本文選題：股權激勵 + 風險識別��； 參考：《華中科技大學》2013年碩士論文

【摘要】：在兩權分離條件下，股權激勵是解決委托代理問題的需要。由于行權條件低、業(yè)績考核不嚴等問題，使股權激勵蘊藏較大風險。如何做好風險識別、評估和控制，以達到激勵目的，對我國企業(yè)具有重要意義。 本文研究的伊利股份，是在股權分置改革完成的條件下，第一批推出股權激勵方案并實施的公司，在股權激勵制度和法規(guī)不太健全的前提下，方案推出和實施的過程中飽受爭議。通過對伊利股份的股權激勵方案做出風險識別、風險評估和風險控制分析，希望對其它公司也有借鑒作用，從而有效促進上市公司股權激勵方案制定和實施。首先，本文介紹了股權激勵在我國的發(fā)展沿革，包括相關法規(guī)的配套和完善對股權激勵的影響，闡明了選題背景、選題意義。其次，介紹股權激勵制度和風險控制相關的理論基礎，包括委托-代理理論、激勵理論和內部控制人論；對股權激勵制度相關的國內外經濟學和管理學的基本理論進行了綜述，為論文的研究奠定了理論基礎。接著，采用案例分析法，以伊利股份為對象，分析了伊利股份的股權激勵方案的特點和風險識別。然后，從系統性風險和非系統性風險，對伊利股份的股權激勵方案做出風險評估。最后，介紹了股權激勵的風險影響，包括系統性風險和非系統性風險，闡述了股權激勵方案制訂和實施過程中，需要從政策風險、規(guī)范證券市場、規(guī)范經理人市場、完善稅收制度、規(guī)范公司治理、完善薪酬體系建設、股權激勵方案設計、實施控制和績效約束等方面，綜合做好股權激勵的風險控制，進而有效激勵經理人，達到股東、經理人和投資者的多贏。
[Abstract]:Under the condition of separation of two rights, equity incentive is the need to solve the principal-agent problem. Due to low exercise conditions, performance evaluation and other issues, equity incentives contain greater risks. How to identify, evaluate and control the risk in order to achieve the purpose of motivation is of great significance to Chinese enterprises. The Yili shares studied in this paper, under the condition of the completion of the reform of the split share structure, are the first companies to launch and implement the equity incentive scheme, under the premise that the equity incentive system and regulations are not perfect. The process of launching and implementing the program was controversial. Through risk identification, risk assessment and risk control analysis of the equity incentive scheme of Yili shares, it is hoped that it can be used for reference by other companies so as to effectively promote the formulation and implementation of equity incentive schemes of listed companies. First of all, this paper introduces the development of equity incentive in China, including the relevant laws and regulations and the impact of perfection on equity incentive, clarify the background of the topic, the significance of the topic. Secondly, it introduces the theoretical basis of equity incentive system and risk control, including principal-agent theory, incentive theory and internal control theory, and summarizes the basic theories of economics and management related to equity incentive system at home and abroad. It lays a theoretical foundation for the research of this paper. Then, the paper analyzes the characteristics and risk identification of the equity incentive scheme of Yili shares by case analysis. Then, from systemic risk and non-systemic risk, the equity incentive scheme of Yili shares is evaluated. Finally, the paper introduces the risk impact of equity incentive, including systemic risk and non-systematic risk, and expounds the need to standardize the security market and manager market in the process of formulating and implementing the equity incentive scheme. Perfecting tax system, standardizing corporate governance, perfecting salary system construction, designing equity incentive scheme, implementing control and performance restriction, and so on, comprehensively doing well the risk control of equity incentive, and then effectively motivating managers, reaching shareholders, etc. Multiple wins by managers and investors.
【學位授予單位】：華中科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F426.82

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本文編號：1829313