發(fā)布時間：2018-03-19 05:16

  本文選題：股權激勵　切入點：限制性股票　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：股權激勵是長期激勵的一種重要方式,它能夠在一定程度上緩解公司所有者和管理者之間的矛盾,降低代理成本,并能使管理者更加注重本公司長期的發(fā)展情況,減少短視行為。股權激勵已被西方發(fā)達國家的很多企業(yè)運用并取得了良好的效果。我國企業(yè)涉及股權激勵較晚,2006年我國的股權激勵制度進入規(guī)范化的進程,此后實施股權激勵的公司數(shù)目迅速增長,2014年披露股權激勵計劃的上市公司已多達154家,與股權激勵相關的內(nèi)容也越來越受到國內(nèi)外學者的重視。但是,當前的研究大多是實證分析,案例分析相對較少。因此,本文為了彌補股權激勵案例分析的不足,選擇W公司作為對象進行研究。W公司是我國軟件行業(yè)的標桿企業(yè),同時也是我國率先完成股權激勵的上市公司之一,對W公司進行案例研究,能夠給上市公司實施股權激勵提供一些可供參考的經(jīng)驗。通過理論與案例分析,本文得出如下結論:W公司實施股權激勵后,取得了一定的效果。W公司的經(jīng)營業(yè)績得到顯著增長;穩(wěn)定并吸引了人才、提高了員工的水平。但是W公司股權激勵計劃也有缺陷,業(yè)績考核指標比較簡單、考核期限較短、靜態(tài)考核指標不具有代表性。筆者分析了股權激勵方案存在問題的原因,是由于民企實施股權激勵的限制少、缺乏相關的法律環(huán)境和監(jiān)督約束以及在選擇股權激勵方式上普遍創(chuàng)新不足。最后,筆者建議提高W公司股權激勵方案設計的科學性,同時完善W公司內(nèi)部制度環(huán)境。本文的創(chuàng)新點在于:第一,本文在案例分析的對象選擇上具有特殊性。W公司的企業(yè)性質(zhì)在2011年由國企轉(zhuǎn)變成民企,因此,兩次股權激勵方案處于不同的公司治理環(huán)境,這對國企性質(zhì)、民企性質(zhì)的上市公司實施股權激勵都具有借鑒意義。第二,W公司兩期激勵計劃均采用了限制性股票模式,由于我國上市公司大都采用股票期權的股權激勵模式,選擇限制性股票的相對較少,因此本文豐富了限制性股票的案例研究。
[Abstract]:Equity incentive is an important way of long-term incentive, it can alleviate the contradiction between owner and manager to a certain extent, reduce agency cost, and make managers pay more attention to the long-term development of the company. Reducing short-sighted behavior. Equity incentive has been used by many enterprises in western developed countries and achieved good results. In 2006, the equity incentive system of our country entered the process of standardization. Since then, the number of companies implementing equity incentive has increased rapidly. In 2014, 154 listed companies have disclosed the stock incentive plan, and the contents related to equity incentive have been paid more and more attention to by scholars at home and abroad. Most of the current research is empirical analysis, case analysis is relatively few. Therefore, in order to make up for the lack of equity incentive case analysis, this paper chooses W company as the object of study. W company is the benchmark enterprise of software industry in China. At the same time, it is also one of the first listed companies in China to complete equity incentive. The case study of W company can provide some reference experience for listed companies to implement equity incentive. In this paper, we draw the following conclusions: after the implementation of equity incentive in W Company, some effects have been achieved. The operating performance of W Company has been significantly increased; it has stabilized and attracted talents and raised the level of employees. However, the equity incentive plan of W Company also has some defects. The performance appraisal index is simple, the examination period is short, the static appraisal index is not representative. Lack of relevant legal environment and supervision constraints, and lack of general innovation in the choice of equity incentive. Finally, the author proposes to improve the scientific design of W company equity incentive scheme. At the same time, improve the internal institutional environment of W Company. The innovation of this paper lies in: first, this paper has the particularity in the object selection of case analysis. The enterprise nature of W Company changed from state-owned enterprise to private enterprise in 2011, so, The two equity incentive schemes are in different corporate governance environment, which has reference significance for state-owned enterprises and private listed companies to implement equity incentive. Because most of the listed companies in our country adopt the stock right incentive mode of stock option and choose relatively few restricted stocks, this paper enriches the case study of restricted stock.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F49;F272.92

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