中國上市公司股權(quán)激勵(lì)制度的有效性及對(duì)策研究.pdf

1、天津財(cái)經(jīng)大學(xué)碩士學(xué)位論文中國上市公司股權(quán)激勵(lì)制度的有效性及對(duì)策研究姓名：馬文鵬申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：高正平20080501AbstractStockownershipincentiveshavealmosthada60yearhistoryTheywereprovedtobeaneffectivewaytosolvetheprincipalagentproblemsbetweenthemanagersandthesto

2、ckholdersInChina，’’theManagementApproachaboutStockOwnershipIncentivesofListedCompanies(trial)”comeintoeffectin2006，allowedtheListedCompanieswhichhadcompletedsharereformtoputtheequityincentivesintopractice，andwestartexplo

3、ringthewaysofmakinggoodusetheseincentivesCanthisnewinnovationbringtheexpectedresult，andworkinalleffectivewayInfact，noneoftheinstitutionsCallbefoundedwithoutrestrictions，itmaybeeffectiveinonecountrywhilefailedintheotherSo

4、wemuststudytheconditionsofequityincentives，andthisisveryimportantforbothmacroeconomicsandthecorporateentitiesInthispaperthetheoryrelatedtostockownershipincentivesispresentedbrieflyfromtheperspectiveofnewinstitutionalecon

5、omicsandinformationeconomicsfirstOnthisbasis，fromthecorporategovernance，financialsystem，performanceevaluationandpromotionsystem，capitalmarkets，productmarkets，professionalmanagermarket，thebasicconditionsforstockownershipi

6、ncentivesofChineselistedcompaniesgetanin—depthanalysisthatthemanet—basedsystemhasexistedAndtheempiricaltestresultsthroughPaneldatamodelshowthatthestockownershipincentivesinthelistedcompanyiseffectiveFromtheoreticalanalys

7、isandempiricaltestingresults，webelievethatalthoughtheconditionsforstockownershipincentivesarefarfrommaturity，thereisareversemechnismbetweenthestockownershipincentiveandit’Seffectiveconditions，whichCanimprovetheeffectiven

8、essofequityincentivesystemInotherwords，theimplementationofstockownershipincentiveplansinChineselistedcompaniesisfeasibleandeffectiveFinally，thepaperpresentssomecountermeasurestoupgradetheeffectivenessofChina’Sequityincen

9、tivesystem，whichcontainenhancingtheeffectiveconditionsfortheseincentives，exploringtheincentivemodelsapplyingtoChineselistedcompanies，andstrengtheningtheregulationonlistedcompaniesKeywords：StockOwnershipIncentives；Corpora