中兴通讯股权激励对财务绩效影响研究

发布时间：2018-01-16 07:07

本文关键词：中兴通讯股权激励对财务绩效影响研究　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权激励作为一项完善公司治理结构、激励公司高管员工的重要举措,于上世纪五十年代在美国兴起,经历萌芽和起步阶段后,迅速在西方发达国家得到推广。在上世纪九十年代后期,我国一些民营企业自发开始了股权激励的实践。在2005年12月31日,为了进一步完善上市公司治理结构,促进上市公司规范运作与持续发展,中国证券监督管理委员会公布了《上市公司股权激励管理办法》(试行),自2006年1月1日起施行。此办法一出,标志着我国股权激励制度建设的开端正式建立。此办法施行同年,我国有大量上市公司开始推行股权激励计划。2016年7月13日,证监会公布了中国证券监督管理委员会令第126号《上市公司股权激励管理办法》,2016年8月13日起施行。这意味着随着上市公司股权激励制度的发展,相关条文也在不断完善。截至2015年底,我国推出股权激励计划的上市公司共有808家,涉及股权激励计划达1110个,其中有229家公司推出两个或两个以上的股权激励计划,中兴通讯就是这其中之一。2007年2月5日,中兴通讯发布了200709号公告,宣布第一期股权激励计划修订稿,一次性向激励对象授予4798万股标的股票额度,授予数量约占中兴通讯股本总额的5%。2013年8月27日,中兴通讯公布了第二期股权激励计划草案,公司拟向激励对象授予总量不超过10,320万份的股票期权,对应的股票约占授予时公司股本总额的3%。本文正是在这样一个背景下对中兴通讯的股权激励方案进行研究,探讨其方案的实施是如何影响公司财务绩效的,期望能为该公司和其他实施股权激励的企业提供一些有价值的信息。本文首先介绍了基本股权激励理论、股权激励与财务绩效的联系以及本文将采用的绩效评价方法,接着通过对股权激励国内外文献综述的总结,介绍了股权激励在国内外的发展情况和国内外学者的研究现状。在此基础上,对中兴通讯的股权激励方案的内容和实施结果进行简单分析。通过财务指标法、杜邦分析法、对比分析法从纵向、横向两个角度对中兴通讯股权激励方案实施前后的财务绩效进行评价。经过分析,从与自身纵向对比结果来看和从与行业内可比公司横向对比结果来看,相比于所选取的未实施股权激励方案的可比公司而言,在一段时间内中兴通讯净资产收益率有较大的增加,两次实施的股权激励计划是有效的,有助于提升该公司经营业绩和财务绩效。最后,对案例研究结果进行总结。本文认为股权激励制度是有助于提升财务绩效的,往往短期效益大于长期,因此,针对中兴通讯股权激励方案存在的主要问题,提出对策和建议:在企业设计股权激励方案时,应当考虑长期性;在设置考核指标时,也需要考虑到指标多样性,才能更好地达到提升绩效的目的。
[Abstract]:Equity incentive, as an important measure to improve corporate governance structure and motivate senior employees, rose in -50s in the United States, and experienced the embryonic and initial stage. In -10s, some private enterprises in China spontaneously started the practice of equity incentive. In December 31st 2005. In order to further improve the governance structure of listed companies and promote the standardized operation and sustainable development of listed companies, the China Securities Regulatory Commission has promulgated the measures for Stock incentive Management of listed companies (for trial implementation). Since January 1st 2006, this measure has been put into effect, which marks the beginning of the construction of equity incentive system in China. A large number of listed companies in China began to implement equity incentive plans. In July 13th 2016, the Securities Regulatory Commission promulgated the China Securities Regulatory Commission order No. 126, "measures for Stock incentive Management of listed companies". Effective from August 13th 2016. This means that with the development of the stock incentive system of listed companies, the relevant provisions are also continuously improved. Until end of 2015. There are 808 listed companies offering equity incentive plans in China, involving 1110 equity incentive plans, among which 229 companies introduce two or more equity incentive plans. ZTE is one of them. On February 5th 2007, ZTE announced a revised version of the first phase of the equity incentive plan, in a public announcement of 2007 09. A one-time quota of 47.98 million shares was awarded to the incentive target, which accounted for about 5. 5% of ZTE's total equity capital in August 27th. ZTE has released a second draft of the equity incentive plan, which it intends to grant to its incentive partners for a total of no more than 10, 3.2 million stock options. The corresponding shares account for about 3% of the total share capital of the company at the time of the grant. This paper studies the equity incentive scheme of ZTE under such a background and discusses how the implementation of the scheme affects the financial performance of the company. It is expected to provide some valuable information for the company and other enterprises implementing equity incentive. Firstly, this paper introduces the basic equity incentive theory. The relationship between equity incentive and financial performance and the performance evaluation method to be adopted in this paper, and then through the summary of domestic and foreign literature on equity incentive. This paper introduces the development of equity incentive at home and abroad and the current research situation of scholars at home and abroad. On this basis, the content and implementation results of ZTE's equity incentive scheme are simply analyzed, and the financial index method is adopted. DuPont analysis, comparative analysis from the vertical and horizontal perspectives of ZTE equity incentive scheme before and after the implementation of financial performance evaluation. From the vertical comparison with their own results and from the horizontal comparison with comparable companies in the industry, compared with the selection of the non-implementation of the equity incentive scheme of comparable companies. In a period of time ZTE net assets return has a large increase, twice implemented equity incentive plan is effective, help to improve the company's operating performance and financial performance. Finally. This paper concludes the results of the case study. This paper holds that equity incentive system is helpful to improve financial performance, and the short-term benefits are often greater than long-term. Therefore, the main problems of ZTE's equity incentive scheme are pointed out. Put forward the countermeasure and suggestion: when the enterprise designs the stock right incentive plan, should consider the long-term nature; In order to achieve the purpose of improving performance, we should also take into account the diversity of indicators when setting evaluation indicators.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F272.92;F406.7;F832.51

【参考文献】