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1、I華僑大學(xué)碩士學(xué)位論文摘要股權(quán)激勵(lì)制度自誕生以來(lái)，在解決委托代理問(wèn)題、降低所有者與經(jīng)營(yíng)者之間代理成本方面日益顯示出重要作用。因其良好的長(zhǎng)期性特點(diǎn)，在西方成熟資本市場(chǎng)已成為促成代理雙方利益趨同的不二之選。在我國(guó)由于政策環(huán)境、資本市場(chǎng)尚不成熟等原因，股權(quán)激勵(lì)的實(shí)施方興未艾?；诖耍疚囊詮钠跫s觀(guān)的視角，選取2008年至2013年我國(guó)公布并實(shí)施股權(quán)激勵(lì)方案的上市公司進(jìn)行了實(shí)證研究。本文首先分析了股權(quán)激勵(lì)方案不同指標(biāo)設(shè)計(jì)對(duì)公司價(jià)值的影響，然后分析了實(shí)施股權(quán)激勵(lì)后資方收益、管理層及普通員工薪酬收入的變化。本文的研究結(jié)果表明：我國(guó)上市公司制定的激勵(lì)方案整體
2、上是可行的，能夠激發(fā)被激勵(lì)對(duì)象的工作熱情，提升公司價(jià)值，也帶來(lái)自身薪酬收入的提升；對(duì)股東權(quán)益的影響較為積極；對(duì)普通員工收入增加也是顯著的，表明上市公司的激勵(lì)方案是有效的。但另一方面不同要素密集程度的行業(yè)應(yīng)結(jié)合自身情況，不斷優(yōu)化激勵(lì)方案，最大化發(fā)揮股權(quán)激勵(lì)在改善公司治理結(jié)構(gòu)方面的作用。文章最后在總結(jié)前文結(jié)論的同時(shí)給出了相關(guān)對(duì)策與建議。關(guān)鍵詞：股權(quán)激勵(lì)契約觀(guān)公司價(jià)值收入效應(yīng)IIAbstractAbstractSincethebirthofthestockoptionincentivesystem,ithasdemonstratedincreasin
3、ginfluenceonsolvingtheagencycostbetweentheownersandtheoperators.Becauseofitsgoodlong-termcharacteristics,ithadbeentheonlyagentbothcontributedtotheconvergenceofinterestchoiceinthewesternmaturecapitalmarket.InChina,theimplementationofequityincentiveisintheascendantbecauseofthe
4、policyenvironmentandthecharacteristicsofthecapitalmarket.Basedonthis,weselectthelistedCorporationwhichhadimplementedtheequityincentiveschemeduring2008to2013toconducttheEmpiricalresearchfromtheperspectiveofcontract.First,thispaperanalyzetheinfluenceofdifferentequityplansindex
5、onthecompanyvalue;andthenanalyzethechangeofthestockholder'srightsandinterests,themanagementandtheordinaryemployee'ssalaryincomeafterexecutingstockincentive.Theresearchresultsshowthattheincentiveplanwhichdesignedbythelistedcompaniesinourcountryisfeasibleasawhole,whichcouldsti
6、mulateenthusiasmfortheworkoftheobjectandbringitssalaryincomeincreaseatthesametime,enhancethevalueofthecompany;implementmorepositiveimpactonshareholders'equity;increaseordinaryworkersincomesignificantly,indicatingthatthelistedcompany'sincentiveschemeiseffective.Butontheotherh
7、and,thedifferentelementsoftheindustryshouldtaketheirownsituationintoaccount,tooptimizetheincentiveplan,maximizingtheequityincentivetochargethestructureofthecompanygovernance.Intheendofthepaper,itgivestherelevantcountermeasuresandsuggestionsbasingontheconculsionwehavegotbefor
8、e.Keywords:EquityincentiveContractperspectiveCompanyvalueIncomeeffectIII華僑大
