常山药业股权激励计划实施效果案例研究

发布时间：2018-06-09 20:45

本文选题：上市公司 + 股权激励　；参考：《兰州大学》2017年硕士论文

【摘要】：现代企业理论以及西方资本市场的实践已经证明,股权激励可以有效防范公司管理中存在的短期行为问题。股权激励作为长期激励的一种重要方式,可以有效地实现对公司员工的激励,从而使得公司的实际所有者、日常经营管理者与公司的普通员工利益一致、目标趋同,为实现企业价值最大化群策群力。现代企业想要保持长期稳定、可持续的发展,其中一个重要的问题是能够有效解决其自身的委托代理问题,股权激励恰好可以帮助企业有效、妥善地处理这类问题。在我国,随着相关法律法规的建立健全,各种适合本国发展的市场制度的不断完善,越来越多的企业逐渐接纳、研究并制定实施利于本企业发展的股权激励计划,有关股权激励的理论研究与实战经验日臻成熟。常山药业股份有限公司是一家创业板的高新技术公司,上市一年即制定实施股权激励计划。其股权激励方案在绩效考核方面有一定的优化,公司设计了双层考核标准,除对公司财务指标进行考核外,还针对不同层级、不同岗位上的激励对象制定具体考核标准,尤其是加大了对技术创新的考核力度,这在其他公司的股权激励计划中是比较少见的,具有一定的研究意义。本文以常山药业的股权激励计划为研究对象,采用案例研究的方法,主要针对公司在实施股权激励计划前后,其经营、治理及市场表现等各方面进行分析,判定、评价此次激励计划的实施效果。本文首先对研究背景、研究意义进行概述,并介绍本文的研究主题及框架。然后简要介绍了常山药业公司的基本情况和公司所处的行业情况,随后又从激励模式和公司板块分布两方面对我国的上市公司进行股权激励计划的现状进行简要地分析,并具体阐述分析了常山药业公司股权激励计划的实施方案和考核标准。其次从公司的经营业绩、治理结构、公司价值、市场反应方面,得出常山药业股权激励计划的实施效果,并分析公司在制定实施股权激励计划时的不足之处,对其股权激励实施方案做出评价。最后,在对常山药业公司激励方案研究的基础上得到启发,针对常山药业及我国上市公司制定、执行激励计划出现的普遍问题提出对策建议,最后提出本文的研究不足并展望未来。
[Abstract]:Modern enterprise theory and western capital market practice have proved that equity incentive can effectively prevent short-term behavior problems in corporate management. As an important way of long-term incentive, equity incentive can effectively realize the incentive to the employees of the company, thus making the interests of the actual owners, daily managers and ordinary employees of the company consistent, and the objectives converge. In order to realize the enterprise value maximizes the collective strategy strength. If modern enterprises want to maintain long-term stability and sustainable development, one of the important problems is to effectively solve their own principal-agent problem. Equity incentive can help enterprises to deal with such problems effectively and properly. In our country, with the establishment of relevant laws and regulations and the continuous improvement of various market systems suitable for the development of our country, more and more enterprises gradually accept, study and implement equity incentive plans conducive to the development of their own enterprises. The theoretical research and practical experience of equity incentive are becoming more and more mature. Changshan Pharmaceutical Co., Ltd. is a high-tech company on the gem. Its equity incentive scheme has certain optimization in the performance appraisal, the company has designed the double layer appraisal standard, in addition to carries on the appraisal to the company financial index, but also for the different level, the different post incentive object formulates the concrete appraisal standard, Especially, it increases the assessment of technological innovation, which is relatively rare in the equity incentive plan of other companies, and has certain research significance. This paper takes the stock right incentive plan of Changshan Pharmaceutical Industry as the research object, adopts the method of case study, mainly analyzes and judges the management, governance and market performance of the company before and after the implementation of the equity incentive plan. Evaluate the effectiveness of this incentive plan. In this paper, the background and significance of the research are summarized, and the research theme and framework are introduced. Then it briefly introduces the basic situation of Changshan Pharmaceutical Company and the industry situation of the company, and then briefly analyzes the current situation of equity incentive plan of listed companies in China from the two aspects of incentive mode and company plate distribution. And elaborated and analyzed the Changshan pharmaceutical company stock right incentive plan implementation plan and the appraisal standard concretely. Secondly, from the aspects of operating performance, governance structure, company value and market reaction, the paper draws the implementation effect of the stock right incentive plan of Changshan Pharmaceutical Industry, and analyzes the shortcomings of the company in formulating and implementing the equity incentive plan. To its equity incentive implementation plan to make the appraisal. Finally, on the basis of the research on the incentive scheme of Changshan Pharmaceutical Company, the author puts forward some countermeasures and suggestions for Changshan Pharmaceutical Company and listed companies in China to formulate and execute the incentive plan. In the end, the author points out the deficiency of this paper and looks forward to the future.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F272.92

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