国轩高科股权激励对财务绩效的影响分析

摘要

关于股权激励与公司绩效之间是否存在关系的讨论，在结果上主要集中在两个方面：我国国内认为管理层持股与公司绩效之间是存在关系，这种关系包括正相关性和非线性相关性两种结果。在认为管理层持股与公司业绩之间呈现正向关系的结论下，国资委相继颁布了一系列股权激励的试行办法和备忘录，不断扩大和完善企业股权激励实施的范围和要求。2016年颁布《上市公司股权激励管理办法》标志着股权激励走向成熟。股权激励有助于留住公司核心人才、激励员工、帮助企业渡过难关，受到许多上市公司的欢迎。从企业经营角度出发，财务绩效管理作为企业管理的基础工作，在企业各个经营环节起到了对绩效的量化作用，在一定程度上反映企业经营成果，对企业的健康发展具有重大意义。

在理论探究方面：学术界对于国轩高科这一批成立日期为1990年后企业的研究较少，本文运用了案例分析法，探讨国轩高科三次股权激励方案，不仅进行激励理论的验证，同时从投入产出理论的效果来分析，对学术研究进行具有代表性的企业个体案例的补充，丰富了股权激励对财务绩效影响的理论体系；在实践意义方面，首先，用事件研究法计算股权激励对短期财务绩效产生的影响，将市场反应作为短期财务绩效研究，采用事件研究法分别评价国轩高科股权激励计划的市场反应，也就是通过股票价格在股权激励公告前后的异常波动形成的累积数进行分析，对比分析两次股权激励对短期企业价值的影响，得到了短期财务绩效指标具体化、股权激励人员多维度化和股权激励年限短期化的建议性结论；其次，釆用数据包络分析(DEA)计算股权激励对中长期财务绩效产生了的反应，对国轩高科实施股权激励后的数据的财务绩效进行评价，对国轩高科股权激励提出长期发展指标多元化、激励形式多种多样和股权信息透明度提升的启示及改进建议。

本文通过两方面的分析，得出国轩高科股权激励可以对行业内其他企业进行股权激励提供的经验以及自身还应作出内部信息支持加强市场发展竟争力提升股权激励限制条件调整的改进。

关键词：股权激励；财务绩效；数据包络分析
论文类型：案例研究型

ABSTRACT

SASAC has successively promulgated a series of trial measures and memoranda for equity incentive, and continuously expanded and improved the scope and requirements for the implementation of enterprise equity incentive. The promulgation of the measures for the administration of equity incentive of Listed Companies in 2016 marks the maturity of equity incentive. Equity incentive helps to retain the company's core talents, motivate employees and help enterprises tide over difficulties, which is welcomed by many listed companies. From the perspective of enterprise management, financial performance management, as the basic work of enterprise management, plays a quantitative role in the performance of each business link of the enterprise, reflects the business results of the enterprise to a certain extent, and is of great significance to the healthy development of the enterprise.

In terms of theoretical research: there is less research on GuoXuan high tech, a relatively young enterprise. This paper uses the case analysis method to explore the three equity incentive scheme of GuoXuan high tech, which not only verifies the incentive theory, but also analyzes the effect of input-output theory to supplement the academic research with representative individual enterprise cases, It enriches the theoretical system of the impact of equity incentive on financial performance; In terms of practical significance, firstly, the event research method is used to calculate the impact of equity incentive on short-term financial performance, the market response is regarded as the short-term financial performance research, and the event research method is used to evaluate the market response of GuoXuan high tech equity incentive plan, that is, the cumulative number formed by the abnormal fluctuation of stock price before and after the announcement of equity incentive is analyzed, By comparing and analyzing the impact of two equity incentives on short-term enterprise value, we get some suggestions on the concretization of short-term financial performance indicators, the multi-dimensional of equity incentive personnel and the short-term of equity incentive years; Secondly, data envelopment analysis (DEA) is used to calculate the response of equity incentive to medium and long-term financial performance, evaluate the financial performance of GuoXuan high tech after the implementation of equity incentive, and put forward enlightenment and improvement suggestions for GuoXuan high tech's equity incentive with diversified long-term development indicators, diversified incentive forms and improved equity information transparency.

Through two aspects of analysis, this paper obtains the experience that guoguoxuan high tech equity incentive can provide equity incentive to other enterprises in the industry, and it should also make internal information support, strengthen market development competitiveness, improve the adjustment of equity incentive restrictions.
KEYWORDS: equity incentive; Financial performance; DEA
TYPE OF THESIS：Case Study

正文............略

原创论文网

论文分类

| 论文推荐