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1、-------上海交通大学MBA学位论文创业板公司实施股权激励对股价及绩效的影响文认为,股权激励只是激励了公司管理层分红,却对实际业绩并无改善。文章的最后总结了创新之处和不足之处,并对后续分析做了展望。关键词:股权激励,创业板,激励效果,公司业绩II-----------上海交通大学MBA学位论文创业板公司实施股权激励对股价及绩效的影响THEINFLUENCEOFEQUITYINCENTIVE
OFCHINAGROWTHENTERPRISES
MARKETABSTRACTEquityincentivewasbornintheUnitedStatesinthe1950s.Theex
2、ecutivecompensationhasgrowthrapidandtheenterprisehasdevelopedrapid,duetotheincentivemodeofemployeestockownershipplanandstockoption.TheequityincentivehasbecomeapopularmanagementmechanismsinBritain,France,Australia,Italy,Japan,Singaporeandothercountries.Chinahasnotintroducetheequityincentiveunt
3、ilShenzhenVankecompanyfirstlanchthemanagerstockoptionincentivein1933.Aftermultipleconsolidationandimprovement,equityincentivehasbecomeoneofthemostcommonincentivemechanismsinChina'scapitalmarket.ChinaGrowthEnterprisesMarketopenedinShenzhenStockExchangeonOctober30,2009.Today,thegemmarketvalueha
4、samountedto3.58trillionyuan,becomeanimportantpartofcapitalmarket.Theimplementationofequityincentivewas190among429listedcompanyontheGEMtillMarch30th,2015.Thispaperfocusesonstudyingtheequityincentiveeffectofgemlistedcompanies.First,thispaperintroducestheconcept,modeandimplementationofequityince
5、ntive,studiedthetheory,suchastheprincipal-agenttheory,thenintroducedthedomesticandforeigntheory:somesaidithaspositiverelationship,otherssaidithasnegativerelationship,andtherestsaidithasnorelationship.Afterthat,thispaperreviewedthedevelopmentofequityIII-----------上海交通大学MBA学位论文创业板公司实施股权激励对股价及绩效
6、的影响incentiveinChina,anddescribestheequityincentiveimplementationstatusquoofthegementerprises.Finally,itdoempiricalanalysisabouttheshorttermandlongtermeffectofequityincentiveonGEMcompanies.Theempiricalanalysishastwoparts:theinfluenceofshort_termstockpriceandlongtermfinancialindicators.Theresul
7、tshowithassignificantinfluenceonshorttermstockpriceandhasnoimprovementtolongtermfinancialdata.Attheend,thepapersummarizedtheinnovationanddeficiencies,anddiscussedthefurtherresearch.KEYWORDS:Equityincentive,Stockincentive,Influenceofincentive,