昆药集团股权激励案例研究

发布时间：2018-02-04 06:18

本文关键词： 昆药集团股权激励方案设计财务指标分析盈余管理　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着公司控制权与所有权的分离,管理层与股东之间的代理问题成为公司治理中的一个重要问题,而激励是解决代理问题的基本途径和方法。股权激励作为激励方式的一种,在解决代理冲突问题上是有其独到之处的。在西方国家,股权激励早已大行其道,但在我国股权激励的广泛开展就显得比较滞后了:直到20世纪90年代,股权激励这一激励方式才被我国企业广泛运用。在开始之初,我国上市公司开展的股权激励往往颇具“中国特色”,比较典型的有武汉模式、上海模式、深圳模式,不过由于其重监管而轻激励,这些都算不上真正的股权激励,其实践效果也不是很理想。进入新世纪以来,随着相关法律法规的进一步完善,股权激励开始真正普及开来,昆药集团的股权激励计划正是在这种背景下开展的。由于该集团的业绩符合股权激励方案的一系列规定,该公司管理层先后在2014、2015、2016三个年度获得相应的限制性股票。此结局看似皆大欢喜:公司顺利完成预定业绩,管理层也因此获得了丰厚的收益。但事实果真如此吗?管理层有无可能通过机会主义行为获取本不应获取的利益?本文以昆药集团的股权激励方案为案例,深入探讨股权激励方案设计是否合理,研究执行前后昆药集团相关财务状况的变化以及在股权激励过程中昆药集团管理层有无通过机会主义行为不当获益、损害外部投资者利益。首先,对本文的研究背景及研究意义进行分析,并对国内外学者关于股权激励以及股权激励中的机会主义行为研究进行总结回顾;其次,总结本文所使用的相关概念及理论,并对有关理论进行细致的梳理分析;再次,对本文的案例公司进行简单介绍;接下来,通过同行业对比法与财务指标法研究方案设计存否存在问题,接着运用财务指标法分析公司的财务状况,研究本次股权激励对公司财务指标的影响;而后,结合财务指标与其他数据研究发现公司管理层在股权激励中存在不当获利的行为。最后,总结本文的研究结论,首先激励方案设计本身就存在一定的问题,其次,昆药集团的股权激励总体上提高了企业的财务状况,在股权激励过程中并未采取分股利分配政策等行为侵害外部投资者利益,但是在股权激励执行过程中管理层存在机会主义行为:通过调整坏账准备的方式虚增了公司利润。接下来,列出了相关建议:制定更加合理和完善的激励制度;在企业内部制度建设中,优化企业内部治理机制,提高企业的相关信息披露水准;在外部市场环境建设中,应当建立健全的资本市场,完善股权激励的相关法规,此外,还应当加强经理人市场建设。
[Abstract]:With the separation of corporate control and ownership, the agency between management and shareholders has become an important issue in corporate governance. The incentive is the basic way and method to solve the agency problem. As one of the incentive ways, the equity incentive has its unique characteristics in solving the agency conflict. In the western countries, equity incentive has long been popular. However, the extensive development of equity incentive in China appears to be lagging behind: until 1990s, equity incentive was not widely used by Chinese enterprises. At the beginning of the beginning. China's listed companies often carry out equity incentives with "Chinese characteristics", more typical of the Wuhan model, Shanghai model, Shenzhen model, but because of its heavy supervision and less incentive. These are not real equity incentive, its practical effect is not very ideal. In the new century, with the further improvement of relevant laws and regulations, equity incentive began to really popularize. It is against this backdrop that Kunming's equity incentive plan is being developed. Because the group's performance is in line with a series of provisions of the equity incentive plan, the company's management was in 20142015. The three years of 2016 get the corresponding restricted stock. The result seems to be happy: the company is doing well and its management is making a big profit. But is that true??? Is it possible for management to gain undeserving benefits through opportunistic behavior? This paper takes the equity incentive scheme of Kunming Pharmaceutical Group as a case to discuss whether the design of equity incentive scheme is reasonable. Study before and after the implementation of Kun Pharmaceutical Group related financial changes and in the process of equity incentive whether the management of Kunming Group through opportunism improper behavior to harm the interests of external investors. First of all. The research background and significance of this paper are analyzed, and the domestic and foreign scholars on equity incentive and equity incentive in the opportunistic behavior are summarized and reviewed; Secondly, summarizes the related concepts and theories used in this paper, and makes a detailed analysis of the relevant theories. Thirdly, the case of the company is briefly introduced; Next, through the same industry contrast method and the financial index method to study the scheme design existence question, then uses the financial index method to analyze the company's financial condition, studies this stock right incentive to the company financial index influence; Then, combined with financial indicators and other data research found that corporate management in equity incentive in the presence of improper profit behavior. Finally, summarize the conclusions of this paper. Firstly, there are some problems in the design of incentive scheme itself. Secondly, the equity incentive of Kunming Pharmaceutical Group has improved the financial situation of the enterprise as a whole. In the process of equity incentive, no dividend distribution policy has been taken against the interests of external investors. However, in the process of equity incentive implementation, the management has opportunistic behavior: by adjusting the preparation for bad debts, the profits of the company are increased. Next, the relevant suggestions are listed: to establish a more reasonable and perfect incentive system; In the enterprise internal system construction, the optimization enterprise internal governance mechanism, enhances the enterprise related information disclosure standard; In the construction of external market environment, we should establish a sound capital market, perfect the relevant laws and regulations of equity incentive, in addition, we should strengthen the construction of manager market.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F272.92

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