新大陆股权激励优化研究

发布时间：2018-06-01 06:26

本文选题：股权激励 + 解锁条件　；参考：《湘潭大学》2017年硕士论文

【摘要】：股权激励自90年代进入我国至今,掀起了几次股权激励浪潮,2011年开始我国股权激励的公司增多,到2015年喷井式爆发,再度掀起一股股权激励热潮。股权激励以委托代理理论为基础,实行的是一种长期激励模式,它通过向激励者分配公司业绩增长所带来的红利分配给激励对象,以解决公司所有者与经营者由于利益不一致所产生的委托代理成本问题,所以被认为能有效的吸引和留住人才。鉴于股权激励在高新企业的作用更为凸显,因此文章选取信息服务业中的新大陆电脑有限公司(简称“新大陆”)的股权激励作为研究的对象,介绍了股权激励的方案,通过与信息技术行业的平均值进行横向比较,同时选取与新大陆股权激励时间相近,企业性质相似的企业如大华股权等公司的数据纵向比较。具体的方法是以新大陆开始实施股权激励年份为分界线,比较实施股权激励前三年以及实施股权激励后的数据,研究新大陆方案设计中的关于股权激励五大要素,以此考察新大陆股权激励计划是否合理。文章发现进行股权激励后,新大陆的经营业绩持续增长,但新大陆股权激励方案中仍存在着设置业绩指标单一,解锁条件过低,授予股票数量较少,其股权激励模式以及授予价格设置不合理等问题。文章针对股权激励中存在的问题提出相应的调整建议,为新大陆及其他上市公司股权激励方案提供借鉴意义。股权激励研究多数从其绩效出发,研究其股权激励效果。文章在一定程度上提供了一条思路,即研究股权激励可以从股权激励各要素切入,在充分考察公司所处发展阶段以及员工结构的基础的之下研究新大陆的股权激励计划。公司可以从股权激励的五大要素入手,制定合理的股权激励计划以便让高新技术企业更为有效的保留住人才以及发挥出其应有的作用,完善公司股权激励计划,而不是为图方便跟随行业内“潮流”,套用其他公司的股权激励计划。
[Abstract]:Since the entry of equity incentive into our country in the 1990s, there have been several waves of equity incentive. In 2011, the number of companies with equity incentive has increased, and in 2015, a new wave of equity incentive has been set off. The equity incentive is based on the principal-agent theory and implements a long-term incentive model, which distributes the dividend brought by the increase of the company's performance to the incentive object. In order to solve the problem of principal-agent cost caused by the inconsistency of interests between the owner and the operator, it is considered that it can attract and retain talents effectively. In view of the more prominent role of equity incentive in high-tech enterprises, this paper selects the stock right incentive of New World computer Co., Ltd ("New World") as the object of study, and introduces the scheme of equity incentive. Through the horizontal comparison with the average value of the information technology industry, the longitudinal comparison of the data of the enterprises such as Dahua stock right and other companies with similar nature and similar time of equity incentive to the New World is carried out at the same time. The specific method is to take the year of equity incentive as the dividing line, compare the data of the first three years before and after the implementation of equity incentive, and study the five elements of equity incentive in the plan design of New World. This is to see if the New World equity incentive plan is reasonable. It is found that the operating performance of the New World continues to grow after equity incentive, but there are still a single performance index set in the New World equity incentive scheme, the unlocking conditions are too low, and the number of stocks granted is relatively small. The equity incentive mode and the unreasonable setting of the grant price are also discussed. Aiming at the problems existing in equity incentive, this paper puts forward corresponding adjustment suggestions, which can be used as a reference for stock incentive schemes in New World and other listed companies. Most of the research on equity incentive is based on its performance and the effect of equity incentive. To a certain extent, this paper provides a way to study the equity incentive plan in the new world under the condition of studying the development stage of the company and the basis of the staff structure. The company can start with the five elements of equity incentive, formulate reasonable equity incentive plan in order to enable high-tech enterprises to retain resident talent more effectively and give play to its due role, and perfect the company's equity incentive plan. Instead of following industry trends for convenience, apply equity incentives from other companies.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F272.92

【参考文献】