W公司股权激励案例研究
发布时间：2018-08-24 16:07
【摘要】：员工激励的方法很多样,比如物质激励法和非物质激励法,股权激励作为员工激励中比较新颖的一种方式,主要是为了达到提高企业业绩和吸引及留用人才,因此也叫做金手铐激励法。近几年来,我国越来越多的上市企业及拟上市企业开始利用股权激励的方式来实现企业的长期发展战略,目前的股权激励模式有很多种,股权激励方案设计也各不相同,不同的企业性质也常常反映出不同的激励特点。由于我国股权激励起步较晚,很多理论经验都是在实践中不断总结的,因此很多企业的股权激励方案仍然存在问题。本文选取了创业板的W公司作为研究对象,以此来研究创业板股权激励实施方案中存在的问题。之所以选择创业板为研究对象有以下几点原因:第一,创业板企业集中于创新型和高速发展型的高新企业,对人才的需求十分的迫切,所以越来越多的创业板企业开始通过股权激励的方式促发展,未来创业板企业实施股权激励的数量还会持续增加;第二,创业板企业在实施的过程中,出现很多问题,比如由于创业板收到过度追捧,极易产生泡沫现象,市场有效性较差,这使得很多时候企业设定的行权价格变得极不合理,甚至成为了变相的“福利”。本文从股权激励的相关理论入手,简要阐述股权激励相关模式和其他基础知识;对W公司的生命周期现状进行分析,方便后期股权激励模式的选择和有效意见的提出;针对股权激励两个目标——业绩、人才,文章将通过财务性指标分析业绩变化、非财务性指标分析人才变化相结合的方式来研究W公司在实施了股权激励后的效果是否明显;最后通过对其方案中存在的不足,提出了更好的优化方案及可行性意见。案例研究表明,我国在股权激励的实施过程中还存在一些问题,这使得一些企业激励效果并不明显,甚至还有一些企业利用股权激励变相为高管发放“福利”。所以企业在今后制定股权激励方案的时候,不仅要结合自身发展情况来设计科学的方案,还要考虑到行业发展前景以及市场变化规律,这样在制定相应数据指标的时候,也能够更加合理,进一步的扩大股权激励的激励效果。研究还发现,企业内部公司治理环境及外部环境都对企业股权激励方案的实施有着一定的影响,所以为保证股权激励的有效实施,今后也应该注重构建合理的公司内部结构和良好的外部资本市场。
[Abstract]:The methods of employee motivation are very diverse, such as material incentive method and non-material incentive method. As a relatively new way of employee incentive, equity incentive is mainly aimed at improving enterprise performance and attracting and retaining talents. Therefore, it is also called golden cuff stimulation method. In recent years, more and more listed enterprises and enterprises to be listed in our country begin to use the way of equity incentive to realize the long-term development strategy of enterprises. At present, there are many kinds of equity incentive modes, and the design of equity incentive schemes is also different. Different nature of the enterprise also often reflects different characteristics of incentives. Due to the late start of equity incentive in China, many theoretical experiences are summed up in practice, so many enterprises still have problems in equity incentive schemes. This paper selects W Company of the gem as the research object to study the problems existing in the implementation scheme of the gem equity incentive. The reasons for choosing the gem as the research object are as follows: first, the gem enterprises focus on innovative and high speed developing high-tech enterprises, and the demand for talents is very urgent. Therefore, more and more gem enterprises begin to promote development through equity incentive, and the number of gem enterprises implementing equity incentive will continue to increase in the future. Second, there are many problems in the process of implementation of gem enterprises. For example, because of the excessive pursuit of gem, it is easy to produce bubble phenomenon, and the market effectiveness is poor, which makes the prices set by enterprises become extremely unreasonable and even become "welfare" in disguise. Starting with the relevant theory of equity incentive, this paper briefly expounds the relevant mode and other basic knowledge of equity incentive, analyzes the current situation of life cycle of W company, and facilitates the choice of equity incentive mode in the later stage and the putting forward of effective opinions. In view of the two objectives of equity incentive-performance, talent, the article will analyze the performance changes through financial indicators, non-financial indicators to analyze the combination of talent changes to study whether the effect of W company after the implementation of equity incentive is obvious; Finally, through the shortcomings of the scheme, better optimization scheme and feasible suggestions are put forward. The case study shows that there are still some problems in the implementation of equity incentive in China, which makes the incentive effect of some enterprises not obvious, and even some enterprises use equity incentive to issue "welfare" to executives in disguise. Therefore, when enterprises formulate equity incentive schemes in the future, they should not only design scientific plans in the light of their own development situation, but also take into account the industry development prospects and market changes, so that when formulating corresponding data indicators, Can also be more reasonable, further expand the incentive effect of equity incentives. It is also found that both the internal corporate governance environment and the external environment have a certain impact on the implementation of the corporate equity incentive scheme, so as to ensure the effective implementation of equity incentive. In the future, we should also pay attention to the construction of a reasonable internal structure and a good external capital market.
【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】：F272.92;F426.6
本文编号：2201328
[Abstract]:The methods of employee motivation are very diverse, such as material incentive method and non-material incentive method. As a relatively new way of employee incentive, equity incentive is mainly aimed at improving enterprise performance and attracting and retaining talents. Therefore, it is also called golden cuff stimulation method. In recent years, more and more listed enterprises and enterprises to be listed in our country begin to use the way of equity incentive to realize the long-term development strategy of enterprises. At present, there are many kinds of equity incentive modes, and the design of equity incentive schemes is also different. Different nature of the enterprise also often reflects different characteristics of incentives. Due to the late start of equity incentive in China, many theoretical experiences are summed up in practice, so many enterprises still have problems in equity incentive schemes. This paper selects W Company of the gem as the research object to study the problems existing in the implementation scheme of the gem equity incentive. The reasons for choosing the gem as the research object are as follows: first, the gem enterprises focus on innovative and high speed developing high-tech enterprises, and the demand for talents is very urgent. Therefore, more and more gem enterprises begin to promote development through equity incentive, and the number of gem enterprises implementing equity incentive will continue to increase in the future. Second, there are many problems in the process of implementation of gem enterprises. For example, because of the excessive pursuit of gem, it is easy to produce bubble phenomenon, and the market effectiveness is poor, which makes the prices set by enterprises become extremely unreasonable and even become "welfare" in disguise. Starting with the relevant theory of equity incentive, this paper briefly expounds the relevant mode and other basic knowledge of equity incentive, analyzes the current situation of life cycle of W company, and facilitates the choice of equity incentive mode in the later stage and the putting forward of effective opinions. In view of the two objectives of equity incentive-performance, talent, the article will analyze the performance changes through financial indicators, non-financial indicators to analyze the combination of talent changes to study whether the effect of W company after the implementation of equity incentive is obvious; Finally, through the shortcomings of the scheme, better optimization scheme and feasible suggestions are put forward. The case study shows that there are still some problems in the implementation of equity incentive in China, which makes the incentive effect of some enterprises not obvious, and even some enterprises use equity incentive to issue "welfare" to executives in disguise. Therefore, when enterprises formulate equity incentive schemes in the future, they should not only design scientific plans in the light of their own development situation, but also take into account the industry development prospects and market changes, so that when formulating corresponding data indicators, Can also be more reasonable, further expand the incentive effect of equity incentives. It is also found that both the internal corporate governance environment and the external environment have a certain impact on the implementation of the corporate equity incentive scheme, so as to ensure the effective implementation of equity incentive. In the future, we should also pay attention to the construction of a reasonable internal structure and a good external capital market.
【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】：F272.92;F426.6
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