导　　师： 陈德萍

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

摘　　要： 2009年10月30日，我国创业板正式开市。创业板主要是为具有创新能力以及成长性高的企业，暂时还没能力在主板、中小板上市的企业提供融资渠道。在创业板上市的公司竞争激烈，为了在竞争中求得生存，留住人才，很多的公司开始选择股权激励。 本文以创业板为基础，从创业板与主板、中小板的财务特征、代理成本差异角度分析其对股权激励水平的影响。并且结合创业板的实际情况，提出相关的对策建议。本文采用规范分析与实证分析相结合，定量分析与定性分析相结合的方法。本文以2010年初到2013年6月底沪深主板、中小板以及创业板的数据为基础，以提出股权激励计划并实施的上市公司为研究样本，运用SPSS17.0统计软件分析公司的财务特征、代理成本两者分别对股权激励水平的影响，以及两者对股权激励水平的综合影响，并进行创业板与主板、中小板股权激励情况的差异分析。 首先，对股权激励的相关文献进行综述，并且介绍相关概念。 其次，从不同行业、地区等方面对创业板股权激励进行现状分析。 再次，结合创业板与主板、中小板财务特征的差异，以及代理成本的差异，提出对股权激励水平影响的假设。利用SPSS统计软件进行回归分析，最终得出相关的回归分析结果，并进行对比分析。 最后，根据实证分析结果，提出了创业板公司应采用多种股权激励模式、保持合理的股权集中度、完善公司财务状况方面的考核指标、完善公司治理结构等建议。 On October30,2009, Chinese GEM was officially opened. GEM is mainlyoffers financial channels for the companies that have innovative capacity and highgrowth, and for the companies that temporarily haven’t had ability to list onmotherboard and SME board. Companies that list on GEM compete fiercely, in orderto survive in the competition and retain talents, a lot of companies begin to chooseequity incentive structure. This paper bases on GEM, analyze its influence to equity incentive level fromthe impact of financial characteristics, agency costs difference between GEM andmotherboard and SME board. And put forward relevant suggestions by combiningactual situation of GEM. This paper uses normative analysis and empirical analysiscombination, quantitative analysis and qualitative analysis combination methods.This paper takes the listed company that base on the data of Shanghai and Shenzhenmotherboard, SME board and GEM from the beginning of2010to the end of June2013, to put forward equity incentive plan and implement as study samples, useSPSS17.0statistical software to analyze company’s financial characteristics, agencycosts influences to equity incentive level, as well as financial characteristics andagency costs combination influence to the equity incentive level. And analyze theequity incentive situation difference between GEM and motherboard, SME board. Firstly, summarize literatures of equity incentive and introduce some concepts. Secondly, analyze the present situation of GEM equity incentive from differentindustries, regions, etc. Again, combine the differences between GEM and motherboard, SME board’ sfinancial characteristics, as well as differences between GEM and agency costs, putforward their influences to equity incentive level assumption. Use SPSS statisticalsoftware to conduct regression analysis, finally get results of relevant regressionanalysis, and conduct comparative analysis. Finally, base on empirical analysis results, put forward some proposals such asGEM companies should use a

关 键 词： 创业板 主板与中小企业板 财务特征 代理成本 股权激励水平

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]