股權激勵薪酬之價值攸關性——以中國A股市場為例

The Relevance between Stock Ownership Incentive Compensation and Enterprise Value: Taking Chinese A-Share Market Firms as an Example

肖雪(Xiao Xue)

指導教授 ： 王曉雯

國立中央大學/管理學院/會計學研究所/碩士(2015年)

摘要

本研究探討中國之股權激勵薪酬（Equity-Based Incentive Compensation）與公司價值之攸關性。中國之股權激勵薪酬制度在股權分置改革之後得以快速發展。而根據中國之市場機制與政策規定，限制性股票薪酬與股票選擇權薪酬在授予價格以及權利與義務等方面存在差異，如限制性股票在授予初期最低可達到市價五折之折扣，對員工之激勵效果相對較為明顯。據此，本研究預期中國之股權激勵薪酬與公司價值具有显著正向攸關性，而因中國股票市場環境與股權激勵薪酬授予機制之特殊性，預期相較於股票選擇權薪酬而言，限制性股票薪酬會具有較高的價值攸關性。
本研究以2006年至2013年中國A股上市公司共1011個觀察值為樣本進行實證分析。當使用所有授予員工以股權激勵薪酬之公司樣本進行實證分析時，發現投資人對公司未來股價有正面看法，股權激勵薪酬與公司價值具有显著正向攸關性。再者，當使用同時授予員工股票選擇權薪酬與限制性股票薪酬之公司樣本進行實證分析時，發現限制性股票薪酬的價值攸關性比股票選擇權薪酬更為正面。

關鍵字

股權激勵薪酬 ； 股票選擇權 ； 限制性股票 ； 公司價值

並列摘要

This research investigates the relationships between equity-based incentive compensation and firm value in China. Since split-share structure reform, the equity-based incentive compensation system of China has developed rapidly. According to the market mechanisms and policies of China, the differences exist between restricted stock and stock option in grant price as well as other aspects like rights and obligations. For example, restricted stock could be granted to the employees at some a half of its market price. Incentive effects of restricted stock are relatively obvious. Based on the reasons above, our research expects Chinese equity-based incentive compensation has significant positive effects on firm value. Compared to the relevance between stock option compensation and firm value, the relevance between restricted stock compensation and firm value is expected to be higher under China’s special circumstance of stock market and the grant mechanism for equity-based incentives compensation.
Our research use the samples include 1011 observations of Chinese A-share market firms from 2006 to 2013 for empirical analysis. From the results of analyzing all the samples of firms which granted equity-based incentive compensations to their employees, we can draw a conclusion that equity compensation will affect firm value significantly when investors have a positive view of the firm’s future stock price. Besides, when we analyze the samples of firms based on granting restricted stocks and stock options to employees at the same time, the results show us that restricted stock compensation affects firm value a more positive way than option compensation does.

並列關鍵字

equity-based incentives compensation ； restricted stock ； stock option ； firm value

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