| 基于高科技行业的管理层股权激励与企业价值关系的实证研究 |
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| 引用本文： | 孙乐超.基于高科技行业的管理层股权激励与企业价值关系的实证研究[J].财务与金融,2013(4):24-28. |
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| 作者姓名： | 孙乐超 |
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| 作者单位： | 华东交通大学 |
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| 摘 要： | 论文运用面板数据的多元统计分析方法对沪深两市高科技行业上市公司的管理层股权激励和企业价值的关系进行实证研究，结果发现：企业价值与管理层股权激励比例、经营活动现金流量／总资产、息税前利润／总资产正相关，与企业规模、资产负债率、国有股比例负相关。并根据研究结果提出了相关建议。
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| 关 键 词： | 管理层 股权激励 经营活动现金净流量 企业价值 |
Empirical Study of Management Equity Incentive and Enterprise Value based on High-tech Industry |
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| SUN Le-chao.Empirical Study of Management Equity Incentive and Enterprise Value based on High-tech Industry[J].Accounting and Finance,2013(4):24-28. |
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| Authors: | SUN Le-chao |
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| Institution: | SUN Le-chao School of Economics and Management, East China Jiaotong University, Nanchang 330013 |
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| Abstract: | This paper conducted empirical study to analyze the management equity incentive and enterprise value of Shanghai and Shenzhen listed high-tech companies through using the panel data of multivariate statistics method. The results showed that： enterprise value and management incentive percentage, cash flow/ total asset, profit before tax/ total asset are positively related, while enterprise scale, asset-liability ratio and state-owned stock percentage are negatively related. Finally, this paper provided related suggestions in accordance with the research result. |
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| Keywords: | Management Equity Incentive Net Cash Flow Enterprise Value |
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