A公司股权激励计划实施效果及其改进

发布时间：2018-03-26 11:42

本文选题：A公司　切入点：股权激励　出处：《北方工业大学》2017年硕士论文

【摘要】：随着中国资本市场的发展,以及企业扩张加速,企业对专业管理者的需求越来越多,逐渐出现管理者派驻或雇佣专业经理人,企业所有权与经营权分离。为降低代理成本,防止管理者损害股东利益,许多公司采用股权激励。股权激励经过美国等国家优秀企业的实践推广,在全球得以应用。我国股权激励机制的引入较晚,在2005年颁布的《上市公司股权激励管理办法(试行)》,标志着股权激励正式进入我国。2016年8月13日实施的《上市公司股权激励管理办法》对我国上市公司的股权激励实践发挥指导意义。本文对股权激励及其相关理论进行阐述,采用对比分析和案例分析相结合的方法,对A公司股权激励实施效果从财务维度、经营维度和竞争维度三个方面进行了分析和评价。通过对A公司实施股权激励前后在盈利、偿债、营运以及研发等方面的分析,发现A公司实施股权激励后,其经营业绩相比之前确有提高。将A公司与行业平均值横向对比分析,发现A公司的经营业绩在实施股权激励机制阶段明显比行业均值要好。在对比其他实施股权激励医药企业的经营业绩后,发现A公司在盈利等方面略低于这些企业的平均值,这表明股权激励对A公司管理层和特定员工的激励效果相比这些企业可能略低。对A公司股权激励实施效果进行分析和评价后,发现尽管在盈利、营运、研发投入和产出等方面取得了一定效果,但其在激励对象选择和业绩考核指标方面表现出某种高管福利倾向。针对影响A公司股权激励实施效果的原因进行深入分析,本文认为如果A公司股权激励方案中设置更长的有效期、将研发人员纳入激励对象、合理设置业绩考核标准等,可能会取得更为显著的激励效果。
[Abstract]:With the development of Chinese capital market and the acceleration of enterprise expansion, the demand for professional managers is increasing. In order to prevent managers from harming the interests of shareholders, many companies adopt equity incentive, which has been applied in the world through the practice of excellent enterprises in the United States and other countries. In 2005, the "measures on Stock incentive Management of listed companies" (for trial implementation) marked the formal entry of equity incentives into China. The "measures on Stock incentive Management of listed companies", which was implemented on August 13, 2016, stimulated the equity of listed companies in China. Incentive practice plays a guiding role. This paper expounds the equity incentive and its related theory. By using the method of comparative analysis and case analysis, this paper analyzes and evaluates the effect of equity incentive in company A from three aspects: financial dimension, management dimension and competition dimension. Through the analysis of debt service, operation and research and development, it is found that after company A has implemented equity incentive, its operating performance has indeed improved compared with that before. It is found that the operating performance of Company A is obviously better than that of the industry average in the stage of implementing the equity incentive mechanism. After comparing the operating performance of other pharmaceutical enterprises with equity incentive, it is found that Company A is slightly lower than the average of these enterprises in terms of profit, etc. This indicates that the incentive effect of equity incentive to management and specific employees of company A may be slightly lower than that of these enterprises. After analyzing and evaluating the effect of equity incentive implementation in company A. R & D input and output have achieved some results, but they have shown some executive welfare tendency in incentive object selection and performance evaluation index. The reasons that affect the effect of equity incentive implementation in company A are analyzed in depth. This paper holds that if the equity incentive scheme of Company A has a longer period of validity, the R & D staff will be included in the incentive object, and the performance appraisal standard can be set reasonably, which may result in more significant incentive effect.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F426.72

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