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论文编号：	8417
作者编号：	2120142521
上传时间：	2016/6/11 13:50:31
中文题目：	股权激励的市值管理效应研究
英文题目：	Top-Management?Incentives and Market Value Management：An?Empirical Analysis
指导老师：	武立东
中文关键字：	股权激励；市值管理；价值创造；价值实现；价值匹配
英文关键字：	Equity incentive; Market value management; Value creation; Value realization; Value-matching
中文摘要：	资本市场估值偏误阻碍了证券市场的健康发展，严重降低了证券市场资源配置功能的发挥。而随着股权分置改革的不断开展，市值管理这一概念也逐渐成为了上市公司关注的问题。市值管理强调公司应该同时实现价值创造最大化并使内在价值得到资本市场的认同，即实现市场价值与内在价值的吻合。市值管理不仅对于上市公司来说具有重要的意义，也与公司管理层利益有着密切的联系，尤其在2005年我国进行股权分置改革之后，股权激励更是将上市公司的市值与管理层利益联系的更加紧密。作为市值管理的一种手段，股权激励也对管理层进行市值管理提出了新的要求。股权激励在市值管理进程中发挥的作用亟待研究。因此本文就股权激励的市值管理效应进行了研究。本文以2006至2014年的上市公司为样本，分别研究了股权激励对价值创造和价值实现的影响路径，并最终检验了股权激励行为对资本市场估值偏误的影响。即解决了以下三个问题：（1）股权激励是否影响价值创造（内在价值）和价值实现（市场价值）？（2）股权激励通过什么路径影响了价值创造（内在价值）和价值实现（市场价值）？（3）股权激励是否能够促进公司内在价值和市场价值之间的匹配？本文研究发现股权激励通过促进管理层提高投资效率来增加公司内在价值创造，同时也会使管理层提高盈余管理水平来提升公司的市场价值实现，通过以上两个路径，最终股权激励会促进公司市场价值与内在价值之间的匹配。
英文摘要：	Capital market valuation errors hindered the development of securities market, severely reduced its resource allocation function. With the development of the?reform?of?the shareholder?structure in?listed?companies, the concept of market value management gradually becomes the concern of listed companies. Market value management means that not only should the company maximize value creation but also should manage market value to match it with intrinsic value of the company. Market value management has the important influence on the listed company, more importantly, there are?close?links between market value management and interest of managers. Especially after the equity division reform in 2005, equity incentive makes the link between market value management and interest of managers more closely. As a means of market value management, equity incentive puts forward new requirements to market value management of managers. So, the study of the influence of equity incentive on market value management is important. In this paper, we studied the influence of equity incentive on market value management. Based on the data of listed companies from2006 to 2014, we found a path through which equity incentive effect the value creation and value realization, finally, we tested how the equity incentive influence the capital market valuation errors. We try to solve three questions as follows: (1) Whether equity incentive effects value creation (intrinsic value) and value realization(market value)? (2) How the equity incentive influence the value creation (intrinsic value) and the value realization(market value)? (3) Whether equity incentive can promote the match of company's intrinsic value and market value ? Finally, we found that equity incentive increase the company's intrinsic value by improving the efficiency of investment， enhance the market value by improve the level of earnings management， through the two path, equity incentive may eventually reduce the deviation of company market value from the intrinsic value.
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