论文总字数：17888字

摘 要

随着我国经济的发展，企业之间的竞争越来越激烈。如何最大限度地发挥核心技术管理者的价值，提高企业的竞争力，已成为上市公司所有者日益关注的问题，上市公司为了提高其综合竞争力采取股权激励。本文讨论股权激励的概念和理论基础。本文通过对限制性股票、股票期权和股票增值权的比较，综合国内外学者的研究成果，统计了2005～2017年股权激励计划的数据，并分析了相关政策和股票市场对我国上市公司股权激励实施的影响。本文从行业类别、企业成长和现金流动性三个方面对我国上市公司股权激励偏好进行了综述。

就企业的行业类别而言，资本密集型上市公司在经营初期资金短缺，对股票期权的偏好更大。工业企业对限制性股票的偏好较大，因为限制性股票不易分散上市公司大股东的利益，激励对象的投资风险较低。在成长性方面，高成长性上市公司对股票期权的偏好较高，而低增长型上市公司对限制性股票的偏好较高。在现金流动性方面，现金流动性差的上市公司倾向于选择股票期权，现金流动性大的企业有更大的选择股权激励方式的空间，如果上市公司以激励为目标，更倾向于选择股票期权的方式，如果上市公司为了达到这一目的而留住人才，则更适合于限制性股票方式的选择。

关键词: 股权激励 限制性股票 股票期权 股票增值权

Chinese listed companies' preference for equity incentives

Abstract

With the development of our country's economy, the competition among enterprises has become increasingly fierce. How to maximize the value of core technology managers and improve the competitiveness of enterprises has become an issue of increasing concern to listed company owners. Listed companies adopt equity incentives in order to increase their overall competitiveness. This article discusses the concept and theoretical basis of equity incentives. This article compares the restricted stocks, stock options and stock appreciation rights, and integrates the research results of domestic and foreign scholars to collect data on equity incentive plans from 2005 to 2017, and analyzes related policies and stock market incentives for listed companies in China. Impact of implementation. This article reviews the equity incentive preferences of listed companies in China from three aspects: industry category, company growth, and cash liquidity.

As far as the industry category of a company is concerned, capital-intensive listed companies have a shortage of funds at the beginning of their operations and have a greater preference for stock options. Industrial companies have a greater preference for restricted stocks because restricted stocks do not easily decentralize the interests of large shareholders of listed companies, and the incentives for investing are lower. In terms of growth, high-growth listed companies have a higher preference for stock options, while low-growth listed companies have a higher preference for restricted stocks. In terms of cash liquidity, listed companies with poor liquidity tend to choose stock options, and companies with large cash liquidity have more room to choose equity incentives. If the listed companies use incentives as the goal, they are more inclined to choose stock options. If the listed company retains talent for this purpose, it is more suitable for the selection of restricted stocks.

Key Words: equity incentive ; restricted stock ; stock option ; stock appreciation rights

目 录

摘 要 I

ABSTRACT II

第一章 引言 1

1.1研究背景与研究意义 1

1.2研究内容与研究方法 1

第二章 文献综述 2

2.1股权激励的概念 2

2.2相关理论 2

2.3国内外实证研究综述 3

第三章 中国上市公司股权激励主要方式 5

3.1限制性股票 5

3.2股票期权 6

3.3股票增值权 7

3.4股权激励方式的比较 8

3.4.1限制性股票和股票期权的比较 8

3.4.2股票增值权和股票期权的比较 8

第四章 中国上市公司股权激励方式选择的描述性统计 10

4.1中国上市公司实施股权激励的发展现状 10

4.2根据上市公司行业类别分析股权激励方式的选择偏好 13

4.3根据上市公司成长性分析股权激励方式的选择偏好 15

4.4根据上市公司现金流动性分析股权激励方式的选择偏好 17

4.5研究结论和建议 18

4.5.1根据上市公司行业类别总结股权激励方式的选择偏好 18

4.5.2根据上市公司成长性总结股权激励方式的选择偏好 18

4.5.3根据上市公司现金流动性总结股权激励方式的选择偏好 19

参考文献 20

致谢 22

第一章 引言

1.1研究背景与研究意义

随着中国经济的快速发展，企业间的竞争日趋激烈。企业能否从竞争中获利，在一定程度上取决于企业高管和核心技术人员。如何最大限度地发挥高级管理人员和核心技术人员的价值，提高企业整体实力，已成为许多上市公司所有者关注的问题。

请支付后下载全文，论文总字数：17888字