2005年10月，中國政府發布“國務院批轉證監會關於提高上市公司品質意見的通知“。它允許和建議上市公司探索利用股權補償，以激勵員工。由於中國股市和股權補償的歷史很短，以及對企業的激勵機制的重要性。我們研究和發現公司治理和採納該計劃的可能性之間的關係是混合的。而具有較高的營業利潤/資產比率和淨利潤/總資產比率的公司更可能採用股權補償。我們還發現，通過在企業層面測量累積異常收益率（CAR），股權補償的公佈有積極的市場反應。此外，如果最大的部分限制性股份或購股權授予僱員工會委員或在公司的核心員工，市場反應更是積極。 / In October 2005, the Chinese government released "Notice about the State Council of China approving China Securities Regulatory Commission to improve qualities of listed firms". It allows and suggests listed firms to explore the use of equity-based compensation in order to motivate employees. In this thesis, we find that the relationship between corporate governance and the likelihood of adopting the scheme is mixed. Firms with higher ratios of operating profits to assets and net profit to total assets are more likely to adopt equity-based compensation. We also discover positive market responses by measuring the cumulative abnormal return (CAR) to the announcement of equity-based compensation at the firm level. Moreover, if a larger portion of the restricted shares or options is granted to the groups of employees which are union committee members or core employees in the firm, the market response is much more positive and the CAR is larger in magnitude. / Detailed summary in vernacular field only. / Ko, Ka Yin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references (leaves 32-33). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts also in Chinese. / Cover Page --- p.1 / Abstract --- p.2 / Chinese Version --- p.3 / Contents --- p.4 / Chapter 1 --- Introduction --- p.6 / Chapter 2 --- Basic idea of equity-based compensation --- p.7 / Chapter 3 --- Literature Review --- p.9 / Chapter 4 --- History and Development --- p.11 / Chapter 4.1. --- Equity-based compensation around the world --- p.11 / Chapter 4.2. --- Regulations of equity-based compensation in China --- p.12 / Chapter 5 --- Hypothesis --- p.13 / Chapter 6 --- Methodology --- p.16 / Chapter 6.1. --- Equity-based compensation in the company --- p.16 / Chapter 6.2. --- Ownership concentration and characteristics --- p.16 / Chapter 6.3. --- Legal framework --- p.17 / Chapter 6.4. --- Ownership Nature --- p.17 / Chapter 6.5. --- Board of directors’ characteristics --- p.17 / Chapter 6.6. --- Operating performance --- p.18 / Chapter 6.7. --- Industry sectors --- p.18 / Chapter 6.8. --- Equity-based compensation scheme characteristics --- p.19 / Chapter 6.9. --- Logistic model --- p.19 / Chapter 6.10. --- Event study approach --- p.21 / Chapter 7 --- Data --- p.24 / Chapter 7.1. --- Sources of Data --- p.24 / Chapter 7.2. --- Equity-based compensation and firm characteristics --- p.24 / Chapter 8 --- Empirical Results --- p.25 / Chapter 8.1. --- Factors that drive companies to implement equity-based compensation . --- p.26 / Chapter 8.1.1. --- Univariate test --- p.26 / Chapter 8.1.2. --- Logistic model --- p.26 / Chapter 8.2. --- Short-term market response --- p.27 / Chapter 8.2.1. --- Event study --- p.27 / Chapter 8.2.2. --- Univariate test --- p.28 / Chapter 8.2.3. --- Multivate OLS regressions --- p.29 / Chapter 9 --- Conclusions --- p.30 / References --- p.31 / Chapter Table 1 --- Number of equity-based compensation schemes announced by each firm in the sample period --- p.33 / Chapter Table 2 --- By year, number of firms with equity-based compensation schemes announcement in restricted share and option --- p.33 / Chapter Table 3 --- Sector distribution for equity-based compensation announced firms --- p.33 / Chapter Table 4 --- Share of restricted share or option in the equity-based compensation scheme by each group --- p.34 / Chapter Table 5 --- Descriptive statistics for firm characteristics --- p.35 / Chapter Table 6 --- Univariate test --- p.37 / Chapter Table 7 --- Logistic Model --- p.38 / Chapter Table 8 --- Cumulative abnormal returns for an event study of implementation of equity-based compensation announcements --- p.40 / Chapter Table 9 --- Abnormal returns for an event study of implementation of equity-based compensation announcements --- p.40 / Chapter Table 10 --- Descriptive statistics for firm characteristics and mean comparison of CAR between below median/ "0" group and above median/ " 1" group using t-test --- p.41 / Chapter Table 11 --- OLS regression --- p.43
| Identifer | oai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_328129 |
| Date | January 2013 |
| Contributors | Ko, Ka Yin., Chinese University of Hong Kong Graduate School. Division of Economics. |
| Source Sets | The Chinese University of Hong Kong |
| Language | English, Chinese |
| Detected Language | English |
| Type | Text, bibliography |
| Format | electronic resource, electronic resource, remote, 1 online resource (46 leaves) |
| Coverage | China, China, China, China |
| Rights | Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
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