本文采用事件研究法,以新疆上市公司——金风科技股份有限公司“定增式”股权激励方案为例,分析其实施动机,研究“定增式”股权激励实施的效果。研究结果表明,在事件日前后金风科技股份有限公司实施“定增式”股权激励的市场反应较强,每个事件的超额收益都获得了显著为正的经济效果,存在着明显的股权激励效应。但由于“定增式”股权激励受政策限制,激励对象受限,因此,建议在实施“定增式”股权激励的企业,还应在资产管理的计划方案设计中结合传统的股权激励方式,扩大激励对象的范围,且在被激励对象中尤其要注重企业核心技术人员的参与,使他们为公司创造更多的价值。
Using event study, selecting the Gold Wind Listed Company as a case, this paper analyses the motive and implementation effect after implementing plans of private placement stock incentive. The results have shown that strong market response occurred after Gold Wind implementing plans on the event day around. Every event’s cumulative abnormal return has significance outcome. It shows evidently effect of stock Incentive. However, the policy place restrictions on this model, incentive object is limited. It is suggested that the companies combine with traditional methods of stock incentive in private placement, get more core technical staff involved in asset management plan. It will create more value for the company.
[1] David Aboody,Nicole Bastian Johnson,Ron Kasznik.Employee Stock Options and Future Firm Performance:Evidence from Option Repricings[J].Journal of Accounting and Economics,2010(50):74-92.
[2] K.J.Sigler.CEO Compensation and Company Performance[J].Business and Economics Journal,2011(31):1-8.
[3] Wruck K.H..Equity Ownership Concentration and Firm Value:Evidence from Private Equity Financings[J].Journal of Financial Economics,1989(25):23-28.
[4] Hertzel M.,Smith R.L..Market Discounts and Shareholder Gains for Placing Equity Privately[J].Journal for Finance,1993(48):459-485.
[5] J.R.Davies,David Hillier,Patrick Mccolgan.Ownership Structure,Managerial Behavior and Corporate Value[J].Journal of Corporate Finance,2005(11):645-660.
[6] 杨力,朱砚秋.股权激励模式对股权激励效果的影响——基于 A股市场的经验证据[J].山东社会科学,2017(3):102-108.
[7] 陈胜军,吕思莹,白鸽.A股上市公司股权激励方案实施效果影响因素研究[J].中央财经大学学报,2016(12):121-128.
[8] 王传彬,崔益嘉,赵晓庆.股权分置改革后上市公司股权激励效果及影响因素研究分析[J].统计与决策,2013(2):183-186.
[9] 李菊.定向增发类型对上市公司业绩影响的实证研究[J].东北财经大学学报,2009(3):67-73.
[10] 章卫东.定向增发新股、整体上市与股票价格短期市场表现的实证研究[J].会计研究,2007(12):36-47.
