伊利股份的股权激励风险控制

发布时间：2018-05-01 12:15

  本文选题：股权激励 + 风险识别　； 参考：《华中科技大学》2013年硕士论文

【摘要】：在两权分离条件下，股权激励是解决委托代理问题的需要。由于行权条件低、业绩考核不严等问题，使股权激励蕴藏较大风险。如何做好风险识别、评估和控制，以达到激励目的，对我国企业具有重要意义。 本文研究的伊利股份，是在股权分置改革完成的条件下，第一批推出股权激励方案并实施的公司，在股权激励制度和法规不太健全的前提下，方案推出和实施的过程中饱受争议。通过对伊利股份的股权激励方案做出风险识别、风险评估和风险控制分析，希望对其它公司也有借鉴作用，从而有效促进上市公司股权激励方案制定和实施。首先，本文介绍了股权激励在我国的发展沿革，包括相关法规的配套和完善对股权激励的影响，阐明了选题背景、选题意义。其次，介绍股权激励制度和风险控制相关的理论基础，包括委托-代理理论、激励理论和内部控制人论；对股权激励制度相关的国内外经济学和管理学的基本理论进行了综述，为论文的研究奠定了理论基础。接着，采用案例分析法，以伊利股份为对象，分析了伊利股份的股权激励方案的特点和风险识别。然后，从系统性风险和非系统性风险，对伊利股份的股权激励方案做出风险评估。最后，介绍了股权激励的风险影响，包括系统性风险和非系统性风险，阐述了股权激励方案制订和实施过程中，需要从政策风险、规范证券市场、规范经理人市场、完善税收制度、规范公司治理、完善薪酬体系建设、股权激励方案设计、实施控制和绩效约束等方面，综合做好股权激励的风险控制，进而有效激励经理人，达到股东、经理人和投资者的多赢。
[Abstract]:Under the condition of separation of two rights, equity incentive is the need to solve the principal-agent problem. Due to low exercise conditions, performance evaluation and other issues, equity incentives contain greater risks. How to identify, evaluate and control the risk in order to achieve the purpose of motivation is of great significance to Chinese enterprises. The Yili shares studied in this paper, under the condition of the completion of the reform of the split share structure, are the first companies to launch and implement the equity incentive scheme, under the premise that the equity incentive system and regulations are not perfect. The process of launching and implementing the program was controversial. Through risk identification, risk assessment and risk control analysis of the equity incentive scheme of Yili shares, it is hoped that it can be used for reference by other companies so as to effectively promote the formulation and implementation of equity incentive schemes of listed companies. First of all, this paper introduces the development of equity incentive in China, including the relevant laws and regulations and the impact of perfection on equity incentive, clarify the background of the topic, the significance of the topic. Secondly, it introduces the theoretical basis of equity incentive system and risk control, including principal-agent theory, incentive theory and internal control theory, and summarizes the basic theories of economics and management related to equity incentive system at home and abroad. It lays a theoretical foundation for the research of this paper. Then, the paper analyzes the characteristics and risk identification of the equity incentive scheme of Yili shares by case analysis. Then, from systemic risk and non-systemic risk, the equity incentive scheme of Yili shares is evaluated. Finally, the paper introduces the risk impact of equity incentive, including systemic risk and non-systematic risk, and expounds the need to standardize the security market and manager market in the process of formulating and implementing the equity incentive scheme. Perfecting tax system, standardizing corporate governance, perfecting salary system construction, designing equity incentive scheme, implementing control and performance restriction, and so on, comprehensively doing well the risk control of equity incentive, and then effectively motivating managers, reaching shareholders, etc. Multiple wins by managers and investors.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

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