【摘要】：繼2005年股權(quán)分置改革之后,一系列旨在規(guī)范我國(guó)上市公司股權(quán)激勵(lì)的法規(guī)政策陸續(xù)出臺(tái),截至2008年底實(shí)施股權(quán)激勵(lì)所需的政策環(huán)境已相對(duì)完善。在此背景下,2009年以來(lái)上市公司對(duì)這種新型薪酬激勵(lì)制度表現(xiàn)出了極大熱情,股權(quán)激勵(lì)在我國(guó)A股上市公司中迎來(lái)了實(shí)施高潮,也逐漸體現(xiàn)出與以往不同的特點(diǎn)。 在這種背景下,本文意圖通過(guò)對(duì)2009-2011年間公告股權(quán)激勵(lì)預(yù)案的A股上市公司及其計(jì)劃草案進(jìn)行分析研究,提煉股權(quán)激勵(lì)在我國(guó)呈現(xiàn)出的新特點(diǎn),著重考察激勵(lì)計(jì)劃的設(shè)計(jì)情況及其激勵(lì)效果,以幫助上市公司對(duì)股權(quán)激勵(lì)形成客觀全面的認(rèn)識(shí)。此外,本文希望通過(guò)構(gòu)建激勵(lì)要素與公司績(jī)效之間的回歸關(guān)系,分析各要素對(duì)激勵(lì)效果的影響,指出在設(shè)計(jì)激勵(lì)要素時(shí)應(yīng)注意的問(wèn)題,為我國(guó)企業(yè)設(shè)計(jì)或者完善股權(quán)激勵(lì)方案提供參考,以求能夠最大限度的發(fā)揮股權(quán)激勵(lì)的激勵(lì)效果。在這種思路的指導(dǎo)下,本文研究將分六部分展開(kāi)： 第一部分,緒論。主要介紹研究背景及意義,回顧國(guó)內(nèi)外相關(guān)文獻(xiàn)并進(jìn)行評(píng)價(jià),其中國(guó)內(nèi)文獻(xiàn)的整理與研究從股權(quán)激勵(lì)在我國(guó)的應(yīng)用情況和與公司績(jī)效關(guān)系兩個(gè)方面展開(kāi),由于股權(quán)激勵(lì)在國(guó)外的實(shí)施現(xiàn)狀不屬于本文研究范疇,因此將對(duì)國(guó)外文獻(xiàn)的研究重點(diǎn)放在與股權(quán)激勵(lì)與公司績(jī)效的關(guān)系相關(guān)的經(jīng)典文獻(xiàn)上,目的在于幫助我國(guó)企業(yè)對(duì)實(shí)施股權(quán)激勵(lì)的可能效果形成清醒認(rèn)識(shí)。然后提出本文的研究思路與框架,最后指出本文的創(chuàng)新之處。 第二部分,股權(quán)激勵(lì)的相關(guān)理論綜述。闡述股權(quán)激勵(lì)的相關(guān)概念及其理論基礎(chǔ),介紹股權(quán)激勵(lì)方案的基本要素(激勵(lì)模式、激勵(lì)對(duì)象、激勵(lì)規(guī)模、行權(quán)／授予條件、行權(quán)／授予價(jià)格等)。 第三部分,我國(guó)上市公司股權(quán)激勵(lì)的實(shí)施現(xiàn)狀分析。這部分內(nèi)容包括兩個(gè)方面：政策背景分析、實(shí)施現(xiàn)狀分析。制度背景分析我國(guó)企業(yè)實(shí)施股權(quán)激勵(lì)所處的宏觀制度環(huán)境。實(shí)施現(xiàn)狀分析從兩個(gè)方面展開(kāi)：整體概況以及方案設(shè)計(jì)情況。 第四部分,我國(guó)上市公司股權(quán)激勵(lì)效果分析。包括縱向趨勢(shì)分析和實(shí)證分析。 第五部分,公司績(jī)效與激勵(lì)要素的關(guān)系分析。主要從四個(gè)方面展開(kāi)：激勵(lì)比例、有效期、激勵(lì)方式、行權(quán)／授予價(jià)格。 第六部分,研究結(jié)論、改進(jìn)建議以及本文的不足。對(duì)文章研究?jī)?nèi)容做簡(jiǎn)要總結(jié),并針對(duì)研究過(guò)程中發(fā)現(xiàn)的問(wèn)題提出改進(jìn)建議,最后指出文章的不足之處。
[Abstract]:After the reform of split share structure in 2005, a series of regulations and policies aimed at standardizing equity incentive of listed companies have been issued one after another. By the end of 2008, the policy environment required for the implementation of equity incentive has been relatively perfect. In this context, the listed companies have shown great enthusiasm for this new salary incentive system since 2009, the equity incentive has ushered in a climax in the implementation of A-share listed companies, but also gradually reflect different characteristics from the past. In this context, this paper intends to refine the new characteristics of equity incentive in China through the analysis and study of the A-share listed companies and their draft plans, which are announced in 2009-2011. In order to help the listed companies to form an objective and comprehensive understanding of equity incentive, the design of incentive plan and its incentive effect are emphatically investigated. In addition, this paper hopes to construct the regression relationship between incentive factors and corporate performance, analyze the influence of each element on incentive effect, and point out the problems that should be paid attention to when designing incentive elements. It provides a reference for Chinese enterprises to design or perfect the equity incentive scheme in order to maximize the incentive effect of equity incentive. Under the guidance of this train of thought, this paper will be divided into six parts: the first part, introduction. This paper mainly introduces the background and significance of the research, reviews and evaluates the relevant literature at home and abroad, in which the domestic literature collates and studies from two aspects: the application of equity incentive in China and the relationship between equity incentive and corporate performance. As the implementation of equity incentive in foreign countries does not belong to the scope of this study, so the focus of the study of foreign literature on the relationship between equity incentives and corporate performance on the classical literature. The purpose is to help Chinese enterprises to form a clear understanding of the possible effects of equity incentive. Then put forward the research ideas and framework of this paper, and finally point out the innovation of this paper. The second part, the related theory summary of equity incentive. This paper expounds the related concepts and theoretical basis of equity incentive, and introduces the basic elements of equity incentive scheme (incentive mode, incentive object, incentive scale, exercise / grant condition, exercise / grant price, etc.). The third part, the present situation analysis of the stock right incentive of listed companies in our country. This part includes two aspects: policy background analysis, implementation status analysis. Institutional background Analysis of the macro institutional environment in which Chinese enterprises implement equity incentives. Implementation status analysis from two aspects: the overall situation and project design. The fourth part, the stock right incentive effect analysis of our country listed company. Including vertical trend analysis and empirical analysis. The fifth part analyzes the relationship between corporate performance and incentive factors. Mainly from four aspects: incentive ratio, validity period, incentive mode, exercise / grant price. The sixth part, the research conclusion, the improvement suggestion and the insufficiency of this paper. This paper briefly summarizes the research contents, and puts forward some suggestions to improve the problems found in the research process. Finally, it points out the shortcomings of the article.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F272.92;F832.51

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