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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
MARKETABSTRACTEquityincentivewasborni
2、ntheUnitedStatesinthe1950s.Theexecutivecompensationhasgrowthrapidandtheenterprisehasdevelopedrapid,duetotheincentivemodeofemployeestockownershipplanandstockoption.TheequityincentivehasbecomeapopularmanagementmechanismsinBritain,France,Australia,Italy,Japan,Sing
3、aporeandothercountries.ChinahasnotintroducetheequityincentiveuntilShenzhenVankecompanyfirstlanchthemanagerstockoptionincentivein1933.Aftermultipleconsolidationandimprovement，equityincentivehasbecomeoneofthemostcommonincentivemechanismsinChina'scapitalmarket.Chi
4、naGrowthEnterprisesMarketopenedinShenzhenStockExchangeonOctober30,2009.Today,thegemmarketvaluehasamountedto3.58trillionyuan,becomeanimportantpartofcapitalmarket.Theimplementationofequityincentivewas190among429listedcompanyontheGEMtillMarch30th,2015.Thispaperfoc
5、usesonstudyingtheequityincentiveeffectofgemlistedcompanies.First，thispaperintroducestheconcept，modeandimplementationofequityincentive,studiedthetheory,suchastheprincipal-agenttheory,thenintroducedthedomesticandforeigntheory:somesaidithaspositiverelationship,oth
6、erssaidithasnegativerelationship,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的影响incentiveinChina,anddescribestheequityincentiveimplementationstatusquoofthegementerprises.Finally,
7、itdoempiricalanalysisabouttheshorttermandlongtermeffectofequityincentiveonGEMcompanies.Theempiricalanalysishastwoparts:theinfluenceofshort_termstockpriceandlongtermfinancialindicators.Theresultshowithassignificantinfluenceonshorttermstockpriceandhasnoimprovemen
8、ttolongtermfinancialdata.Attheend,thepapersummarizedtheinnovationanddeficiencies,anddiscussedthefurtherresearch.KEYWORDS:Equityincentive，Stockincentive，Influenceofincentive，
