东方雨虹的股权激励动因与效果研究  

Research on the Motivation and Effect of Equity Incentives of Oriental Yuhong

作　　者：董育军[1] 谢文丽 黄梓芸 Dong Yujun;Xie Wenli;Huang Ziyun(School of Accounting,Hubei University of Economics,Wuhan 430205)

机构地区：[1]湖北经济学院会计学院,湖北武汉430205

出　　处：《中阿科技论坛（中英文）》2022年第5期106-109,共4页China-Arab States Science and Technology Forum

基　　金：湖北会计发展研究中心2019年重点项目“机构投资者持股影响实体企业非货币金融资产过度配置行为研究”(2019KJ012)。

摘　　要：本文运用事件研究法和财务指标分析法,深入分析了东方雨虹4期股权激励方案的实施动机和实施效果。研究发现:(1)东方雨虹的激励动机在于保留和激励核心员工、实现营业收入和利润的高速增长,给投资者一个良好的预期,同时控制应收账款的增长,改善公司现金流问题;(2)4次中的3次股权激励计划公告之后,累计超额收益显著为正,最高达到12.52%,得到了积极的市场反应;(3)股权激励实施后的8年期间,东方雨虹的营业收入和扣非净利润复合增长28.2%和44.3%,盈利能力显著增强,应收账款的管控初显成效,现金流情况明显好转,说明行权业绩条件严格的股权激励计划能有效拉动公司业绩增长。In this paper,the event research method and financial index analysis method are employed to analyze the motivation and implementation effect of the Oriental Yuhong’s 4-Phase equity incentive program.It’s found that:(1)The motivation of the incentive program is to retain and motivate core employees,achieve rapid growth in operating income and profits,give investors good expectations,while controlling the growth of accounts receivable to improve the company’s cash flow;(2)3 of the 4 equity incentive programs were announced with significant positive cumulative excess returns of up to 12.52%,which received positive market reactions;(3)During the 8-year period after the implementation of equity incentives,the operating income and non-net profit after deduction of Oriental Yuhong increased by 28.2%and 44.3%,which significantly enhanced its profitability,the control of accounts receivable has achieved initial results,and the cash flow has improved significantly,indicating that the equity incentive programs with strict exercise performance conditions can effectively drive the performance growth of the company.

关 键 词：股权激励 市场反应 长期绩效 动因 

分 类 号：F272.92[经济管理—企业管理] F426.92[经济管理—国民经济]