乐视公司股权激励效应案例研究

发布时间：2018-01-23 03:52

本文关键词： 股权激励上市公司乐视网实施效应　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权激励作为现代企业激励机制的创新模式,对企业经济效益的提升和价值的增加有着重要的促进作用,有利于企业的稳定可持续发展。20世纪50年代股权激励机制出现在美国,并在80年代逐渐成长起来,90年代风靡全球多个国家和地区,在不同国家、不同区域、不同行业和企业中取得巨大的成功和广泛应用,很大程度上缓解了企业与股东、高级管理者、员工之间的委托代理矛盾,为企业保持活力与竞争力构建了良好的发展环境和氛围,较大幅度地提升了企业绩效和市场竞争力。我国股权激励体系出现的时间还不长,前期受到本身状况和经验匮ureaucrats[J].Quarterly Journal of Economics,1998,1乐视网信息技术(北京)股份有限公司,简称“乐视网”,2010年8月12日登陆创业板,目前是我国唯一一家在境内上市的视频网站。主营项目包括互联网视频制作、影视作品制作与发布,大屏应用产品、智能终端的生产和销售,是现阶段我国最具活力和影响力、科技和文化相融合的创新型企业。对于乐视网而言,科技与文化发展的核心源泉是人才,高级管理人员、核心技术人员是公司保持竞争力和创造力的关键,是公司实现高效益、高利润、高效能的重要武器。为了留住上述优质人力资源,吸引社会更多的潜在人才,乐视网在2013年至2015年陆续向符合条件的951名核心人才授予股票期权,显著地提升了公司的绩效和综合竞争力。但是,乐视网在实施股权激励机制的过程中,也暴露出分配不均、考核指标不健全、行权要求设定偏低等问题,对公司下一阶段股权激励机制的实施带来一定的阻碍。基于上述情况,本文对乐视网的股权激励模式及效益进行研究,结合公司近5年财务报告,对三次股权激励计划的影响和作用进行探析。主要的研究思路如下:首先,梳理总结和股权激励模式及效应有关的理论和我国与国外的文献探究资料,将其当作剖析实例的理论依托;其次,对乐视网股权激励方案进行详细地分析,重点对股权激励实施效果进行评价,通过对盈利能力、偿债能力、发展能力、股权变动等方面数据的计算和比较,评价整套股权激励效应的优点与问题;最后,结合乐视网股权激励实施效应情况,为我国上市公司建立健全股权激励机制提供建议。
[Abstract]:As an innovative model of modern enterprise incentive mechanism, equity incentive plays an important role in promoting the economic benefits and increasing the value of enterprises. The equity incentive mechanism appeared in the United States in 50s, and gradually grew up in 80s. It became popular in many countries and regions of the world in different countries in the 1990s. Different regions, different industries and enterprises have achieved great success and wide application, to a large extent, to alleviate the conflict between the enterprise and shareholders, senior managers, employees. For enterprises to maintain vitality and competitiveness to build a good development environment and atmosphere, to a large extent improve the performance of enterprises and market competitiveness. China's equity incentive system has not appeared for a long time. Primordial exposure to its own state and experience of ureaucrats. [J] .Quarterly Journal of Economics19981 Letv Network Information Technology (Beijing) Co., Ltd., for short, Letv net. In August 12th 2010, it landed on the gem, which is the only video website listed in china. The main projects include internet video production, film and television production and release, and large screen application products. The production and sale of intelligent terminals are the most dynamic and influential innovative enterprises in our country at present. For Letv, the core source of the development of science and technology and culture is talent. Senior management, core technical personnel is the company to maintain competitiveness and creativity, is the company to achieve high efficiency, high profit, high efficiency important weapon. In order to retain the above quality human resources. To attract more potential talent, Letv granted stock options to eligible 951 core talent from 2013 to 2015. Significantly improve the company's performance and comprehensive competitiveness. However, in the implementation of the equity incentive mechanism, Letv net also exposed the problems of uneven distribution, imperfect assessment indicators, low requirements for exercise rights and so on. The implementation of the next stage of the company equity incentive mechanism brings some obstacles. Based on the above situation, this paper studies the equity incentive model and benefits of Letv net, combined with the company financial report in the past five years. The main research ideas are as follows: first, summarize and summarize the theory of equity incentive model and effect, and explore the literature of our country and foreign countries. Regard it as the theoretical support of analyzing examples; Secondly, the paper analyzes the equity incentive scheme of Letv net in detail, focusing on the evaluation of the effect of equity incentive, through the profitability, debt-service ability, development capacity. To evaluate the advantages and problems of the whole set of equity incentive effects by calculating and comparing the data of stock rights change etc. Finally, according to the implementation effect of Letv net equity incentive, some suggestions are provided for the listed companies to establish and improve the equity incentive mechanism.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F49

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