宇通客车股权激励案例研究

发布时间：2018-05-31 16:12

本文选题：宇通客车 + 股权激励　；参考：《河南工业大学》2017年硕士论文

【摘要】：近年来,越来越多的上市公司运用股权激励这种制度来提升公司的业绩和在市场上的竞争力。现在距离中国首次颁布股权激励方面的相关法律法规已十年有余,股权激励制度在中国得到了广泛运用实施。在这过程中,中国不断试探摸索,寻求出了一套适合中国国情的股权激励管理办法。客车行业的龙头企业宇通客车就是在这样的背景下实施并完成了其股权激励计划。2012年,宇通遭遇生产基地极限和产能瓶颈问题,为了巩固公司行业龙头地位,进一步提高市场占有率,宇通客车推出了股权激励计划,并于2015年完成了该计划。论文综合运用案例分析法、财务分析法、事件研究法、回归分析法等多种方法,对宇通客车实施股权激励整个计划的前因后果进行了分析和总结。本文研究的主要内容如下:第一部分:绪论。主要介绍本文的研究背景和意义,概述国内外研究现状。第二部分:企业股权激励相关理论。主要对股权激励进行梳理,介绍股权激励概念、股权激励的主要类型,阐述股权激励实施背景。第三部分:宇通客车股权激励案例介绍。主要对宇通客车的基本情况、股权激励方案的主要内容以及实施情况进行介绍。第四部分:宇通客车股权激励案例分析。本部分是对单个股权激励案例的多维度分析,对宇通客车制定股权激励政策的动因、内容、影响和效果进行分析。第五部分:宇通客车股权激励改进建议。对宇通客车股权激励方案的研究结果进行总结和归纳,从股权激励计划、公司内部治理和外部经营环境三方面提出改进建议和解决措施。第六部分:结论及展望。主要回顾全文的研究内容,在本文理论及描述性分析的基础上,归纳我国上市公司股权激励的合理化建议,指出文章不足,提出下一步研究的方向。经过本文的研究,得出如下结论:一:宇通客车的股权激励方案相对来说是科学合理的,其行为给我国资本市场带来了新的契机,为客车行业其它企业实施股权激励起了一个很好的领头示范作用,对新能源客车的发展也起到了一定促进作用。二:设置合理的、适用于公司自身的股权激励计划非常重要。激励模式的、激励对象、授予数量、解锁期限等因素的综合作用,是使一个计划得以完整实施的关键。如果其制度设置合理,那么被激励的对象的利益和公司的长期利益将趋于一致,能够促进公司的长期发展。三:在股权激励的道路上,我国还要继续探索前进,有一些企业运用股权激励的时候并未完整实施,发展遇到了阻碍,这对上市公司是一个挑战。我国需要借鉴其他国家和地区的成功典范,并结合我国实际情况,为股权激励计划的实施创造一个更好的环境,从而促进上市公司的良性发展。
[Abstract]:In recent years, more and more listed companies use equity incentive system to improve their performance and competitiveness in the market. It is now more than ten years since China first promulgated the relevant laws and regulations on equity incentive, and the equity incentive system has been widely applied in China. In this process, China has been exploring and groping for a suit of equity incentive management method suitable for China's national conditions. It is against this background that Yutong bus, the leading company in the bus industry, has implemented and completed its equity incentive plan. In 2012, Yutong encountered problems of limit of production base and bottleneck of production capacity, in order to consolidate its leading position in the industry. To further increase market share, Yutong bus launched the equity incentive plan, and completed the plan in 2015. This paper analyzes and summarizes the causes and consequences of the whole plan of equity incentive of Yutong bus by using the methods of case analysis, financial analysis, event research, regression analysis and so on. The main contents of this paper are as follows: the first part: introduction. This paper mainly introduces the research background and significance, and summarizes the current research situation at home and abroad. The second part: the related theory of enterprise equity incentive. This paper introduces the concept of equity incentive, the main types of equity incentive and the background of equity incentive. The third part: Yutong bus equity incentive case. This paper mainly introduces the basic situation of Yutong bus, the main contents of equity incentive scheme and its implementation. The fourth part: Yutong bus equity incentive case analysis. This part is a multi-dimensional analysis of a single case of equity incentive, and analyzes the motivation, content, impact and effect of the development of equity incentive policy on Yutong bus. The fifth part: Yutong bus stock right incentive improvement suggestion. This paper summarizes and summarizes the research results of Yutong bus's equity incentive scheme, and puts forward some suggestions and solutions from three aspects: equity incentive plan, company's internal governance and external operating environment. The sixth part: conclusion and prospect. On the basis of theoretical and descriptive analysis, this paper summarizes the rational suggestions of equity incentive of listed companies in China, points out the deficiency of the article, and puts forward the direction of further research. The conclusions are as follows: first, the equity incentive scheme of Yutong bus is relatively scientific and reasonable, and its behavior brings a new opportunity to the capital market of our country. It plays a leading role in promoting the development of new energy passenger cars. Second: set reasonable, applicable to the company's own equity incentive plan is very important. The combined effect of incentive mode, incentive object, quantity of award, unlocking period and so on is the key to complete implementation of a plan. If the system is reasonable, the interests of the motivated object will be consistent with the long-term interests of the company, which can promote the long-term development of the company. Third, on the road of equity incentive, our country should continue to explore and advance, some enterprises have not been fully implemented when applying equity incentive, and the development has encountered obstacles, which is a challenge to listed companies. China needs to draw lessons from the successful models of other countries and regions and combine the actual situation of our country to create a better environment for the implementation of equity incentive plan so as to promote the benign development of listed companies.
【学位授予单位】：河南工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.471;F272.92;F406.7

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