Y公司股权激励实施效果研究

发布时间：2018-03-24 18:15

本文选题：高新技术企业　切入点：股权激励　出处：《安徽大学》2017年硕士论文

【摘要】：随着现代企业的发展,所有权和经营权逐步分离已经成为主流趋势。正是在这种大背景之下,使得企业在经营效率和专业性方面得到了较大的提升,与此同时,委托代理所衍生的问题也应运而生。股东与经营者两者之间如何达成利益共识,是现代企业亟需解决的重要问题。美国在上世纪30年代诞生了股权激励,通过数十年不断实践与发展,其已成为了解决委托代理及其衍生问题最重要的方法之一。2006年我国发布了第一份针对上市公司有关股权激励的指导文件——《上市公司股权激励管理办法(试行)》,这被视为我国股权改革的开端。从股改至今,股权激励在中国已经有了十多年的实践经验。随着国民经济的腾飞,股权激励在我国企业中的运用也越来越广泛。股权激励确实可以给企业带来一些影响,然而,股权激励究竟能否提高了公司的业绩,它的实施能给企业带来怎样的效果,仍然是需要深入研究的问题。本文基于代理理论、人力资本理论等理论基础,选择近年来热门的公司治理模式——股权激励,运用规范研究法和案例分析法,梳理了相关资料文献,以—家中小型民营高新技术企业Y公司作为主体来研究其实施股权激励的效用。以Y公司股权激励的实施动因作为切入点,分要素阐述研究了 Y公司的股权激励方案。然后对Y公司财务效果及非财务效果进行分析,可以看出Y公司在实施股权激励后,经营业绩大幅上升,各项指标呈良性发展,创新能力逐年提高。表明Y公司实施股权激励带来的是正面效应。本文共分为六章。第一章是绪论,介绍了研究背景和意义,研究思路和方法,梳理了国内外相关文献,并点出本文的创新和不足。第二章介绍了股权激励的相关理论,包括其概念、模式、理论基础及股权激励效果的评价方法。第三章介绍了 Y公司实施股权激励的动因及具体实施方案。首先对Y公司进行简要的介绍;然后分析了 Y公司实施股权激励的动因;最后按要素详细介绍了 Y公司股权激励的实施方案。第四章分析了 Y公司实施股权激励的效果,包括财务效果和非财务效果,并对实施效果进行了总结。第五章分析了 Y公司成功实施股权激励得出的启示。最后一章是本文的研究结论与展望。
[Abstract]:With the development of modern enterprises, the separation of ownership and management rights has become the mainstream trend. The problems arising from principal-agent emerge as the times require. How to reach a consensus of interests between shareholders and managers is an important problem that needs to be solved in modern enterprises. Through decades of continuous practice and development, It has become one of the most important methods to solve the problem of principal-agent and its derivation. In 2006, our country issued the first guidance document on equity incentive of listed companies-< Management method of Equity incentive of listed companies (on trial) >. Is regarded as the beginning of China's equity reform. With the rapid development of national economy, equity incentive is more and more widely used in Chinese enterprises. Equity incentive can bring some influence to enterprises, however, Whether the equity incentive can improve the performance of the company and what kind of effect it can bring to the enterprise is still a problem to be deeply studied. This paper is based on the theory of agency theory, human capital theory and so on. Choosing the popular corporate governance model in recent years-equity incentive, using normative research method and case analysis method, combing the relevant documents, Take Y Company, a small and medium-sized private high-tech enterprise, as the main body to study the utility of implementing equity incentive, and take Y Company as the starting point for the implementation of equity incentive. After analyzing the financial effect and non-financial effect of Y Company, it can be seen that Y Company has a substantial increase in operating performance and a benign development of each index after the implementation of equity incentive. This paper is divided into six chapters. The first chapter is the introduction, introduces the research background and significance, the research ideas and methods, combs the related literature at home and abroad. The second chapter introduces the relevant theory of equity incentive, including its concept, model, Chapter three introduces the motivation and the concrete implementation scheme of the equity incentive in Y Company. Firstly, it briefly introduces Y Company, then analyzes the motivation of the equity incentive in Y Company. Chapter four analyzes the effect of equity incentive in Y company, including financial effect and non-financial effect. The last chapter is the conclusion and prospect of this paper.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F272.92

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