中國大陸創業板上市公司股權激勵與公司績效的相關性研究

Research on the Association between Equity Incentive and Corporate Performance of GEM Companies in China

鐘安琦(An-Qi Zhong)

指導教授 ： 顏信輝

淡江大學/商管學院/會計學系碩士班/碩士(2019年)

https://doi.org/10.6846/TKU.2019.00701

摘要

管理層股權激勵是將管理層收益與公司未來業績相聯繫的長期激勵形式，影響著管理層對研發活動的選擇以及公司治理機制的制定和實施，對公司的經營績效及未來的發展方向發揮著重要作用。目前，有關股權激勵與公司績效的研究相對而言較為豐富，但尚未形成定論；對於管理層股權激勵、研發支出與公司績效之間關係的研究涉及較少。本文通過實證研究來驗證三者之間的相互關係，彌補現有研究的不足，為上市公司的實踐提供參考。
本文在梳理相關概念及理論，對國內外相關研究成果進行文獻回顧的基礎上，首先對管理層股權激勵、研發支出與公司績效的相互關係進行分析並提出相應假設，構建模型。其次，篩選2011-2017年符合條件的中國大陸創業板上市公司作為研究樣本，對各個假設進行實證檢驗。通過迴歸分析，得出以下結論：管理層股權激勵與公司績效正相關；管理層股權激勵與研發支出正相關；研發支出與公司績效正相關；研發支出在管理層股權激勵與公司績效間起到中介作用，且存在滯後效應。穩健性檢驗的結果也支持假設。最後，總結研究結果並提出相應的建議，指出本文的局限與未來研究方向。

關鍵字

股權激勵 ； 公司績效 ； 研發支出 ； 創業板

並列摘要

Management equity incentive is an important long-term incentive method which links management gains to the company's future performance. It plays a significant role in establishment and implementation of corporate governance mechanism, and influences corporate performance and future direction of development. There exist lots of researches on the relationship between management equity incentive and corporate performance. Few of researches are involved in the study of relationship between management equity incentive, R&D expenditure and corporate performance. This thesis intends to make up the existing research problems through empirical research, and provide suggestions for the mechanism of corporate governance.
On the basis of relevant references and theories at home and abroad, firstly, we build the four hypotheses and models in order to search the relationship among management equity incentive, R&D expenditure and corporate performance. Secondly, after gathering and collecting the data of GEM Companies in China from 2011 to 2017, we conduct empirical tests of the hypothesis. With the help of the scientific methods of mathematical statistics, we draw the following conclusions: management equity incentive has a positive relation with corporate performance; management equity incentive has a positive relation with R&D expenditure; R&D expenditure has a positive relation with corporate performance; R&D expenditure plays a role of intermediary between equity incentive and enterprise performance. Finally, summarize the research results and provide suggestions, then point out the limitations of this paper and future research directions.

並列關鍵字

equity incentive ； corporate performance ； R&D expenditure ； Growth Enterprise Market (GEM)

參考文獻

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