我国上市公司股权激励与内部控制质量关联性研究

发布时间：2018-06-14 19:23

本文选题：股权激励 + 股权激励水平　；参考：《东北财经大学》2013年硕士论文

【摘要】：近年来,企业内部控制失败的案例层出不穷,如国外的安然破产、雷曼兄弟破产,国内的中航油事件、中海集团资金门事件、中国远洋ST事件。这些案例给人们深刻的警示,即如何更好地强化内部控制,从而切实降低企业风险。从国内外看,内部控制规范体系日趋完善,无论是美国的萨班斯法案与coso的《企业风险管理框架》,还是我国的《企业内部控制基本规范》及其配套指引。然而,法规的颁布只是对企业施加一种外部压力去敦促其提高内部控制质量,而往往忽略了企业自身加强内部控制的主动性。与此同时,理论界也在不断探讨如何才能提高内部控制质量,尽管研究已经证明了公司治理、特征、审计委员会等因素对内部控制质量的影响,但多数研究忽略了内部控制实施主体——“人”的重要性。自20世纪70年代以来,股权激励迅速在美国发展起来。而我国股权激励的实施相对较晚,2006年有关部门颁布了《证券法》、《公司法》、《上市公司股权激励管理办法》等法律法规,为股权激励的实施提供了法律依据和保障,并在激发企业经济活力的实践中取得了一定的效果,其中的原因就在于股权激励是从“人”的角度出发考虑企业的治理。股权激励的实施使管理者自身利益与企业利益相关联,这使其对于内部控制质量产生了两种不同的影响：一方面,管理者会尽量避免内部控制缺陷对股权价值产生负面影响,激励管理者提高内部控制质量；另一方面,管理者会有更大的盈余动机使其所持股权价值最大化,而较低的内部控制质量为管理者盈余管理提供便利,致使管理者会倾向于较低的内部控制质量。那么股权激励到底是如何影响内部控制质量的,这对于检验股权激励的实施效果以及促进内部控制实施主体“人”由被动实施变主动实施,进而提高内部控制质量来说是非常重要的。基于此,本文首先采用文献分析方法对国内外股权激励与内部控制质量的相关文献进行归纳总结,然后运用规范研究方法从理论上阐述了股权激励与内部控制质量二者之间的逻辑关系,在此基础上以2011年沪、深两市A股主板上市公司为研究样本,采用统计分析研究方法展开实证研究,结果发现股权激励确实有助于提高公司内部控制质量,最后总结结论并提出相关建议。除了第一部分绪论以外,本文的其他研究内容具体如下：第二部分为文献综述。该部分先后总结了国内外关于股权激励实施效果、内部控制质量影响因素、股权激励与内部控制关联性的研究文献,并进行了评述。第三部分为概念界定和理论分析。该部分首先对股权激励的定义及主要模式进行界定,然后介绍了委托代理理论、信息不对称理论以及信号传递理论,最后在理论分析的基础上提出了本文的假设。第四部分为内部控制质量评价体系的构建。该部分详细阐述了内部控制质量评价体系的设计原则、具体指标的选取以及计算方法。第五部分为实证研究。该部分首先介绍了样本的选取及数据的来源,然后建立研究模型并对变量进行解释,最后进行了实证分析。第六部分为研究结论及建议。该部分根据实证研究总结了研究结论并提出了相关政策建议。本文的创新之处在于：其一,选题比较新颖,从股权激励角度研究其对于内部控制质量的影响；其二,将股票期权考虑在内,丰富了股权激励的衡量标准；其三,通过构建内部控制质量评价体系,全面、合理地度量了我国上市公司的内部控制质量。而由于内部控制质量评价体系中多个指标以及控制变量需要手工收集,本人能力和时间的限制,未能收集多年数据以进行实证分析,致使模型的解释度不是很高,这是本文研究的不足之处。
[Abstract]:In recent years, the cases of internal control failures have come out in an endless stream, such as the Enron bankruptcy in foreign countries, the bankruptcy of Lehman brothers, the domestic China Aviation Oil incident, the CNOOC capital gate event and the Chinese ocean ST event. These cases give people a deep warning that how to strengthen internal control better so as to effectively reduce enterprise risk. The regulation system has been perfected day by day, whether it is the Sarbanes act of the United States and the enterprise risk management framework of COSO, or the basic norms of internal control of enterprises and its supporting guidelines in our country. However, the promulgation of the regulations only exerts a kind of external pressure on the enterprise to urge it to improve the quality of internal control, but often neglects the enterprise itself. At the same time, the theorists are also constantly exploring how to improve the quality of internal control. Although the research has proved the influence of corporate governance, characteristics, audit committees and other factors on the quality of internal control, most studies neglect the importance of the internal control system, the "human".
Since 1970s, equity incentive has developed rapidly in the United States, and the implementation of equity incentive in China is relatively late. In 2006, the relevant departments issued the securities law, the company law, the stock incentive management method of listed companies and other laws and regulations, providing legal basis and guarantee for the implementation of equity incentive, and stimulating the economic activity of the enterprise. A certain effect has been achieved in the practice of force. The reason is that the equity incentive is to consider the governance of the enterprise from the perspective of "man". The implementation of the equity incentive makes the managers' own interests related to the interests of the enterprises, which has two different effects on the quality of internal control. On the one hand, the managers will try to avoid it. Internal control defects have a negative impact on equity value and motivate managers to improve the quality of internal control; on the other hand, managers will have greater earnings motivation to maximize the value of their shares, while lower internal control quality provides convenience for managers to manage earnings management, causing managers to tend to lower internal control quality. So how does equity incentive affect the quality of internal control in the end, which is very important for testing the effect of equity incentive and promoting the "people" of internal control implementation by passive implementation, and in order to improve the quality of internal control.
Based on this, this article first adopts the literature analysis method to summarize the relevant literature of the domestic and foreign equity incentive and the internal control quality, and then uses the normative research method to explain the logical relationship between the two parties of the equity incentive and the internal control quality in theory, and on this basis, the listed companies of the A shares of the Shanghai and Shenzhen two cities in 2011 are listed on this basis. In order to study samples, we use statistical analysis research methods to carry out empirical research. The results show that equity incentive is really helpful to improve the quality of internal control of the company. Finally, the conclusions are summarized and some relevant suggestions are put forward.
The second part is the literature review. This part summarizes the research literature on the effect of equity incentive implementation, the quality of internal control, the relevance of equity incentive and internal control, and commentary.
The third part is concept definition and theoretical analysis. This part first defines the definition and main mode of equity incentive, and then introduces the principal-agent theory, information asymmetry theory and signal transmission theory. Finally, the hypothesis is put forward on the basis of theoretical analysis.
The fourth part is the construction of the internal control quality evaluation system. This part expounds the design principles of the internal control quality evaluation system, the selection of specific indicators and the calculation method.
The fifth part is an empirical study. This part first introduces the selection of samples and the source of the data, then establishes the research model and explains the variables. Finally, the empirical analysis is carried out.
The sixth part is the conclusions and recommendations. This part summarizes the research findings based on the empirical research and puts forward relevant policy recommendations.
The innovation of this article lies in the following: first, the topic is new and the influence on the quality of internal control is studied from the angle of equity incentive. Secondly, taking stock option into consideration, it enriches the measurement standard of equity incentive. Thirdly, through the construction of internal control quality evaluation system, the internal control of Listed Companies in China is fully and reasonably measured. The quality of the model is not very high, because many indexes and control variables in the internal control quality evaluation system need to be collected manually, and the limitations of my ability and time can not collect years of data to carry out empirical analysis, which makes the interpretation of the model not very high, which is the deficiency of this paper.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6

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