股权激励、市场反应与公司治理效果--基于创业板上市公司的研究  

Equity Incentives,Market Reaction and the Corporate Governance Effect:The Empirical Study Based on the Listed Companies on GEM

作　　者：王君彩[1] 张娟[1,2] 

机构地区：[1]中央财经大学会计学院 [2]内蒙古科技大学经济与管理学院

出　　处：《中央财经大学学报》2016年第5期53-59,共7页Journal of Central University of Finance & Economics

摘　　要：笔者以2009—2014年创业板公司的数据为样本,对股权激励计划作为一项缓解代理问题的公司治理机制的市场反应,以及股权激励计划对盈余管理的影响进行实证研究。实证结果表明:市场反应与创业板公司的股权激励计划正向相关,市场认为股权激励计划起到预期的治理效应,在一定程度上优化了原有的公司治理效果,表现为更低程度的盈余管理。提出正式的股权激励计划并且股东大会最终通过该计划的创业板上市公司,其股权激励对盈余管理有显著的抑制作用。通过进一步分析发现,股权激励计划对创业板上市公司管理层的正向盈余管理有显著的抑制作用,而对负向的盈余管理行为则没有明显的抑制作用。这说明创业板公司的股权激励计划起到了改善公司治理效果的作用。在此基础上,笔者对创业板上市公司进一步完善股权激励计划,提高公司治理效果提出建议。This paper used the listed companies on GEM from 2009 to 2014 as a sample and examined the market reaction of the equity incentive and whether this measure improved the effects of the corporate governance. We found that the market reaction of the investor was positive correlated with the equity incentive of the GEM listed companies; meanwhile the equity incentive not only played an important role to the expected governance effect,but also to a certain degree optimised the existing governance effects of the company. It was presented as the lower degree of earnings management. For the listed companies on GEM which proposed the formal equity incentive plan and the general meeting of shareholders finally passed the proposals,the equity incentive has a significant inhibitory effect on earnings management. According to the further analysis,this paper found that the equity incentive has a significant inhibitory effect on the positive earnings management,but it does not have significant effect on the negative earnings management. This shows that the company＇ s equity incentive plan has played a role in improving the effectiveness of corporate governance. So this paper made some suggestions on improving the effect of equity incentive as corporate governance mechanisms.

关 键 词：创业板 股权激励 市场反应 盈余管理 公司治理 

分 类 号：F272[经济管理—企业管理]