昆药集团滚动式股权激励案例研究

发布时间：2018-04-18 03:30

本文选题：昆药集团 + 股权激励　；参考：《兰州财经大学》2017年硕士论文

【摘要】：如何降低代理成本一直是学术界和实务界所关注的话题,股权激励作为一种通过授予激励对象股票和期权的方式,来使企业所有者和激励对象拥有统一利益目标以降低代理成本的手段。股权激励自上世纪从美国首次出现后迅速被西方国家企业所采用并不断的发展完善,国内企业进行股权激励尝试起步相对较晚,但发展较为迅速。医药行业上市公司作为我国股权激励初始尝试阶段的主力军,其股权激励方案设计具有一定的代表性。我国医药行业所进行大量的股权激励尝试中以限制性股票的形式居多,但由于其方案设计大多同质化严重并未根据各公司实际情况所设计实施,导致最终效果良莠不齐。华立集团旗下的昆药集团和健民集团也先后尝试了股权激励,其方案设计采用当时国内独有的滚动式限制性股票激励模式,独特的方案设计和积极的实施效果引起理论界和实务界的关注。文章以昆药集团为研究对象,首先对其整体概况进行介绍并分析昆药集团实施股权激励的动因,然后对昆药集团进行的两次滚动式股权激励方案设计和实施情况进行详细的分析,最后从实施滚动式股权激励后公司市场业绩、财务指标和非财务指标变化情况来全面分析实施效果。最终得出以下结论:昆药集团滚动式股权激励方案设计改变以往的限制性股票事先约定授予数量的方式改由依据考核年度考核指标完成情况来确定并且充分考虑了外部市场变动所带来的影响。通过研究这种设计独特的股权激励方案实施效果发现,昆药集团滚动式股权激励效果相较于其他实施股权激励上市公司更加明显,对公司发展起到了明显的积极推动作用。文章研究认为昆药集团的滚动式股权激励对于丰富和完善我国股权激励方案的设计实施具有重要的借鉴价值,其研究有利于推动股权激励在我国发展。
[Abstract]:How to reduce agency cost has always been a topic of concern in academic and practical circles. Equity incentive is a way of granting stock and option to incentive object.To enable business owners and incentive objects to have a unified interest goal to reduce agency costs.Since the first emergence of equity incentive from the United States in the last century, it has been adopted and continuously developed by western enterprises. Domestic enterprises have started relatively late to try equity incentive, but the development has been relatively rapid.The listed companies in pharmaceutical industry are the main force in the initial stage of equity incentive in China, and the design of equity incentive schemes is representative.In a large number of equity incentive attempts in the pharmaceutical industry of our country, the form of restricted stock is the majority, but because most of its scheme design is homogenized seriously, it has not been designed and implemented according to the actual situation of each company, which leads to the mixed final effect.The Kun Pharmaceutical Group and Jianmin Group, owned by Huali Group, have also tried equity incentive successively, and their schemes are designed to adopt the rolling restrictive stock incentive mode, which was unique to China at that time.The unique scheme design and the positive implementation effect have attracted the attention of the theoretical and practical circles.This paper takes Kun Pharmaceutical Group as the research object, firstly introduces its overall situation and analyzes the motivation of the implementation of equity incentive in Kunming Pharmaceutical Group.Then the design and implementation of the two rolling equity incentive schemes carried out by Kunming Pharmaceutical Group are analyzed in detail. Finally, the market performance of the company after the implementation of rolling equity incentive is analyzed in detail.Financial indicators and non-financial indicators change to analyze the overall implementation effect.Finally, the following conclusions are drawn: the design of rolling equity incentive scheme of Kunming Pharmaceutical Group changed the way that the number of restricted stocks was agreed in advance to be determined and fully considered according to the completion of the annual assessment index.The impact of changes in external markets.It is found that the rolling equity incentive effect of Kunming Pharmaceutical Group is more obvious than that of other listed companies, which plays a significant role in promoting the development of the company.This paper holds that the rolling equity incentive of Kunming Pharmaceutical Group has important reference value for enriching and perfecting the design and implementation of equity incentive scheme in China, and its research is helpful to promote the development of equity incentive in China.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F426.72

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