中國上市公司股權激勵制度的有效性及對策研究.pdf

1、天津財經(jīng)大學碩士學位論文中國上市公司股權激勵制度的有效性及對策研究姓名：馬文鵬申請學位級別：碩士專業(yè)：金融學指導教師：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