本文選題：A公司　切入點：股權激勵　出處：《北方工業(yè)大學》2017年碩士論文

【摘要】：隨著中國資本市場的發(fā)展,以及企業(yè)擴張加速,企業(yè)對專業(yè)管理者的需求越來越多,逐漸出現管理者派駐或雇傭專業(yè)經理人,企業(yè)所有權與經營權分離。為降低代理成本,防止管理者損害股東利益,許多公司采用股權激勵。股權激勵經過美國等國家優(yōu)秀企業(yè)的實踐推廣,在全球得以應用。我國股權激勵機制的引入較晚,在2005年頒布的《上市公司股權激勵管理辦法(試行)》,標志著股權激勵正式進入我國。2016年8月13日實施的《上市公司股權激勵管理辦法》對我國上市公司的股權激勵實踐發(fā)揮指導意義。本文對股權激勵及其相關理論進行闡述,采用對比分析和案例分析相結合的方法,對A公司股權激勵實施效果從財務維度、經營維度和競爭維度三個方面進行了分析和評價。通過對A公司實施股權激勵前后在盈利、償債、營運以及研發(fā)等方面的分析,發(fā)現A公司實施股權激勵后,其經營業(yè)績相比之前確有提高。將A公司與行業(yè)平均值橫向對比分析,發(fā)現A公司的經營業(yè)績在實施股權激勵機制階段明顯比行業(yè)均值要好。在對比其他實施股權激勵醫(yī)藥企業(yè)的經營業(yè)績后,發(fā)現A公司在盈利等方面略低于這些企業(yè)的平均值,這表明股權激勵對A公司管理層和特定員工的激勵效果相比這些企業(yè)可能略低。對A公司股權激勵實施效果進行分析和評價后,發(fā)現盡管在盈利、營運、研發(fā)投入和產出等方面取得了一定效果,但其在激勵對象選擇和業(yè)績考核指標方面表現出某種高管福利傾向。針對影響A公司股權激勵實施效果的原因進行深入分析,本文認為如果A公司股權激勵方案中設置更長的有效期、將研發(fā)人員納入激勵對象、合理設置業(yè)績考核標準等,可能會取得更為顯著的激勵效果。
[Abstract]:With the development of Chinese capital market and the acceleration of enterprise expansion, the demand for professional managers is increasing. In order to prevent managers from harming the interests of shareholders, many companies adopt equity incentive, which has been applied in the world through the practice of excellent enterprises in the United States and other countries. In 2005, the "measures on Stock incentive Management of listed companies" (for trial implementation) marked the formal entry of equity incentives into China. The "measures on Stock incentive Management of listed companies", which was implemented on August 13, 2016, stimulated the equity of listed companies in China. Incentive practice plays a guiding role. This paper expounds the equity incentive and its related theory. By using the method of comparative analysis and case analysis, this paper analyzes and evaluates the effect of equity incentive in company A from three aspects: financial dimension, management dimension and competition dimension. Through the analysis of debt service, operation and research and development, it is found that after company A has implemented equity incentive, its operating performance has indeed improved compared with that before. It is found that the operating performance of Company A is obviously better than that of the industry average in the stage of implementing the equity incentive mechanism. After comparing the operating performance of other pharmaceutical enterprises with equity incentive, it is found that Company A is slightly lower than the average of these enterprises in terms of profit, etc. This indicates that the incentive effect of equity incentive to management and specific employees of company A may be slightly lower than that of these enterprises. After analyzing and evaluating the effect of equity incentive implementation in company A. R & D input and output have achieved some results, but they have shown some executive welfare tendency in incentive object selection and performance evaluation index. The reasons that affect the effect of equity incentive implementation in company A are analyzed in depth. This paper holds that if the equity incentive scheme of Company A has a longer period of validity, the R & D staff will be included in the incentive object, and the performance appraisal standard can be set reasonably, which may result in more significant incentive effect.
【學位授予單位】：北方工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F272.92;F426.72

【參考文獻】

相關期刊論文 前10條

1 陳健;劉益平;邱強;;股權激勵與高管離職——基于上市公司的經驗數據[J];現代財經(天津財經大學學報);2017年03期

2 田存志;鄭江龍;;股權激勵制度福利化的綜合評價與實證檢驗[J];統(tǒng)計與決策;2016年21期

3 楊春麗;趙瑩;;新技術企業(yè)股權激勵績效評價體系構建研究[J];學習與實踐;2016年08期

4 楊春麗;王西;;高新技術企業(yè)股權激勵績效評價研究[J];河南社會科學;2016年08期

5 毛劍峰;李志雄;;管理層股權激勵、研發(fā)支出與企業(yè)績效的關系研究[J];統(tǒng)計與決策;2016年09期

6 李恩平;李嬌;;高科技企業(yè)科技人才股權激勵的主要形式及特征分析[J];經濟體制改革;2016年02期

7 于雅萍;姜英兵;;股權激勵能夠提升企業(yè)的自主創(chuàng)新能力嗎——以大華股份為例[J];會計之友;2016年05期

8 翟勝寶;陳紫薇;;高管股權激勵與企業(yè)創(chuàng)新[J];北京工商大學學報(社會科學版);2016年01期

9 賈生華;陳文強;;國有控股、市場競爭與股權激勵效應——基于傾向得分匹配法的實證研究[J];浙江大學學報(人文社會科學版);2015年05期

10 徐一民;王巧義;楊國莉;;我國上市公司股權激勵設計研究[J];西南金融;2015年06期

，

本文編號：1667750