联化科技股权激励方案实施效果与启示研究
发布时间：2019-03-14 15:06
【摘要】：《上市公司股权激励管理办法》(试行)已经在我国开始实行起来,同时一些关于股权激励的规范正在被不停的完善当中。因此,股权激励这种方法已经在上市公司流行起来。作为对激励对象进行长久激励的一种方法,股权激励它是联系经营者与所有者利益的纽带,它的目的就是为了避免激励对象的短期行为,将他们的目光转移到企业的长远发展上来。企业股东与经营者之间存在的委托代理问题可以通过股权激励进行处理,同时它能够改善企业的经营效率。本文以联化科技作为研究对象,联化科技作为一家高新技术企业,它在精细化工品方面的技术已经达到了国际水平,尤其是在氨氧化法上引入腈基,达到了国际领先水平,因此选择它作为案例研究具有一定的代表性。本文在分析案例时采用了事件研究法和比较分析法,首先,通过事件研究法对案例企业颁布股权激励方案时的市场反应进行研究,发现企业在公布股权激励方案时,信息有可能提前泄露。然后,通过采用横向和纵向相结合的对比方式,分析企业在实施股权激励方案前后的财务及相关指标的变化,最后得出结论,联化科技的股权激励方案没有达到预期效果,至于造成联化科技股权激励方案没有达到预期效果的原因,本文认为,联化科技在制定股权激励方案时,对行权条件和行权指标的设置并不合理,行权条件设置偏低,行权指标设置的相对单一,这主要是由于企业内部监督机制不完善和绩效考核体系设计成本高,相关法律缺失所导致的。同时在行权期限的设置也是存在问题的,相对于一些成功实施股权激励的企业,联化科技的股权激励的行权期限较短,这主要是由于当前的职业经理人市场不健全造成的。最后,本文总结上述研究,提出了几点有关优化股权激励方案的启示:第一,在制定股权激励方案时要设置合理的行权条件和行权指标;第二,在制定股权激励方案时要合理设置行权期限;第三,完善企业内部制度;第四,进一步完善与股权激励相关的法律法规制度;第五,加快资本市场的有效性建设。本文希望通过上述研究为更多类似的企业设计股权激励方案提供有价值的参考意见。
[Abstract]:The method of stock-stock incentive management of the listed company has already been put into practice in our country, and some of the regulations on equity incentive are being perfected. Therefore, the method of equity incentive has become popular in the listed company. As a method for the long-term motivation of the incentive objects, the equity incentive is the link between the operator and the owner's interests, the purpose of which is to avoid the short-term behavior of the incentive objects, and to transfer their eyes to the long-term development of the enterprise. The problem of the proxy agent existing between the enterprise shareholder and the operator can be treated by the equity incentive, and it can improve the operation efficiency of the enterprise. As a high-tech enterprise, the technology of chemical technology has reached the international level, especially in the ammonia oxidation process, and has reached the international leading level. Therefore, it has some representativeness as a case study. In this paper, the event research method and the comparative analysis method are used in the analysis of the case. First, the market response of the case enterprises with the equity incentive scheme is studied through the event research method, and it is found that the information may be leaked in advance when the equity incentive scheme is announced. Then, by using the combination of horizontal and vertical, the paper analyzes the changes of the financial and related indexes before and after the implementation of the stock-stock incentive scheme, and concludes that the equity incentive scheme of the combined technology has not reached the expected effect. As for the reason that the incentive scheme of the equity incentive for the joint science and technology has not reached the expected effect, the paper is of the opinion that, in the development of the stock-stock incentive scheme, the setting of the right and the right index is not reasonable, the setting of the right-to-right condition is low, and the set of the right-to-right index is relatively single, This is mainly due to the imperfection of the internal supervision mechanism of the enterprise and the high design cost of the performance appraisal system and the lack of relevant laws. At the same time, the setting of the time limit of the right time is also a problem, with respect to some enterprises that have successfully implemented the equity incentive, the right time limit of the equity incentive of the united science and technology is short, which is mainly due to the imperfect market of the current professional manager. In the end, this paper sums up the above-mentioned research, and puts forward some enlightenments to the optimization of the stock-stock incentive scheme: first, to set a reasonable right-to-right condition and a right-to-right index in the formulation of the stock-stock incentive scheme; secondly, to set the right-to-right period reasonably when the stock-stock incentive scheme is established; and thirdly, To improve the internal system of the enterprise; and fourthly, to further improve the legal and legal system related to the equity incentive; and, fifthly, to speed up the effective construction of the capital market. This paper hopes to provide valuable reference for more similar enterprise design equity incentive programs through the above-mentioned research.
【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】：F272.92;F426.7
本文编号：2440092
[Abstract]:The method of stock-stock incentive management of the listed company has already been put into practice in our country, and some of the regulations on equity incentive are being perfected. Therefore, the method of equity incentive has become popular in the listed company. As a method for the long-term motivation of the incentive objects, the equity incentive is the link between the operator and the owner's interests, the purpose of which is to avoid the short-term behavior of the incentive objects, and to transfer their eyes to the long-term development of the enterprise. The problem of the proxy agent existing between the enterprise shareholder and the operator can be treated by the equity incentive, and it can improve the operation efficiency of the enterprise. As a high-tech enterprise, the technology of chemical technology has reached the international level, especially in the ammonia oxidation process, and has reached the international leading level. Therefore, it has some representativeness as a case study. In this paper, the event research method and the comparative analysis method are used in the analysis of the case. First, the market response of the case enterprises with the equity incentive scheme is studied through the event research method, and it is found that the information may be leaked in advance when the equity incentive scheme is announced. Then, by using the combination of horizontal and vertical, the paper analyzes the changes of the financial and related indexes before and after the implementation of the stock-stock incentive scheme, and concludes that the equity incentive scheme of the combined technology has not reached the expected effect. As for the reason that the incentive scheme of the equity incentive for the joint science and technology has not reached the expected effect, the paper is of the opinion that, in the development of the stock-stock incentive scheme, the setting of the right and the right index is not reasonable, the setting of the right-to-right condition is low, and the set of the right-to-right index is relatively single, This is mainly due to the imperfection of the internal supervision mechanism of the enterprise and the high design cost of the performance appraisal system and the lack of relevant laws. At the same time, the setting of the time limit of the right time is also a problem, with respect to some enterprises that have successfully implemented the equity incentive, the right time limit of the equity incentive of the united science and technology is short, which is mainly due to the imperfect market of the current professional manager. In the end, this paper sums up the above-mentioned research, and puts forward some enlightenments to the optimization of the stock-stock incentive scheme: first, to set a reasonable right-to-right condition and a right-to-right index in the formulation of the stock-stock incentive scheme; secondly, to set the right-to-right period reasonably when the stock-stock incentive scheme is established; and thirdly, To improve the internal system of the enterprise; and fourthly, to further improve the legal and legal system related to the equity incentive; and, fifthly, to speed up the effective construction of the capital market. This paper hopes to provide valuable reference for more similar enterprise design equity incentive programs through the above-mentioned research.
【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】：F272.92;F426.7
【参考文献】
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2 吕长江;严明珠;郑慧莲;许静静;;为什么上市公司选择股权激励计划?[J];会计研究;2011年01期
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