本文選題：昆藥集團 + 股權激勵　； 參考：《蘭州財經大學》2017年碩士論文

【摘要】：如何降低代理成本一直是學術界和實務界所關注的話題,股權激勵作為一種通過授予激勵對象股票和期權的方式,來使企業(yè)所有者和激勵對象擁有統一利益目標以降低代理成本的手段。股權激勵自上世紀從美國首次出現后迅速被西方國家企業(yè)所采用并不斷的發(fā)展完善,國內企業(yè)進行股權激勵嘗試起步相對較晚,但發(fā)展較為迅速。醫(yī)藥行業(yè)上市公司作為我國股權激勵初始嘗試階段的主力軍,其股權激勵方案設計具有一定的代表性。我國醫(yī)藥行業(yè)所進行大量的股權激勵嘗試中以限制性股票的形式居多,但由于其方案設計大多同質化嚴重并未根據各公司實際情況所設計實施,導致最終效果良莠不齊。華立集團旗下的昆藥集團和健民集團也先后嘗試了股權激勵,其方案設計采用當時國內獨有的滾動式限制性股票激勵模式,獨特的方案設計和積極的實施效果引起理論界和實務界的關注。文章以昆藥集團為研究對象,首先對其整體概況進行介紹并分析昆藥集團實施股權激勵的動因,然后對昆藥集團進行的兩次滾動式股權激勵方案設計和實施情況進行詳細的分析,最后從實施滾動式股權激勵后公司市場業(yè)績、財務指標和非財務指標變化情況來全面分析實施效果。最終得出以下結論:昆藥集團滾動式股權激勵方案設計改變以往的限制性股票事先約定授予數量的方式改由依據考核年度考核指標完成情況來確定并且充分考慮了外部市場變動所帶來的影響。通過研究這種設計獨特的股權激勵方案實施效果發(fā)現,昆藥集團滾動式股權激勵效果相較于其他實施股權激勵上市公司更加明顯,對公司發(fā)展起到了明顯的積極推動作用。文章研究認為昆藥集團的滾動式股權激勵對于豐富和完善我國股權激勵方案的設計實施具有重要的借鑒價值,其研究有利于推動股權激勵在我國發(fā)展。
[Abstract]:How to reduce agency cost has always been a topic of concern in academic and practical circles. Equity incentive is a way of granting stock and option to incentive object.To enable business owners and incentive objects to have a unified interest goal to reduce agency costs.Since the first emergence of equity incentive from the United States in the last century, it has been adopted and continuously developed by western enterprises. Domestic enterprises have started relatively late to try equity incentive, but the development has been relatively rapid.The listed companies in pharmaceutical industry are the main force in the initial stage of equity incentive in China, and the design of equity incentive schemes is representative.In a large number of equity incentive attempts in the pharmaceutical industry of our country, the form of restricted stock is the majority, but because most of its scheme design is homogenized seriously, it has not been designed and implemented according to the actual situation of each company, which leads to the mixed final effect.The Kun Pharmaceutical Group and Jianmin Group, owned by Huali Group, have also tried equity incentive successively, and their schemes are designed to adopt the rolling restrictive stock incentive mode, which was unique to China at that time.The unique scheme design and the positive implementation effect have attracted the attention of the theoretical and practical circles.This paper takes Kun Pharmaceutical Group as the research object, firstly introduces its overall situation and analyzes the motivation of the implementation of equity incentive in Kunming Pharmaceutical Group.Then the design and implementation of the two rolling equity incentive schemes carried out by Kunming Pharmaceutical Group are analyzed in detail. Finally, the market performance of the company after the implementation of rolling equity incentive is analyzed in detail.Financial indicators and non-financial indicators change to analyze the overall implementation effect.Finally, the following conclusions are drawn: the design of rolling equity incentive scheme of Kunming Pharmaceutical Group changed the way that the number of restricted stocks was agreed in advance to be determined and fully considered according to the completion of the annual assessment index.The impact of changes in external markets.It is found that the rolling equity incentive effect of Kunming Pharmaceutical Group is more obvious than that of other listed companies, which plays a significant role in promoting the development of the company.This paper holds that the rolling equity incentive of Kunming Pharmaceutical Group has important reference value for enriching and perfecting the design and implementation of equity incentive scheme in China, and its research is helpful to promote the development of equity incentive in China.
【學位授予單位】：蘭州財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F272.92;F426.72

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