股票增值权激励有效吗  

Effectiveness of Stock Appreciation Rights

作　　者：李曜[1] 管恩华 

机构地区：[1]上海财经大学金融学院,上海200433 [2]浙江浙大网新公司投资部,浙江杭州310027

出　　处：《证券市场导报》2006年第1期21-27,共7页Securities Market Herald

基　　金：教育部人文社科基金"股权激励与公司价值增长关系的理论与实证研究"(批准号01JA790093);国家社会科学基金"管理层收购后的中国上市公司治理绩效及其改进研究"(批准号05CJL011)的阶段研究成果

摘　　要：股票增值权是上市公司对管理层实施激励的重要做法,在我国大型国有控股境外上市公司中普遍采用。本文以中国石化为研究对象,对实施股票增值权计划后的公司财务绩效、治理机制与管理层代理成本、股票市场反应等作了实证检验。本文认为,股票增值权计划对公司财务绩效提升、治理机制改善具有一定的积极正面效应;股票增值权在等待期结束后的开始行权年度激励效果最大;股票市场对股票增值权的行权存在着过度反应。最后本文提出了改进股票增值权激励的政策建议。Stock appreciation rights are widely used as equity incentives by Chinese blue chip companies listed overseas. This paper takes Sinopec as an example for empirical study in respect of various issues after implementation of SARS including corporate earnings, governance, management agency costs and stock market reaction. The author believed that SARS has a positive impact on corporate earnings and governance and the effect is more obvious during vesting period. As stock market is thought to have overreacted to the exercise of SARS, the author puts forward suggestion in regard to this issue.

关 键 词：股票增值权 中国石化 股权激励 股票期权 

分 类 号：F830.9[经济管理—金融学]