4.1.1确定研究事件、事件日、窗口期..........................19
4.1.2计算超额收益率及累计超额收益率........................19
4.2分析结果与结论..............................................21
第五章北方华创股权激励的中长期财务绩效分析 ...................... 22
5.1中长期财务绩效的计算........................................22
5.1.1熵权法................................................22
5.1.2指标选取..............................................23
5.2财务绩效评价过程............................................23
5.3财务绩效评价结果............................................24
第六章北方华创创新能力的同业比较及股权激励效果分析............... 28
6.1 DEA模型...................................................28
6.1.1数据来源与变量选取....................................28
6.1.2 DEA模型分析..........................................29
6.1.3 DEA模型分析结果......................................30
6.2 DEA-Malmquist指数法........................................30
6.2.1全要素生产率的含义....................................30
6.2.2 Malmquist指数方法的数理推导..........................30
6.2.3指标的选取及TFP的计算................................31
6.3对计算结果的分析............................................32
第七章结论与不足 ................................................ 35
7.1研究结论....................................................35
7.2对同行业公司的启示..........................................36
7.3本文的不足与后续研究........................................36
参考文献......................................................... 37
致谢........................................................... 40

摘要
本文对北方华创公司2018年3月发布股权激励计划后对企业绩效产生了何
种影响进行案例分析，主要分为短期市场绩效分析、中长期财务绩效分析、以及
创新能力分析。本文对与股权激励及经营绩效相关的理论与文献进行了整理，然
后对北方华创的经营情况，激励目的与方案进行了介绍。然后通过事件研究法对
北方华创的短期市场表现进行分析，通过熵权法并结合北方华创的财务指标对其
财务绩效进行分析，采用DEA模型以及DEA-Malmquist指数法对北方华创的创新
能力进行分析，然后根据实证结果分析北方华创股权激励计划发布前后对其经营
状况和创新研发能力的影响，总结出北方华创股权激励对其发展的总体影响，并
给出事件启示与研究结论。
通过本文的研究得出如下结论与启示：结论为北方华创股权激励计划短期内
对其股价产生了积极的影响，在股权激励计划发布之后的 10天内取得了非常显
著的超额收益，说明市场对北方华创针对核心技术人员的股权激励计划是认可的；
运用熵权法对北方华创中长期财务绩效分析发现在股权激励发布后的 2018年至
2020年，北方华创的综合财务绩效得分与 2016和 2017年相比有较大的提高，
反映了北方华创的股权激励对其财务绩效起到了正向的效果；运用DEA指数法分
析的结果显示，相对行业可比公司北方华创的TFP值以及技术进步指数都大于1
且高于行业平均水平，并且北方华创在发布股权激励计划之后其TFP值是逐步上
升的，说明股权激励计划发布之后，取得了较大的技术进步，生产效率也有所提
高。
关键词：股权激励；绩效分析；DEA-Malmquist
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Abstract
This article analyzes the case analysis of the impact of North China's equity
incentive plan on corporate performance after the release of the equity incentive plan
in March 2018. It is mainly divided into short-term market performance analysis, mid-
to long-term financial performance analysis, and innovation capability analysis. This
article sorts out the theories and literature related to equity incentives and operating
performance, and then introduces the operating conditions, incentive goals and plans of
Northern China. Then use the event research method to analyze the short-term market
performance of Northern Huachuang, use the entropy method and combine with
Northern Huachuang’s financial indicators to analyze its financial performance, and use
the DEA model and the DEA-Malmquist index method to innovate on Northern
Huachuang. Analyze the capabilities, and then analyze the impact of North China's
equity incentive plan before and after its release on its operating conditions and
innovation and R&D capabilities based on the empirical results, summarize the overall
impact of North China's equity incentives on its development, and give event
inspiration and research conclusion . Through the research of this article, the following
conclusions and enlightenment are drawn: The conclusion is that the equity incentive
plan of Northern Huachuang has a positive impact on its stock price in the short term,
indicating that the market recognizes Northern Huachuang’s equity incentive plan for
core technical personnel; the use of entropy According to the analysis of the mid-to-
long-term financial performance of North Huachuang by the law of equity, from 2018
to 2020 after the issuance of equity incentives, the comprehensive financial
performance score of North Huachuang has been greatly improved compared with 2016
and 2017, reflecting the The equity incentive of the company has a positive effect on
its financial performance; the results of the analysis using the DEA index method show
that the TFP value and technological progress index of the comparable company in the
industry are greater than 1 and higher than the industry average, indicating that the
equity incentive After the release of the plan, Northern Huachuang has made greater
technological progress and production efficiency has also improved.
Key Words：Equity incentives; Performance analysis; DEA-Malmquist
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