資源描述:
《高管股權(quán)激勵與公司價值相關(guān)性研究【畢業(yè)論文】》由會員上傳分享,免費在線閱讀,更多相關(guān)內(nèi)容在學術(shù)論文-天天文庫。
1、畢業(yè)論文(20__屆)高管股權(quán)激勵與公司價值相關(guān)性研究摘要高管股權(quán)激勵的研究已經(jīng)受到了社會各方面的廣泛關(guān)注,原因在于:盡管高管持有的股份的比例雖然小,但是一旦乘以企業(yè)的龐大資產(chǎn)就會成為天文數(shù)字,甚至可以在一夜之間涌現(xiàn)幾百,幾千位百萬富翁,千萬富翁乃至億萬富翁,是名副其實的“造富機器”。尤其是國有企業(yè)的高管股權(quán)激勵更是受到了特別的關(guān)注,有關(guān)部門也開始對高管股權(quán)激勵做出了一系列的措施,規(guī)范性政策以使其發(fā)展走向正常化,這就為高管股權(quán)激勵機制發(fā)展與完善提供了一個契機。隨著社會經(jīng)濟的深入發(fā)展以及科學的公司管理治理結(jié)構(gòu)的逐步形成,如何合理進行高管股權(quán)激勵,保持公司價值穩(wěn)定而快速的發(fā)展已經(jīng)
2、“繞不過去”,因此這個領(lǐng)域的相關(guān)問題值得進行研究。本篇論文的研究對象是截止到2010年的浙江省的30家上市公司,對這些公司的高管股權(quán)激勵與公司相關(guān)性關(guān)系進行分析,分析結(jié)果表明:先進產(chǎn)業(yè)股權(quán)激勵效果較為一般,傳統(tǒng)產(chǎn)業(yè)效果不如前者來的明顯,但也沒有太大差異;適度的股權(quán)激勵對企業(yè)價值呈負相關(guān)關(guān)系,輕度的股權(quán)激勵對企業(yè)價值呈負相關(guān)關(guān)系,過度的股權(quán)激勵與公司價值不行關(guān)。關(guān)鍵詞:高管股權(quán)激勵;企業(yè)價值;企業(yè)性質(zhì);激勵程度。AbstractExecutivesequityincentivesresearchhasreceivedextensiveattentionfromallsector
3、sofsociety,because:althoughexecutivesofstocksheldbytheproportionofthoughsmall,butoncemultipliedbyenterprisehugeassetwillbecomeanastronomical,canevenovernighthundredsofthousandsofemergeamillionaire,multimillionaireandbillionaire,isworthyofthename"buildrichmachine".Especiallythestate-ownedent
4、erpriseexecutivesequityincentiveisreceivedspecialattention,andtherelevantdepartmentshavealsostartedtoexecutivesequityincentivemadeaseriesofmeasures,normativepolicyinthedevelopmenttrendofnormalization,thisistheexecutiveequityincentivemechanismofthedevelopmentandperfectionprovidesachance.With
5、thefurtherdevelopmentofsocialeconomyandthescientificmanagementofthecompanygovernancestructureofgraduallyformed,howtoproperly,maintaincompanyexecutivesequityincentivevaluestableandrapiddevelopmenthas"won'tlastlong",sothefieldofrelatedproblemsbestudied.Thispaperresearchobjectis2010zhejiang's3
6、0ofthesecompanieslistedcompany,equityincentiveandcompanyexecutivesatthecorrelationrelationshipanalysis,theanalysisresultsshowedthatadvancedindustrialequityincentiveeffectmoregeneralthantheformer,thetraditionalindustrytheobviouseffect,butalsonottoobigdifferences;Moderateequityincentivesofent
7、erprisevalue,mildnegativelyrelatedtotheenterprisevalueofthestockownershipincentiveisinverselyrelated,excessiveequityincentiveandcorporatevaluecan'tshut.Keywords:executivesequityincentives;Enterprisevalue;Enterpriseproperties;Incentivedegree.目錄III1相關(guān)概念:企業(yè)