安科生物股权激励方案实施效果研究

发布时间：2018-04-04 21:50

本文选题：股权激励　切入点：代理成本　出处：《吉林财经大学》2017年硕士论文

【摘要】：两权分离导致了现代企业代理成本的出现,成为了公司治理过程中的一个非常突出的问题。为了解决这一问题,大多数上市公司将股权激励作为实现企业长期战略目标的一种手段。但无论是国外学者还是国内学者通过对已经实施股权激励计划的上市公司研究发现,从长期来看,股权激励对公司经营业绩的增长并没有特别明显的效果。就实施股权激励有何原因,学者们看法不一,他们对是否实施股权激励持完全相反的两种意见。支持实施激励计划的学者认为上市公司之所以实施股权激励是为了促使股东与企业高管达成一致的目标,从而减轻企业的代理成本;反对者则认为股权激励会导致高管借此谋取个人利益从而危害公司利益。目前现有的大多数文献主要集中公司业绩与实施股权激励是否有正相关关系,很少有从实施股权激励的动因分析的。本文采用案例分析法、文献研究法以及比较分析法三种研究方法。第一章是引言部分,对本文的研究背景及意义进行了阐述,进行国内外研究综述,介绍本文的研究框架及方法,同时还强调了本文的主要创新点;第二章介绍股权激励相关概念与理论基础,即激励理论、委托代理理论和人力资本理论;第三章对安科生物两次股权激励进行了相应介绍,并分析了该公司实施股权激励的动因与内容,在此基础上分析了第二期股权激励相比第一期股权激励计划有何变化以及造成这种变化的原因;第四章对安科生物股权激励方案的实施效果进行分析,围绕着财务指标、市场反应、投资水平三个角度,从偿债能力、盈利能力、发展能力、营运能力、经营业绩、研发支出等方面对股权激励的实施效果进行全面地分析及评价,在此基础上指出了激励方案的优点及存在的问题;第五章针对安科生物股权激励方案存在的问题提出了相关建设性对策与建议。
[Abstract]:The separation of two rights leads to the emergence of agency cost in modern enterprises and becomes a very prominent problem in the process of corporate governance.In order to solve this problem, most listed companies use equity incentive as a means to achieve their long-term strategic objectives.However, whether foreign scholars or domestic scholars through the implementation of equity incentive plans of listed companies found that, from a long-term perspective, equity incentives on the growth of corporate performance is not particularly significant effect.Scholars are divided on why equity incentives are being implemented, with two opposing views on whether to implement them.Scholars who support the implementation of incentive plan believe that the reason why listed companies implement equity incentive is to promote shareholders and corporate executives to reach an agreed goal, thereby reducing the agency costs of enterprises;Opponents argue that equity incentives can lead executives to use them for personal gain and harm the company.At present, most of the existing literatures mainly focus on whether there is a positive correlation between corporate performance and the implementation of equity incentive, and few of them are analyzed from the motivation of implementing equity incentive.This paper adopts three research methods: case analysis, literature research and comparative analysis.The first chapter is the introduction, the research background and significance of this paper are described, the domestic and foreign research review, the introduction of this research framework and methods, but also stressed the main innovative points of this paper;The second chapter introduces the related concepts and theoretical basis of equity incentive, that is, incentive theory, principal-agent theory and human capital theory.On the basis of the analysis of the motivation and content of the equity incentive, this paper analyzes the change of the second phase of the equity incentive compared with the first phase of the equity incentive plan and the reasons for the change.On the basis of the analysis and evaluation of the effect of equity incentive, the advantages and problems of the incentive scheme are pointed out.In the fifth chapter, some constructive countermeasures and suggestions are put forward to solve the problems existing in Amco's equity incentive scheme.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F272.92

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