管理層股權(quán)激勵與公司績效研究.pdf

1、重慶大學(xué)碩士學(xué)位論文管理層股權(quán)激勵與公司績效研究姓名：趙亮申請學(xué)位級別：碩士專業(yè)：技術(shù)經(jīng)濟及管理指導(dǎo)教師：宋增基20070420重慶大學(xué)碩士學(xué)位論文英文摘要ABSTRACTThemanagementownershiparetheeconomicaldevelopedcountry(particularinus)intheeconomyhighspeeddevelopmentphaseThepracticeprovedthattheimp

2、lementationmanagementstockholdersrigIItsdrove，enormouslyenhancedenleTpliseSefficiencypromotedtheboomofeconomonyIncontrasttheincentivesystemwillplayan&CellmorcimportantroleIntheconstructionofmodementerprisemechanisminChin

3、aTakingintoaccountthedifferenceintheenvironmentandownershipofenterprisebet、veenChinaandtheWestthisthesisisdesignedtoshowhowtheincentivemechalllSmgoeswellinChinaandwhatakindofpartitwillplayineverydayoperationofenterprise，

4、byprovidingconcreteexampleswithanalysisThearticlecomprehensivedescribedthewesternacademicmanytheoriesandthehypothesisabomtherelationofthemanagementownershipandthecompanyperformanceandithasrelatethestudytothiskindofresear

5、chIndomestic，thentheanalysisofmainreosonhaspointedouttotheresearchconclusioninconsistenLThearticletakePrincipalAgentTheoryandManpowerCapitalTheoryandSOOIlasthetheoryfoundation，usinggametheoryandmeastu砌entstatisticalmetho

6、dsuchastheaveragevalueTexaminationtheOLSmodelreturnandLSDVmodelreturnandSOonStudyfrommanagementownershipandthecompanyperfbml鋤c船relatiom，drovethepolicyenvironmeriiandthedriveeffectcondue塢theresearch赳laIy赫tothecompanyperfo

7、rmanceeachaspectinfluence，Empiricalstudiestherelatiorl!shipbet’vcenmanagementownershipandthecorporateperformance，mainlycometothefollowingconclusions：LSDVregressionmodelperformsbetterthantheOLSTLmeisalsoasignificantimpact

8、Ontheincentiveeffectsofequity；managerialownershiptoMBRwillhaveapositiveimpactbuttherew髂noevidencethatimprovedthecompany’sfinancialperformance；theequityrestrictionvariableimprovethecompanysfinancialperfbmlancetoacertainex

9、tent，butitienonosignificantimpacttothethemarketvalue；Marketpef如mlanceofstateownedenterprisesbetterbutnotbetterreflecttheleveloffinancialperformancethannonstatecompaniesTo，thissituationproposedthefeasibilitysuggestionfort