本文關(guān)鍵詞： 股權(quán)激勵(lì) 模式選擇 方案設(shè)計(jì)　出處：《河南工業(yè)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：在國際資本市場上，股權(quán)激勵(lì)是上市公司對管理層進(jìn)行長期激勵(lì)的有效機(jī)制。作為一個(gè)新興的證券市場，，股權(quán)激勵(lì)在我國的發(fā)展和運(yùn)用也是專家和學(xué)者比較關(guān)注的話題。股權(quán)激勵(lì)是隨著企業(yè)所有權(quán)和控制權(quán)分離，委托-代理成本的出現(xiàn)，而逐漸發(fā)展起來的一種創(chuàng)新性薪酬激勵(lì)制度。 股權(quán)激勵(lì)在國外已經(jīng)有了成熟的運(yùn)用，而我國的上市公司中運(yùn)用股權(quán)激勵(lì)的歷史較短。隨著我國股權(quán)分置改革的完成，2006年1月1日，中國證監(jiān)會(huì)頒布《上市公司股權(quán)激勵(lì)管理辦法（試行）》，2008年相繼發(fā)布了《股權(quán)激勵(lì)備忘錄1、2、3號(hào)》文件，我國上市公司也具備了進(jìn)行股權(quán)激勵(lì)的政策環(huán)境。而股權(quán)激勵(lì)方案的設(shè)計(jì)又是股權(quán)激勵(lì)能否成功實(shí)施的關(guān)鍵所在。 本文在對我國股權(quán)激勵(lì)制度的發(fā)展和運(yùn)用進(jìn)行總結(jié)回顧的基礎(chǔ)上，介紹了目前我國上市公司實(shí)施股權(quán)激勵(lì)的現(xiàn)狀。選擇了截止到2010年12月31日成功實(shí)施股權(quán)激勵(lì)的98家上市公司作為樣本，運(yùn)用比較分析法就不同模式的股權(quán)激勵(lì)進(jìn)行對比分析，并對現(xiàn)有股權(quán)激勵(lì)方案的各個(gè)要素進(jìn)行詳細(xì)的解析，其結(jié)果認(rèn)為：雖然股權(quán)激勵(lì)在我國有了很多嘗試，但是股權(quán)激勵(lì)的效果并沒有有效的發(fā)揮，股權(quán)激勵(lì)方案存在著模式選擇單一、業(yè)績考核指標(biāo)選擇不合理、有效期和等待期較短、行權(quán)價(jià)格偏低等問題。這就使得我國上市公司股權(quán)激勵(lì)的長期激勵(lì)性不足，容易引發(fā)管理層的短期行為。 最后，對股權(quán)激勵(lì)方案的設(shè)計(jì)的優(yōu)化提出了部分意見，以及為股權(quán)激勵(lì)建立一個(gè)有效的市場應(yīng)該采取的措施和建議。
[Abstract]:In the international capital market, equity incentive is an effective mechanism for listed companies to provide long-term incentive to the management. The development and application of equity incentive in China is also a topic of concern to experts and scholars. Equity incentive is the emergence of principal-agent cost with the separation of ownership and control. And gradually develop a kind of innovative salary incentive system. Equity incentive has been used in foreign countries, but the history of using equity incentive in listed companies in our country is short. With the completion of the reform of split share structure in our country, January 1st 2006. CSRC promulgated the measures on Stock incentive Management of listed companies (for trial implementation), and in 2008 issued the documents of "Equity incentive Memorandum No. 1 / 2" and "No.3" in succession. China's listed companies also have a policy environment for equity incentive, and the design of equity incentive scheme is the key to the successful implementation of equity incentive. This paper reviews the development and application of equity incentive system in China. This paper introduces the current situation of equity incentive of listed companies in China and selects 98 listed companies that have successfully implemented equity incentive until December 31st 2010 as a sample. Using comparative analysis of different modes of equity incentive to carry on a comparative analysis, and the existing equity incentive scheme of the various elements of the detailed analysis, the results show that: although equity incentive in China has a lot of attempts. However, the effect of equity incentive has not been played effectively. There is a single mode selection of equity incentive scheme, unreasonable performance evaluation index selection, short validity period and short waiting period. This makes the long-term incentive of the listed companies in our country insufficient, which easily leads to the short-term behavior of the management. Finally, some suggestions are put forward to optimize the design of equity incentive scheme, and some measures and suggestions should be taken to establish an effective market for equity incentive.
【學(xué)位授予單位】：河南工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F272.92;F832.51

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