【摘要】：自中國加入WTO以來，上市公司面臨著越來越激烈的競爭，為了能在激烈競爭中取勝，股票期權(quán)計劃成為深受上市公司親睞的長期激勵方式之一。 本文在以往學(xué)者和專家對股票期權(quán)計劃相關(guān)理論和實施效果的研究基礎(chǔ)上，結(jié)合已經(jīng)實施股票期權(quán)計劃的上市公司的實踐，主要采用案例研究方法并結(jié)合文獻研究方法、對比分析方法等其他方法，，選取了北京雙鷺?biāo)帢I(yè)股份有限公司作為研究對象，深入分析雙鷺?biāo)帢I(yè)的股票期權(quán)計劃的激勵性和有效性，包括計劃實施的內(nèi)外部環(huán)境對計劃激勵性和有效性的影響、計劃本身的激勵性和有效性以及計劃實施的效果。通過研究，得出股票期權(quán)計劃發(fā)揮激勵作用的成功原因取決于計劃實施的內(nèi)外部環(huán)境、計劃本身的激勵性和有效性以及上市公司高管層的努力程度。建議從完善計劃本身和內(nèi)外部治理環(huán)境三個方面進行改進股票期權(quán)計劃。 本文的研究成果和創(chuàng)見：一是采用案例研究的方法對我國上市公司股票期權(quán)計劃的激勵性和有效性進行探索；二是采用了2002-2012年的數(shù)據(jù)進行研究，可信度更高；三是在案例分析之前，提出了案例分析的標(biāo)準(zhǔn)和方法，以及案例的分析框架；四是結(jié)合本文研究目的和研究方法，給出了測度激勵性和有效性的指標(biāo)；五是在股票期權(quán)計劃實施前后業(yè)績指標(biāo)對比時，用大量的圖表對數(shù)據(jù)進行了分析，論證充分；六是全面地提出了股票期權(quán)計劃相關(guān)環(huán)境建設(shè)的建議，有利于今后股票期權(quán)計劃的進一步推廣。
[Abstract]:Since China's entry into WTO, the listed companies are facing more and more fierce competition. In order to win in the fierce competition, the stock option plan has become one of the long-term incentive methods favored by the listed companies. Based on the previous research on the theory and effect of stock option plan, this paper combines the practice of listed companies that have implemented the stock option plan, mainly adopts the case study method and the literature research method. By comparing and analyzing other methods, Beijing Shuanglu Pharmaceutical Co., Ltd. is selected as the research object to analyze the incentive and effectiveness of the stock option plan of Shuanglu Pharmaceutical Co., Ltd. It includes the impact of the internal and external environment of the plan implementation on the incentive and effectiveness of the plan, the incentive and effectiveness of the plan itself and the effect of the implementation of the plan. Through the research, it is concluded that the successful reasons for the stock option plan to play an incentive role depend on the internal and external environment of the implementation of the plan, the incentive and effectiveness of the plan itself and the level of effort of the executives of the listed company. It is suggested that the stock option plan should be improved from three aspects: perfecting the plan itself and improving the internal and external governance environment. The research results and ideas of this paper are as follows: first, using the method of case study to explore the incentive and effectiveness of the stock option plan of listed companies in China; second, using the data from 2002 to 2012 to study, the credibility is higher; The third is to put forward the standard and method of case analysis and the frame of case analysis before the case analysis, the fourth is to give the index to measure incentive and validity according to the purpose and method of this paper. Fifth, when the performance index is compared before and after the implementation of the stock option plan, a large number of charts are used to analyze the data. Sixthly, the paper puts forward some suggestions on the environment construction of stock option plan, which is beneficial to the further promotion of stock option plan in the future.
【學(xué)位授予單位】：蘇州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51;F426.72

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