我国上市公司股权激励的模式分析及公告短期股价效应
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摘要
分析我国上市公司的股权激励现状可发现,实施股权激励的上市公司数量自2011年出现大幅度增长后,一直表现出整体向上的趋势,至2015年又出现了爆发式增长。在股权激励模式上国内上市公司主要采用限制性股票和股票期权进行激励,模式比较单一。同时对我国2010—2016年实施股权激励的上市公司的相关数据进行收集和整理,在此基础之上利用事件研究法对我国股权激励的公告日短期股价效应进行实证研究,实证结果表明上市公司股权激励的短期股价效应显著为正。
This paper analyses the current situation of equity incentive of listed companies in China, and finds that the number of listed companies that implement equity incentive in China has been showing an overall upward trend since the large increase in 2011,and then there has been an explosive growth in 2015. In the equity incentive model, domestic listed companies mainly use restricted stock and stock options as incentives, and the model is relatively single. At the same time, we collect and collate the relevant data of listed companies that implement equity incentives in 2010-2016. On this basis, we use the event study method to conduct an empirical study on the short-term stock price effect of announcement day of equity incentives in China. The empirical results show that the shortterm stock price effect of equity incentives in Listed Companies is significantly positive.
This paper analyses the current situation of equity incentive of listed companies in China, and finds that the number of listed companies that implement equity incentive in China has been showing an overall upward trend since the large increase in 2011,and then there has been an explosive growth in 2015. In the equity incentive model, domestic listed companies mainly use restricted stock and stock options as incentives, and the model is relatively single. At the same time, we collect and collate the relevant data of listed companies that implement equity incentives in 2010-2016. On this basis, we use the event study method to conduct an empirical study on the short-term stock price effect of announcement day of equity incentives in China. The empirical results show that the shortterm stock price effect of equity incentives in Listed Companies is significantly positive.
引文
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[14]周晓东,赵欣.A股上市公司股权激励公告效应实证研究[J].财会通讯,2015,(3):52-55.
[15] Martin.O,Thomas.J.An empirical Examination of the Stock Performance of Executive Stock Options[J].International Economic Re?view,2005,(2):245-262.
[16] Ikaheimo,Seppo,Kjellman Anders.Employee Stock Option Plans and Stock Market Resction:Evidence From Finland[J].European Journal of Finance,2007,(10):234-258.
[17]祝昱丰,陶亚明.我国上市公司股权激励公告日的时机选择[J].经济数学,2014,(3):69-73.
[2]徐兴伟.非上市公司的股权激励效应及模式研究[J].经营管理者,2015,(29):44-45.
[3]高松,陈思羽.混合所有制企业的股权激励模式研究[J].人力资源管理,2017,(8):51-53.
[4] David F Larcker.The Association Between Performance Plan Adoption and Corporate Capital Investment[J]. Journal of Accounting and Economics,1983,(1):3-30.
[5] C. W. Smith, R. L. Watts.The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies[J].Journal of Financial Economics,1992,(3):20-27.
[6] Ding,D.K,Sun,Q.Causes and Effects of Employee Stoek Option Plans:Evidence from Singapore[J].Pacific-Basin Finance Journal,2001,(9):563-599.
[7] Morgan A.,Poulsen,A.Linking Pay to Performance:Compensation Proposals in the S&p500[J].Journal of Financial Economics,2001,(6):489-523.
[8] Hideaki Kiyoshi Kato,Michael Lemraon,Mi Luo,James SchalIheim H.An Empirical of the Costs and Benefits of Executive Stock Options:Evidence from Japan[J]. Journal of Financial Economics, 2005,(78):435-461.
[9]崔明会,张兵.上市公司股权激励的短期财富效应研究[J].经济研究导刊,2008,(12):95-98.
[10]李曜.两种股权激励方式的特征、应用与证券市场反应的比较研究[J].财贸经济,2009,(2):57-62.
[11]何江,李世新.中国上市公司股权激励的实证研究[J].会计之友,2010,(4):88-90.
[12]汪涛,胡敏杰.股权激励实施后长期股价效应研究[J].学术论坛,2013,(10):128-132.
[13]卓武扬,彭艺.创业板上市公司股权激励对股价的实证研究[J].西部管理经济论坛,2015,(10):1-2.
[14]周晓东,赵欣.A股上市公司股权激励公告效应实证研究[J].财会通讯,2015,(3):52-55.
[15] Martin.O,Thomas.J.An empirical Examination of the Stock Performance of Executive Stock Options[J].International Economic Re?view,2005,(2):245-262.
[16] Ikaheimo,Seppo,Kjellman Anders.Employee Stock Option Plans and Stock Market Resction:Evidence From Finland[J].European Journal of Finance,2007,(10):234-258.
[17]祝昱丰,陶亚明.我国上市公司股权激励公告日的时机选择[J].经济数学,2014,(3):69-73.