文档介绍：ADissertation Submitted toGuangdong University ofTechnology fortheDegree ofMaster (Master ofScience) The Effects ofEquity Incentive on thePerformance of panies inChinese StockMarket Candidate:Chen Biao Supervisor: Jianxin May2015 School ofApplied Mathematics Guangdong University ofTechnology Guangzhou,Guangdong,,51 0520 万方数据摘要摘要为解决现代企业由于两权分离而导致的“委托一代理”问题,,,,由于我国股权激励机制起步较晚,并且我国市场经济与其他发达国家相比,所处阶段不同,,本文对我国A股上市企业实施的股权激励机制对其绩效的影响进行了实证研究. 本文以2007年至2010年期间成功实施股权激励的A股上市企业作为研究对象, 并从企业的营业规模、盈利水平、,本文选取了企业总营业额、总利润、净资产收益率作为公司业绩的财务指标,接着通过统计学理论中的假设检验分析对实施股权激励前后的总营业额进行了显著性比较,以及利用虚拟变量的回归分析研究了股权激励在不同的行权阶段对企业总利润和企业净资产收益率的影响. 本文的研究结果表明:,企业的总体业绩得到了一定的增长,例如,在股权激励实施后的三年期间,企业营收规模持续扩大,企业盈利水平得到持续增长,,在实施前期,企业营收规模的扩张速度、盈利增长速度、净资产收益率显著增长,而在实施后期,这些指标的增速均有所趋缓. 总的来说,我国上市公司的股权激励机制还处于不成熟阶段,,本文提出了一些完善股权激励制度的相关建议. 关键词:股权激励;绩效;假设检验;虚拟变量万方数据广东工业大学硕士学位论文 ABSTRACT Equity incentive ispopular forthe enterprise tosolve theproblem ofthemodem enterprise principal-agent helps themanagers toavoid theshort-term behavior and pay more attention pany’Slong—term sustainable mature markets abroad,equity incentive isusually used by the panies topromote the long-term ,due tothedifferent stage ofthemarket economy in China,our equity incentive environment and conditions are theory, advanced and effective incentive mechanism may not produce thesame effect inOur thesis conducts theempirical researches on theperformance of equity incentive panies inChina. This paper regards panies implemented theequity incentive system in China from the year of2007 to 2010 as theobject,and study the effects of equity incentive on the performance of select the total turnover of enterprises,total profit,and the rate ofre