招商银行股权激励制度分析与设计
发布时间：2018-11-12 16:54
【摘要】：股权激励制度作为一种在知识经济时代必要的激励制度创新,在我国资本市场进行了股权分置改革之后具备了现实操作的可能性。招商银行作为国有控股上市金融公司在股权激励制度探索和实践中走出了一大步,总结和研究招商银行股权激励制度的得失对于股权激励制度在我国国有控股企业中是否继续推行有着重大研究和借鉴意义。 本文通过对招商银行股权激励方案做了简要介绍,并就推出的过程和激励制度设计本身进行了理论分析,指出了在推行过程中的可取之处和目前看来的不足之处。进而通过对招商银行2005年到2011年间年度公司业绩表现与招商银行在A股和H股股市表现的对比,研究招商银行业绩表现与股价的相关性。发现招商银行实行高层管理人员H股股票增值权计划以来,公司业绩表现与股价并未表现出高度相关性,而且通过与民生银行4年业绩数据的对比,H股股票增值权计划的实施与公司业绩表现也并无重大区别。通过分析和对比,发现产生以上问题的主要原因在于我国证券资本市场有效性不足,股价并未充分反映所有市场信息；高层管理人员股权激励制度设计本身并不具备推动股价持续上涨的内在动力,激励对象不满足股权激励制度运行所要求的假设条件,难以形成良性循环闭环；企业高层管理人员并未形成有效的市场竞争,而且该类人员的选拔以及聘任并非完全的市场行为,即使设立股权激励制度对于他们的激励和约束作用有限。 招商银行股权激励制度在运行中存在一定的弊端和不足,解决办法在于找到引发矛盾的原因,有针对性地进行改进和修正,继续完善股权激励制度实施所需要的法律制度保障条件；进一步修正股权激励制度挂钩条件和取得方式；继续推进具有活力的人力资源竞争性市场与拥有公平机会的产品竞争性市场的建立。在公司经营管理规范化进程中,落实产权制度的进一步优化,通过将企业三个不同层次、不同激励需求的人员区分开来,分别设计股权激励制度,切实加强实施股权激励计划所需要的员工工作授权度和主人翁意识的培养。 通过对高层管理人员股权激励制度的分析,丰富了招商银行股权激励体系分析,为业务骨干人员及重要管理人员以及普通员工股权激励方案的设计提供了参照和实践经验。因此,在设计和改进股权激励体系过程中,吸取了高层管理人员股权激励的经验教训：只有把股权激励制度的设计与规范公司经营管理结合起来,既考虑了股权激励制度设计的合理性又研究了激励对象本身的风险偏好、需求层次等特定因素,才能设计出来切实可用的股权激励方案,用好用活股权激励制度这一利器,最终更有利于公司业绩的提升。
[Abstract]:As a necessary innovation of the incentive system in the era of knowledge economy, the equity incentive system has the possibility of practical operation after the reform of the split share structure in the capital market of our country. As a state-owned holding listed financial company, China Merchants Bank has taken a big step forward in the exploration and practice of equity incentive system. Summing up and studying the gain and loss of equity incentive system of China Merchants Bank is of great significance for the further implementation of equity incentive system in state-owned holding enterprises in China. This paper gives a brief introduction to the equity incentive scheme of China Merchants Bank, and makes a theoretical analysis of the process of introduction and the design of the incentive system itself, and points out the advantages and disadvantages in the process of implementation. Then, by comparing the annual performance of China Merchants Bank from 2005 to 2011 and the performance of China Merchants Bank in A-share and H-share stock market, the correlation between CMB performance and stock price is studied. It is found that since China Merchants Bank implemented the H-share appreciation right Plan for senior managers, the performance of the company has not shown a high correlation with the stock price, and through the comparison with Minsheng Bank's performance data for four years, There is no significant difference between the implementation of H-share equity appreciation right plan and the performance of the company. Through analysis and comparison, it is found that the main reason for the above problems lies in the insufficient validity of the securities capital market in our country, and the stock price does not fully reflect all the market information; The design of the stock right incentive system of senior management does not have the internal motive force to push the stock price rising continuously, the incentive object does not meet the assumption condition required by the stock right incentive system operation, it is difficult to form the benign circle closed loop; The senior managers of enterprises have not formed effective market competition, and the selection and employment of this kind of personnel is not a complete market behavior, even though the establishment of equity incentive system is limited to their incentive and restraint role. The stock right incentive system of China Merchants Bank has some drawbacks and shortcomings in its operation. The solution lies in finding out the causes of the contradictions, and improving and revising them in a targeted way. To continue to improve the equity incentive system implementation of the necessary legal system to ensure conditions; We should further revise the linked conditions and acquisition methods of the equity incentive system, and continue to promote the establishment of a competitive market for human resources with vitality and a competitive market for products with fair opportunities. In the process of standardizing the management of the company, the further optimization of the property right system is carried out, and the equity incentive system is designed separately by distinguishing the three different levels of the enterprise and the people with different incentive needs. Effectively strengthen the implementation of equity incentive plan required by the staff degree of empowerment and ownership of the training. Through the analysis of the stock right incentive system of senior management personnel, it enriches the analysis of equity incentive system of China Merchants Bank, and provides reference and practical experience for the design of equity incentive scheme for key business personnel and important managers as well as ordinary employees. Therefore, in the process of designing and improving the equity incentive system, we have learned the experience and lessons of the senior managers' equity incentive: only by combining the design of the equity incentive system with the standardization of the management of the company, Considering not only the rationality of the design of equity incentive system, but also the risk preference, demand level and other specific factors of the incentive object itself, we can design a practical and usable equity incentive scheme and make good use of the active equity incentive system as a sharp weapon. Ultimately more conducive to the company's performance.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33
本文编号：2327656
[Abstract]:As a necessary innovation of the incentive system in the era of knowledge economy, the equity incentive system has the possibility of practical operation after the reform of the split share structure in the capital market of our country. As a state-owned holding listed financial company, China Merchants Bank has taken a big step forward in the exploration and practice of equity incentive system. Summing up and studying the gain and loss of equity incentive system of China Merchants Bank is of great significance for the further implementation of equity incentive system in state-owned holding enterprises in China. This paper gives a brief introduction to the equity incentive scheme of China Merchants Bank, and makes a theoretical analysis of the process of introduction and the design of the incentive system itself, and points out the advantages and disadvantages in the process of implementation. Then, by comparing the annual performance of China Merchants Bank from 2005 to 2011 and the performance of China Merchants Bank in A-share and H-share stock market, the correlation between CMB performance and stock price is studied. It is found that since China Merchants Bank implemented the H-share appreciation right Plan for senior managers, the performance of the company has not shown a high correlation with the stock price, and through the comparison with Minsheng Bank's performance data for four years, There is no significant difference between the implementation of H-share equity appreciation right plan and the performance of the company. Through analysis and comparison, it is found that the main reason for the above problems lies in the insufficient validity of the securities capital market in our country, and the stock price does not fully reflect all the market information; The design of the stock right incentive system of senior management does not have the internal motive force to push the stock price rising continuously, the incentive object does not meet the assumption condition required by the stock right incentive system operation, it is difficult to form the benign circle closed loop; The senior managers of enterprises have not formed effective market competition, and the selection and employment of this kind of personnel is not a complete market behavior, even though the establishment of equity incentive system is limited to their incentive and restraint role. The stock right incentive system of China Merchants Bank has some drawbacks and shortcomings in its operation. The solution lies in finding out the causes of the contradictions, and improving and revising them in a targeted way. To continue to improve the equity incentive system implementation of the necessary legal system to ensure conditions; We should further revise the linked conditions and acquisition methods of the equity incentive system, and continue to promote the establishment of a competitive market for human resources with vitality and a competitive market for products with fair opportunities. In the process of standardizing the management of the company, the further optimization of the property right system is carried out, and the equity incentive system is designed separately by distinguishing the three different levels of the enterprise and the people with different incentive needs. Effectively strengthen the implementation of equity incentive plan required by the staff degree of empowerment and ownership of the training. Through the analysis of the stock right incentive system of senior management personnel, it enriches the analysis of equity incentive system of China Merchants Bank, and provides reference and practical experience for the design of equity incentive scheme for key business personnel and important managers as well as ordinary employees. Therefore, in the process of designing and improving the equity incentive system, we have learned the experience and lessons of the senior managers' equity incentive: only by combining the design of the equity incentive system with the standardization of the management of the company, Considering not only the rationality of the design of equity incentive system, but also the risk preference, demand level and other specific factors of the incentive object itself, we can design a practical and usable equity incentive scheme and make good use of the active equity incentive system as a sharp weapon. Ultimately more conducive to the company's performance.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33
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