HR公司股權(quán)激勵對公司業(yè)績的影響研究
發(fā)布時間：2018-12-20 05:40
【摘要】：股權(quán)激勵機制將企業(yè)高層的利益和公司的運作相結(jié)合,通過防范企業(yè)管理者短期經(jīng)營行為,使管理層對公司的前景和未來發(fā)展給予更多關(guān)注。這種激勵機制不僅有利于規(guī)范企業(yè)管理者的經(jīng)營理念,又有利于企業(yè)的有序運作。因此股權(quán)激勵被認(rèn)為是緩解上市企業(yè)委托代理困擾的有效方法和推動企業(yè)業(yè)績增長的經(jīng)營策略。上世紀(jì)中后期,股權(quán)激勵機制被西方發(fā)達(dá)國家多數(shù)企業(yè)用于解決股權(quán)分配和公司管理方面所遇到的瓶頸,并取得顯著效果。股權(quán)激勵在我國20世紀(jì)90年代初才被一部分企業(yè)有所涉及,直到2006年證監(jiān)會頒布了《上市企業(yè)股權(quán)激勵管理條例》,通過一定時間的示范實行取得不錯的效果后,股權(quán)激勵制度的發(fā)展在我國才漸漸形成。如何借鑒西方國家在這方面的成功經(jīng)驗,把股權(quán)激勵機制的基本原理運用到提升我國企業(yè)財務(wù)業(yè)績中,明確企業(yè)擁有者與經(jīng)營者職能,建立健全企業(yè)激勵體系是企業(yè)管理者在關(guān)注企業(yè)競爭與成長的道路上所考慮的重點。在家電行業(yè)中,HR公司憑借它自身管理機制的優(yōu)越性和技術(shù)的先進(jìn)性在這個領(lǐng)域中領(lǐng)先于其他公司,并抓住機遇率先完成股權(quán)激勵方案,大大提高了其經(jīng)營業(yè)績。所以通過對它的案例研究,可以豐富我國家電行業(yè)其他上市公司在股權(quán)激勵方面的實踐經(jīng)驗。通過演繹歸納的方法總結(jié)國內(nèi)外專家對股權(quán)激勵影響公司業(yè)績所持的觀點,運用案例分析法介紹HR公司的成長之路以及其管理的優(yōu)勢和存在的問題,引出HR公司實施股權(quán)激勵的動因,包括提高公司業(yè)績和緩解內(nèi)部人控制等問題；并在此基礎(chǔ)上對HR公司實施股權(quán)激勵前后的盈利能力、償債能力、發(fā)展能力和股價變動四個方面進(jìn)行對比來分析股權(quán)激勵對企業(yè)業(yè)績的影響；指出企業(yè)實施合理的股權(quán)激勵對企業(yè)財務(wù)業(yè)績有顯著的正向影響作用;根據(jù)案例企業(yè)股權(quán)激勵提升業(yè)績的成功之處和不足之處相應(yīng)提出合理化建議。
[Abstract]:The equity incentive mechanism combines the interests of the top management of the enterprise with the operation of the company, and makes the management pay more attention to the prospect and future development of the company by preventing the short-term management behavior of the enterprise manager. This incentive mechanism is not only conducive to standardizing the management concept of enterprise managers, but also conducive to the orderly operation of enterprises. Therefore, equity incentive is considered to be an effective method to alleviate the problem of principal-agent and the management strategy to promote the growth of enterprise performance. In the middle and late of last century, the equity incentive mechanism was used by most enterprises in western developed countries to solve the bottleneck of equity allocation and corporate management, and achieved remarkable results. Equity incentive was only involved by some enterprises in the early 1990s of the 20th century. Until 2006, the Securities Regulatory Commission promulgated the "regulations on Stock incentive Management of listed Enterprises", and achieved good results through a certain period of demonstration. The development of equity incentive system in China has gradually formed. How to use the successful experience of western countries for reference, apply the basic principle of equity incentive mechanism to improve the financial performance of Chinese enterprises, and clarify the functions of enterprise owners and managers. Establishing and perfecting enterprise incentive system is the focus of enterprise managers' attention to the competition and growth of enterprises. In the household appliance industry, HR company leads other companies in this field by virtue of its own management mechanism superiority and advanced technology, and seize the opportunity to take the lead to complete the equity incentive scheme, greatly improving its business performance. Therefore, through the case study, we can enrich the practical experience of other listed companies in China's household appliance industry in equity incentive. This paper summarizes the views of domestic and foreign experts on the influence of equity incentive on the performance of the company through deductive and inductive methods, and introduces the growth path and management advantages and problems of HR Company by using the case analysis method. Leads to the motivation of HR company to implement equity incentive, including improving the performance of the company and easing the insider control and other issues; On this basis, the paper compares the profitability, solvency, development ability and stock price change of HR company before and after equity incentive to analyze the impact of equity incentive on enterprise performance. It is pointed out that the implementation of reasonable equity incentive has a significant positive effect on the financial performance of the enterprise, and the rational suggestions are put forward according to the success and deficiency of the enterprise equity incentive to improve the performance.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F426.6;F272.92
[Abstract]:The equity incentive mechanism combines the interests of the top management of the enterprise with the operation of the company, and makes the management pay more attention to the prospect and future development of the company by preventing the short-term management behavior of the enterprise manager. This incentive mechanism is not only conducive to standardizing the management concept of enterprise managers, but also conducive to the orderly operation of enterprises. Therefore, equity incentive is considered to be an effective method to alleviate the problem of principal-agent and the management strategy to promote the growth of enterprise performance. In the middle and late of last century, the equity incentive mechanism was used by most enterprises in western developed countries to solve the bottleneck of equity allocation and corporate management, and achieved remarkable results. Equity incentive was only involved by some enterprises in the early 1990s of the 20th century. Until 2006, the Securities Regulatory Commission promulgated the "regulations on Stock incentive Management of listed Enterprises", and achieved good results through a certain period of demonstration. The development of equity incentive system in China has gradually formed. How to use the successful experience of western countries for reference, apply the basic principle of equity incentive mechanism to improve the financial performance of Chinese enterprises, and clarify the functions of enterprise owners and managers. Establishing and perfecting enterprise incentive system is the focus of enterprise managers' attention to the competition and growth of enterprises. In the household appliance industry, HR company leads other companies in this field by virtue of its own management mechanism superiority and advanced technology, and seize the opportunity to take the lead to complete the equity incentive scheme, greatly improving its business performance. Therefore, through the case study, we can enrich the practical experience of other listed companies in China's household appliance industry in equity incentive. This paper summarizes the views of domestic and foreign experts on the influence of equity incentive on the performance of the company through deductive and inductive methods, and introduces the growth path and management advantages and problems of HR Company by using the case analysis method. Leads to the motivation of HR company to implement equity incentive, including improving the performance of the company and easing the insider control and other issues; On this basis, the paper compares the profitability, solvency, development ability and stock price change of HR company before and after equity incentive to analyze the impact of equity incentive on enterprise performance. It is pointed out that the implementation of reasonable equity incentive has a significant positive effect on the financial performance of the enterprise, and the rational suggestions are put forward according to the success and deficiency of the enterprise equity incentive to improve the performance.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F426.6;F272.92
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