用友网络股权激励方案评价研究

发布时间：2018-01-07 07:05

本文关键词：用友网络股权激励方案评价研究　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：从2005年证监会发布《上市公司股权激励管理办法》到2016年底,我国共有1000余家上市公司推出了股权激励计划,涉及的股权激励方案多达1300多套。近几年,实施股权激励的上市公司更是呈现出爆发式的增长。为何如此多的公司热衷于推出股权激励计划?一方面,现代社会已经从传统的人力资源时代迈入了人力资本时代,人力资本对于企业的发展越来越重要。股权激励计划的实施可以使得企业在人力资本的争夺中占据有利地位,股权激励已经成为企业留住内部人才,吸引外部人才的有效手段。另一方面,股权激励计划将企业高管、核心员工这些激励对象的核心利益与公司的价值捆绑在一起,激励对象获得高额收益的前提就是其必须努力为公司工作以提高公司的业绩,使得公司的股价可以上涨。从《上市公司股权激励管理办法》发布至今,我国的股权激励实践已经经过了十一年的时间。股权激励契约要素设计存在哪些问题?股权激励激励的效果又如何?国内学者进行了很多探索。在股权激励契约要素设计方面,研究表明大多数企业一直存在诸如业绩考核指标单一,激励有效期过短等问题;而在股权激励的激励效果方面,实证研究对于股权激励与企业业绩之间的关系仍未得出一致的结论。不同企业股权激励计划的契约要素设计不同,股权激励对企业业绩的提升程度也有所不同。因此,对具体企业案例的研究就显得尤为重要。本文选择用友网络的三次股权激励方案为研究对象。这三次股权激励方案实施阶段基本上涵盖了《上市公司股权激励管理办法》发布以来的我国股权激励实践的整个阶段,可以说是我国股权激励实践的一个缩影。本文首先从短期市场反应、股权激励计划的激励效果和股权激励计划契约要素的设计三个方面对国内外文献进行了梳理,之后对股权激励的基础理论进行了介绍。然后,通过事件研究法研究三次股权激励方案所造成的短期市场反应,以及通过对股权激励计划实施前后业绩的比较和运用以行业为配对样本的配对样本法分析三次股权激励方案所产生的长期激励效果,最后对用友网络的三次股权激励方案的契约要素进行了分析并提出了一些建议。通过研究发现:在短期市场反应研究方面,证券市场对于第一次股权激励方案反应较差,而对第二次和第三次股权激励方案反应较好;在激励方案的激励效果研究方面,三次激励方案均起到了一定的激励效果,尤其在股权激励方案实施的第一年激励效果较好,之后的年度激励效果不明显;在股权激励方案的契约要素研究方面,存在激励对象选择相对合理、授予总量相对合适、激励模式与公司战略相匹配的好现象,但也存在授予股票分配不公平、业绩考核指标单一并且偏低、行权价格不科学的问题。
[Abstract]:From 2005 to end of 2016, more than 1, 000 listed companies in China have launched equity incentive plans. There are more than 1,300 equity incentive schemes involved. In recent years, listed companies implementing equity incentives have shown explosive growth. Why are so many companies keen to launch equity incentive plans? On the one hand, the modern society has entered the era of human capital from the traditional era of human resources. Human capital is becoming more and more important for the development of enterprises. The implementation of equity incentive plan can make enterprises occupy a favorable position in the competition for human capital. Equity incentive has become an enterprise to retain internal talents. On the other hand, equity incentive schemes bind the core interests of executives and core employees to the value of the company. The premise of the incentive object to obtain high returns is that it must work hard for the company to improve the performance of the company, so that the stock price of the company can rise. It has been eleven years since the practice of equity incentive in China. What are the problems in the design of the elements of equity incentive contract? What is the effect of equity incentive? Domestic scholars have made a lot of explorations. In the aspect of the design of equity incentive contract, the research shows that most enterprises always have problems such as single performance evaluation index, too short incentive period and so on. In the incentive effect of equity incentive, the empirical study on the relationship between equity incentive and corporate performance has not reached a consistent conclusion. Different enterprises have different design of contract elements of equity incentive plan. The degree of promotion of equity incentive to enterprise performance is also different. It is very important to study the specific enterprise case. This paper chooses the three-stage equity incentive scheme of the friend network as the research object. The implementation stage of the three equity incentive schemes basically covers the "equity incentive tube" of the listed company. The whole stage of China's equity incentive practice since its publication. It can be said to be a microcosm of the practice of equity incentive in China. Firstly, this paper starts with the short-term market reaction. The incentive effect of the equity incentive plan and the design of the contract elements of the equity incentive plan are combed through the literature at home and abroad, and then the basic theory of equity incentive is introduced. The short-term market reaction caused by the three-stage equity incentive scheme is studied by the method of event research. And through the comparison of the performance before and after the implementation of the equity incentive plan and the use of the matching sample method to analyze the long-term incentive effect of the third equity incentive plan. At last, the paper analyzes the contract elements of the three times equity incentive scheme of friends network, and puts forward some suggestions. Through the research, we find that: in the research of short-term market response. The stock market has a poor response to the first equity incentive scheme, but a better response to the second and third equity incentive schemes. In the study of incentive effect, three incentive schemes have played a certain incentive effect, especially in the first year of the equity incentive plan implementation of the incentive effect is better, and the annual incentive effect is not obvious; In the research of contract elements of equity incentive scheme, there is a good phenomenon that the choice of incentive object is relatively reasonable, the total amount of incentive is relatively appropriate, and the incentive mode matches the company strategy, but there is also unfair distribution of the grant stock. The performance appraisal index is single and low, the exercise price is not scientific question.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92;F49

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