国有企业经营者股票期权激励研究

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1、天津大学博士学位论文国有企业经营者股票期权激励研究姓名：刘鸿雁申请学位级别：博士专业：金融工程与金融管理指导教师：张维20031201ABSTRACTIntheframeworkofprincipal-agenttheory,thisdissertationstudiestheroleofmanagerialstockoptioncompensationintheimprovingofthecorporategovemanceinChina’Sstate—ownedenterprises(SOEs)．Wedefinecorporategove

2、manceastheprotectionofbothstockholders’andbondhelders’interests．First，weimprovedthetraditionalmodelontherelationshipbetweenmanagerialeffortandfirmperformance，byassumingmanagerialefforttobethreedimensionalinsteadofonlyone．Weasstffnemanagerscanspendthreedifferentkindsofeffort

3、s，i．e．，short-termeffortwhichcouldincreaseshort-termfirmperformanceattheexl：}enseoflong—termfirmperformance，long-termeffortwhichcouldenhancelong-termfirmperfoiTnancebutcouldreducecurrentprofit，commoneffortwhichiSneithershoa-termnorlong-termeffort．Usingthisnewmodel，weanalyzed

4、thedifferentincentiveeffectsoffixedsalary,managerialcontractresponsibilitysystem，annualsalarysystemandstockoptioncompensation．Wefindthatbothmanagerialcontractresponsibilitysystemandannualsalarysystemcould，todifferentextents，encouragemanagerialshort-termismwhilestockoptiondo

5、esnot．So，weadvisethatChinafirmsshouldadoptmanagerialstockoptioncompensation．Next，weuseddatafromU．S．totestwhetherthereiSapositiverelationbetweenmanagerialstockoptioncompensationandfutureformperformance．Theresultsprovedthat．Here，animportantfeaturethatdistinguishesourempirical

6、studyfromallothersisthatweusedthemanager’Srealizedincomesfromexercisingoptionsasanapproximationforthevalueofexecutiveoptioncompensations．Next，byusingamodel，wediscussedhowthedesignofmanagerialstockoptioncouldalleviateagencycostsinunleveredfirms．SinceafeatureofourSOEsisthatth

7、eyarelevered，wefurther,bymodilyingtheabovemodelalittle，analyzedwhethertheproperdesignofmanagerialstockoptioncouldalleviateoraggravagateagencycostsinleveredfirms，sincesomebelievethelatteristhecase．IfSO，China’SSOEscouldnotadoptstockoptioncompensation，However,ourmodelandsimula

8、tionresultsshowthatinleveredfirms，ifproperlydesignedandmanaged，stockoptionmayinduc