上市公司股权激励的市场反应实证研究

An Empirical Study On Market Reactions Of Stock-based Incentive Of China Listed Companies

本文选取了从2005年9月26日第一条股权激励方案开始,截止2010年12月31目的共198家A股上市公司公告了的222个股权激励方案作为初步样本进行整体分析,得出虽然熊市下公司推出股权激励方案的动力更大,股东希望借此激励管理层提升公司业绩,但是基于市场行情和未来的悲观预期,股权激励方案停止实施的概率也很大。从总体样本中筛选出98家公司公布的98个董事会预案公告作为样本,运用事件研究法对上市公司公布董事会预案事件所引起的短期市场效应进行了实证检验。检验结果表明,股权激励事件有显著为正的短期市场效应,投资者将其视为利好消息。而公告日前两天就出现了显著为正的超额收益,说明市场存在严重的信息提前泄露和内幕交易。

The article selects 222 stock-based incentives of 198 companies from September 2005 to December 2010. Primary statistical analysis shows that in bear market, stockholders hope to carry out more stock incentive plans aimed to make the management board work harder to improve the company＇s business, while managers tend to stop these plans in advance due to the pessimistic forecast about the market. 98 out of 222 companies are selected as sample. Event study methodology is used in testing the short-term market effect of the announcement of stock incentive. The result shows that stock incentive events have significant positive effect. Further we find out that there are significant abnormal returns two days before the announcement, indicating severe illegal information disclosure.