美的集团股权激励下的财务效果研究

发布时间：2018-05-08 02:18

本文选题：美的集团 + 股权激励　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：随着西方市场经济发达国家近几十年的经济蓬勃发展,其间影响因素有许许多多。资源、地理位置、国际关系、管理制度、创新能力等都成为其发展的强大动力。企业良性快速发展在其中做出了非常突出的贡献。企业发展离不开管理人员。中国的发展,最根本的途径是依靠经济带动发展,而经济的发展最主要依靠企业。新世纪,在中国的各色企业中会面临许多问题,其中亟待解决的三个难题是企业代理问题、人才的吸收和管理层权力的交接。目前,股权激励制度在多家上市公司实施,对于促进企业发展来说效果明显,该激励制度能否有效解决以上的问题,现有的理论研究并没有给出充分的回答。此外,中国国情在全世界看来是比较特殊的,滞后性导致机制的引入相对较晚,短时间发展也不会很完全,不完整的发展也导致了不明显的效果,因此近年来股权激励对企业的影响在中国学术界的表现一直很热,但他们的研究结论也不尽相同。股权激励的效果在公司的财务数据上是有很明确的体现的,通过其对上市公司绩效的影响,对大环境下股权激励作出贡献,使股权激励机制能够积极地为中国上市公司服务,为我国企业的发展做出贡献。通过回顾国内外股权激励的学术研究,分析美的集团推行的三期股权激励方案,对美的集团股权激励方案及实施结果作出评价,并从中得到启示,为以后上市公司实行相关方案提供借鉴和经验。具体研究方法包括文献调查法、理论与实际相结合分析法以及定性与定量相结合,运用数据总结的同时也对绩效和股权激励进行了界定,介绍了本国相关股权激励发展整个历程以及日后还要改进之处。在基础理论之后阐述了具体的股权激励方案,通过横向和纵向的对比分析出股权激励的作用,期间应用了企业营运能力、盈利能力、偿债能力以及发展能力的分析,最后再应用杜邦分析体系下的净收益连环替代分析进一步判断企业综合能力的变化情况。依照具体方案的实施进行综合评价找出值得其他公司借鉴之处和存在的不足,最后针对不足提出相应的改进措施,增强论文的可操作性。通过研究美的集团实行股权激励制度所产生的影响业绩的程度,说明对于众多上市公司来说实施股权激励制度完全可以提升公司业绩水平,但考核制度和实施的方案并不完善,同时激励模式方面也需要更加多样化的手段代替以往单一的激励方式。在业绩考核方面,设立多种指标以全面考核各方面业绩水平,以证明其有效性。
[Abstract]:With the rapid development of the western market economy developed countries in recent decades, there are many factors affecting it. Resources, geographical location, international relations, management system, innovative ability and so on have become the powerful power of its development. Good and rapid development of enterprises in which has made a very prominent contribution. Enterprise development can not be separated from management personnel. China's development, the most fundamental way is to rely on the development of the economy, and economic development is the most dependent on enterprises. In the new century, enterprises of all kinds in China will face many problems. Among them, the three problems that need to be solved urgently are the agency problem, the absorption of talents and the transfer of management power. At present, the implementation of equity incentive system in many listed companies, for the promotion of enterprise development effect is obvious, whether the incentive system can effectively solve the above problems, the existing theoretical research has not given a sufficient answer. In addition, the national conditions of China are quite special in the world. The introduction of the mechanism is relatively late, and the development in a short period of time is not very complete. The incomplete development also leads to less obvious effects. Therefore, in recent years, the impact of equity incentive on enterprises has been very hot in Chinese academia, but their research conclusions are different. The effect of equity incentive is clearly reflected in the financial data of the company. Through its impact on the performance of listed companies, it contributes to the equity incentive under the general environment, so that the equity incentive mechanism can actively serve the listed companies in China. To contribute to the development of enterprises in China. By reviewing the academic research on equity incentive at home and abroad, this paper analyzes the three stages of equity incentive scheme carried out by Midea, and evaluates the scheme and the implementation results of Midea's equity incentive, and draws inspiration from it. For the future listed companies to implement relevant programs to provide reference and experience. The specific research methods include literature survey, theoretical and practical analysis, qualitative and quantitative analysis, the use of data summary, but also the performance and equity incentives are defined. This paper introduces the whole process of the development of equity incentive in China and the improvement in the future. After the basic theory elaborated the specific equity incentive plan, through the horizontal and vertical contrast analysis of the role of equity incentive, during the application of the business operation ability, profitability, solvency and development capacity analysis, Finally, we use the net income chain substitution analysis under DuPont analysis system to judge the change of enterprise comprehensive ability. According to the implementation of the specific project comprehensive evaluation to find out that other companies to learn from the shortcomings and finally to put forward the corresponding improvement measures to enhance the operability of the paper. By studying the extent of the impact of Midea's equity incentive system on performance, it is shown that the implementation of equity incentive system can completely improve the performance of many listed companies, but the appraisal system and the implementation of the scheme are not perfect. At the same time, the incentive mode also needs a more diversified means to replace the previous single incentive mode. In the aspect of performance appraisal, a variety of indicators are set up to evaluate the performance level in all aspects to prove its validity.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F272.92;F406.7

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