梦洁股份股权激励案例研究

发布时间：2018-03-02 00:08

本文关键词： 梦洁家纺股权激励事件研究法杜邦分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：20世纪以来,随着世界经济快速增长,企业的规模也越来越大,为应对日趋复杂的企业管理活动,职业经理人制度应运而生。经理人制度的产生,提高了企业管理的专业性,但也带来了职业经理人与企业所有者目标偏离等种种代理问题。在此背景下,为有效激励经理人,减少企业所有者与职业经理人之间的代理成本,股权激励制度诞生了。我国自20世纪90年代引入股权激励制度,随着实行股权激励的经济环境、法律环境日趋完善,近年上市公司纷纷推出股权激励方案。由此,股权激励实施对上市公司的财务影响及激励效果问题,也就成为当前财务理论界研究的热点问题。本文以梦洁家纺股权激励案例为研究对象,拟对上述问题进行深入研究,为上市公司实施股权激励提供参考。本文通过运用事件研究法、EVA模型、杜邦分析等研究方法,以梦洁家纺股权激励案例为研究对象,深入分析了梦洁家纺股权激励财务效果、对经营绩效影响及股权激励事件的市场反应等问题。本文主要分为六个部分:第一部分绪论。主要介绍研究背景、意义、内容及方法;第二部分股权激励基础理论与文献综述。简要介绍了股权激励的相关基础理论及国内外研究现状;第三部分梦洁公司股权激励案例简介与动因分析。主要介绍股权激励案例简要情况,并以SWOT分析方法为框架对股权激励的实施动因进行了分析;第四部分梦洁公司股权激励实施效果分析。深入分析了股权激励实施对公司财务活动、财务状况、综合绩效EVA的影响及激励事件的市场反应;第五部分股权激励力度分析与效果分析。深入股权激励实施对激励对象的作用与效果;第六部分结论与建议。总结研究结论并提出建议。通过上述研究,本文得出如下结论:(一)股权激励实施对公司财务活动产生了积极影响;(二)股权激励实施对公司财务状况产生了积极正面的影响;(三)股权激励实施对公司经营绩效的提高助益显著;(四)股权激励实施的市场反应良好;(五)股权激励实施对公司高管激励效果显著。
[Abstract]:Since 20th century, with the rapid growth of the world economy, the scale of enterprises has become larger and larger. In order to cope with the increasingly complex enterprise management activities, the professional manager system has emerged. However, it also brings all kinds of agency problems, such as the deviation of the target between the professional manager and the enterprise owner. In this context, in order to effectively motivate the manager and reduce the agency cost between the enterprise owner and the professional manager, The equity incentive system was born in China since 1990s. With the economic environment of equity incentive, the legal environment is becoming more and more perfect, and in recent years, listed companies have introduced equity incentive schemes. The financial impact and incentive effect of the implementation of equity incentive on listed companies has become a hot issue in the field of financial theory. This paper takes the case of Mengjie Home Textiles equity incentive as the research object, and intends to conduct a thorough study on the above issues. Through the methods of EVA model, DuPont analysis and so on, taking the case of Mengjie home textile stock incentive as the research object, this paper deeply analyzes the financial effect of the equity incentive of Mengjie Home Textiles. This paper is divided into six parts: the first part is introduction. It mainly introduces the research background, significance, content and methods; The second part is the basic theory and literature review of equity incentive. The third part introduces the case and motivation of equity incentive of Mengjie Company. It mainly introduces the case of equity incentive, and analyzes the motivation of equity incentive based on SWOT analysis method. 4th part of Mengjie Company equity incentive effect analysis. Deeply analyzed the impact of equity incentive implementation on the company's financial activities, financial situation, comprehensive performance of EVA and the market response of incentive events; 5th part of equity incentive strength analysis and effect analysis. Deep implementation of equity incentive on the role and effect of incentive objects; 6th part of the conclusions and recommendations. Summary of the conclusions and recommendations. Through the above research, This paper draws the following conclusions: (1) the implementation of equity incentive has a positive impact on the financial activities of the company. (2) the implementation of equity incentive has a positive and positive impact on the financial situation of the company (3) the implementation of equity incentive has a positive impact on the company's financial activities. (4) the market response of equity incentive is good and (5) the effect of equity incentive is remarkable.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.81;F272.92

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