TCL集团股权激励中机会主义择时行为研究

Study on Opportunistic Timing Behavior in TCL Group's Equity Incentive

本文以TCL集团2011年11月公布的股权激励计划草案为案例分析对象,分析上市公司股票期权激励计划推出前后的机会主义择时行为。研究后发现:TCL集团的管理层为实现其预期收益,选择公布股权激励计划草案时点,倾向在激励计划草案公告出台前发布不利消息、延期公布利好消息,同时进行向下的盈余管理行为,在股权激励中出现机会主义择时行为。

This paper takes the draft of equity incentive plan published by TCL group in November 2011 as an example,and analyzes the opportunistic behavior before and after the introduction of the stock option incentive plan.We found that the management of TCL group in order to reduce the exercise price,so as to achieve the expected benefits,choose in the company stock price is low point announced a draft equity incentive plan,incentive plan draft tendency in the notice issued before the release of bad news,good news at the same time delay,the earnings management behavior downward,to better match the opportunism timing behavior.