究发现多元化会降低公司价值，但实施股权激励能有效地抑制这种折价效用，这对推进我国国有企业从行政型治理到经济型治理具有一定的理论参考意义。 关键词：股权激励；多元化；企业绩效；行政型治理；经济型治理
英文摘要：	Abstract As a strategic choice and an investment behavior of enterprises, diversification has been interested in academic and industrial field. Domestic and foreign research generally found the diversification discount phenomenon, namely diversification will reduce the company performance. The theory explanation is the low efficiency of investment, existence of agency cost and excessive cross-subsidization. As a kind of long-term incentive mechanism, the equity incentive can coordinate the interests of the deviation between shareholders and managers, which is helpful to make enterprise managers not only consider the private benefits maximization of themselves when making decision. Then the implementation of equity incentive will has impact on diversified performance? Under different ownership structure and firm growth, equity incentive will have different influences on the performance of diversified companies? This study tries to answer the above questions. This paper first reviews the existing literature on following fields, diversification and corporate performance, the reasons of diversification discount, equity incentive and non-efficiency of investment. Then we analyze some theory, the principal-agent theory, human capital theory, and control - incentive conflict theory. On the basis of theoretical analysis we bring up the main assumptions of this article. In the part of empirical analysis, we use 2011-2013 years of China's Shanghai and Shenzhen 2347 listing Corporation Ltd (a total of 6473 observations) as a sample, using OLS model to test our hypothesis. The empirical results show that the diversification discount phenomenon does exist in China and equity incentive has effect to reduce the discount. Further, we analyzed the different effect of the incentive effects in different ownership structure and growth. Many scholars studied the relationship between equity incentive and non-efficiency of investment, finding out that equity incentive can significantly reduce enterprises' non efficient investment level and promote the efficiency of the enterprise investment, but direct study on the relationship between equity incentive and the diversification discount is not enough. At present our country is in a coexisted economy system, which including planned economy and the socialist market economy. To increase the value of assets, state-owned enterprises usually rely on the implementation of related and unrelated diversification mergers and acquisitions, which ends up with expanding the scale of the state-owned enterprises. However, a large scale does not necessarily mean high efficiency and high market value. If we want to increase the market value of state-owned enterprises, the efficiency has to be considered. This study found that diversification will reduce the company's value, but the implementation of equity incentive can effectively inhibit such a discount, which has some theoretical reference for promoting China's SOE reform from administrative governance to economic governance. Key words: equity incentive；diversification discount；corporate performance；administrative governance；economic governance
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