中興通訊股權(quán)激勵實施效果研究
發(fā)布時間：2018-09-01 17:30
【摘要】：企業(yè)的股權(quán)激勵是企業(yè)的一種激勵的方式,實際上是為了降低企業(yè)的代理成本,想要使得企業(yè)管理層的利益與其股東利益的趨利方向相同,最后加大了管理層員工的管理層的上進心,進而增加該企業(yè)經(jīng)營業(yè)績的計劃。上個世紀七十年代西方股權(quán)激勵制度開始快速發(fā)展,而又從現(xiàn)代企業(yè)理論的實踐情況可以得知,也的確實現(xiàn)了積極的激勵成效,股權(quán)激勵計劃能使該公司擁有所有權(quán)的人、經(jīng)營管理的人與員工三者利益方向一致。實現(xiàn)對其目標人的正面激勵。通過此種激勵的方法來解決企業(yè)的委托代理中出現(xiàn)的問題,促進企業(yè)持續(xù)長遠的發(fā)展。實際上,我國股權(quán)激勵的探索與實踐隨著相關(guān)制度的完善、法律法規(guī)的健全逐漸走向成熟,因此我國越來越多的企業(yè)開始接受、學習并實踐激勵計劃�；诖爽F(xiàn)狀,本文針對股權(quán)激勵的研究,評價中興通訊企業(yè)兩期股權(quán)激勵計劃方案及其實施效果,對我國即將實施和接受股權(quán)激勵計劃的企業(yè)或個人有著現(xiàn)實的作用。對影響企業(yè)如何設(shè)計方案和選擇激勵模式有積極的意義。中興通訊在2006年、2013年分別開始實行兩次股權(quán)激勵計劃,作為我國高科技技術(shù)設(shè)備上市公司,此舉備受關(guān)注與討論。因此本文對這兩次股權(quán)激勵計劃進行對比分析研究,分析對比其實行的內(nèi)容,發(fā)現(xiàn)兩次股權(quán)激勵計劃分別選取了限制性的股票模式和股票期權(quán)的模式。為了評價中興通訊的股權(quán)激勵計劃,本文對兩次股權(quán)激勵實施效果從短期經(jīng)營績效、長期經(jīng)營績效、人力資本與自主創(chuàng)新四個方面進行評價。研究結(jié)果發(fā)現(xiàn),兩次股權(quán)激勵都產(chǎn)生了比較積極的作用,但第一次實行的成效在短時間有有效,長時間激勵不足。通過對兩次股權(quán)激勵計劃的比較,本文認為出現(xiàn)這一問題主要是因為有些股權(quán)激勵計劃的要素制定不恰當,但中興通訊企業(yè)選擇的股權(quán)激勵模式是有一定的合理性的。除此之外,企業(yè)在設(shè)立股權(quán)激勵計劃時還需要關(guān)注股權(quán)激勵計劃要素的設(shè)立,根據(jù)企業(yè)自身情況合理的制定激勵要素。
[Abstract]:The equity incentive of the enterprise is a kind of incentive way of the enterprise, in fact, in order to reduce the agency cost of the enterprise, want to make the benefit of the management of the enterprise and the benefit direction of its stockholder is the same. Finally, the management of the management staff to increase the initiative, and then increase the business performance of the plan. The western equity incentive system began to develop rapidly in the 1970s, and it can be seen from the practice of modern enterprise theory that positive incentives have indeed been achieved. The equity incentive plan enables the owner of the company to own the right of ownership. The management of the personnel and employees in line with the interests of the direction. Achieve positive motivation to its target person. Through this incentive method to solve the problems in the principal-agent, to promote the long-term development of enterprises. In fact, the exploration and practice of equity incentive in our country with the improvement of relevant systems, the sound of laws and regulations gradually matured, so more and more enterprises in our country began to accept, learn and practice the incentive plan. Based on this situation, this paper aims at the research of equity incentive, evaluates the plan and its effect of two phases of equity incentive plan in ZTE enterprise, which has a realistic effect on the enterprises or individuals about to implement and accept the equity incentive plan in our country. It has positive significance on how to design scheme and choose incentive mode. ZTE began to implement two equity incentive plans in 2006 and 2013, which has attracted much attention and discussion as a listed company of high-tech equipment in China. Therefore, this paper makes a comparative analysis of the two equity incentive plans, analyzes and compares the contents of the two equity incentive plans, and finds that the two equity incentive plans choose the restrictive stock model and the stock option model respectively. In order to evaluate ZTE's equity incentive plan, this paper evaluates the effect of twice equity incentive from four aspects: short-term performance, long-term performance, human capital and independent innovation. The results show that both equity incentives have a positive effect, but the effect of the first implementation is effective in a short period of time, but insufficient in a long period of time. By comparing the two equity incentive plans, this paper argues that this problem is mainly due to the improper formulation of some elements of the equity incentive plan, but the equity incentive mode chosen by ZTE is reasonable to some extent. In addition, enterprises should pay attention to the establishment of equity incentive plan elements when establishing equity incentive plan, and make incentive elements reasonably according to the enterprise's own situation.
【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F626;F272.92
本文編號：2217882
[Abstract]:The equity incentive of the enterprise is a kind of incentive way of the enterprise, in fact, in order to reduce the agency cost of the enterprise, want to make the benefit of the management of the enterprise and the benefit direction of its stockholder is the same. Finally, the management of the management staff to increase the initiative, and then increase the business performance of the plan. The western equity incentive system began to develop rapidly in the 1970s, and it can be seen from the practice of modern enterprise theory that positive incentives have indeed been achieved. The equity incentive plan enables the owner of the company to own the right of ownership. The management of the personnel and employees in line with the interests of the direction. Achieve positive motivation to its target person. Through this incentive method to solve the problems in the principal-agent, to promote the long-term development of enterprises. In fact, the exploration and practice of equity incentive in our country with the improvement of relevant systems, the sound of laws and regulations gradually matured, so more and more enterprises in our country began to accept, learn and practice the incentive plan. Based on this situation, this paper aims at the research of equity incentive, evaluates the plan and its effect of two phases of equity incentive plan in ZTE enterprise, which has a realistic effect on the enterprises or individuals about to implement and accept the equity incentive plan in our country. It has positive significance on how to design scheme and choose incentive mode. ZTE began to implement two equity incentive plans in 2006 and 2013, which has attracted much attention and discussion as a listed company of high-tech equipment in China. Therefore, this paper makes a comparative analysis of the two equity incentive plans, analyzes and compares the contents of the two equity incentive plans, and finds that the two equity incentive plans choose the restrictive stock model and the stock option model respectively. In order to evaluate ZTE's equity incentive plan, this paper evaluates the effect of twice equity incentive from four aspects: short-term performance, long-term performance, human capital and independent innovation. The results show that both equity incentives have a positive effect, but the effect of the first implementation is effective in a short period of time, but insufficient in a long period of time. By comparing the two equity incentive plans, this paper argues that this problem is mainly due to the improper formulation of some elements of the equity incentive plan, but the equity incentive mode chosen by ZTE is reasonable to some extent. In addition, enterprises should pay attention to the establishment of equity incentive plan elements when establishing equity incentive plan, and make incentive elements reasonably according to the enterprise's own situation.
【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F626;F272.92
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，本文編號：2217882
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