我国乐视网股权激励方案优化案例分析

发布时间：2018-03-04 18:47

本文选题：股权激励　切入点：案例分析　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：20世纪50年代股权激励理论在美国诞生并发展,这一理论的发展极大地解决了企业的所有者与经营者产生的委托代理问题,降低了企业的代理成本,从而使股东和管理者的目标相一致。股权激励作为一种长期激励模式,在我国兴起于20世纪90年代,国内很多上市公司开始尝试实施股权激励方案。但由于国内股权激励相关法律法规还不完善,股权激励相关要素的规定还不明确,很多实施股权激励的公司以失败告终。由于实施的股权激励方案相似性较高,未结合企业自身实际,所以并非所有企业都取得了预期效果。在国家出台了《上市公司股权激励管理办法(试行)》、《股权激励有关备忘录》1、2、3号文件等相关法规后,使得实施股权激励的公司数量急速增长。2011年发布的《创业板信息披露业务备忘录》更是为创业板上市公司实施股权激励方案提供了实施依据。本文根据乐视网自身发展情况分析2011年、2013年和2015年的股权激励方案的科学合理性,供同行业其他企业借鉴。本文以在创业板上市的乐视网为研究对象,通过对国内外文献的阅读和理解,以委托代理、人力资本等理论为基础,对乐视网先后实施的三期股权激励方案。结合公司生命周期和SWOT分析,从外部环境和内部环境两方面对乐视网实施股权激励进行可行性分析。以2010-2016年年报数据为基础,分析乐视网实施股权激励前后公司业绩的变化。以营业收入、净利润、加权净资产收益率等财务指标为基础,并结合离职率等非财务指标分析其实施股权激励的效果。结合前三期实施的股权激励方案,对乐视网股权激励方案中的激励对象与激励额度、行权条件与行权安排以及考核指标等要素进行了对比分析,发现乐视网股权激励方案值得学习之处与需要改进的地方。从而建立更加符合乐视网的股权激励方案,为创业板上市公司实施股权激励方案提供更多的依据,为同行业的发展提供借鉴作用。
[Abstract]:In 1950s, the equity incentive theory was born and developed in the United States. The development of this theory has solved the principal-agent problem of the owner and operator of the enterprise greatly, and reduced the agency cost of the enterprise. As a long-term incentive model, equity incentive emerged in 1990s in China. Many listed companies in China have begun to try to implement equity incentive schemes. However, because the relevant laws and regulations of domestic equity incentive are not perfect, the relevant elements of equity incentive are not clear. Many companies that implement equity incentives end up failing. Because of the high similarity of equity incentive schemes implemented, they do not combine with the actual situation of the enterprises themselves. Therefore, not all enterprises have achieved the expected results. After the State promulgated the "measures for the Management of Equity incentives of listed companies (for trial implementation)", the "Memorandum on Equity incentive" and other relevant laws and regulations, such as documents 1 / 2, 3, etc., Make the number of companies implementing equity incentive grow rapidly. 2011 "gem information disclosure business memorandum" is for gem listed companies to implement the equity incentive scheme implementation basis. This article according to Letv net from. On 2011, 2013 and 2015, the author analyzes the scientific rationality of the equity incentive scheme. This article takes Letv net, which is listed on the gem, as the research object, through reading and understanding the domestic and foreign literature, based on the theory of principal-agent, human capital and so on. Based on the analysis of the company's life cycle and SWOT, the paper analyzes the feasibility of the three phases of equity incentive implemented by Letv net from two aspects of external and internal environment. It is based on the data of 2010-2016 annual report. This paper analyzes the changes of the company's performance before and after the implementation of equity incentive by Letv. It is based on the financial indicators such as operating income, net profit, weighted return on net assets, etc. Combined with the non-financial indicators such as turnover rate to analyze the effect of equity incentive, combined with the first three periods of the implementation of equity incentive plan, Letv net equity incentive plan in the incentive object and incentive quota, Through the comparative analysis of the conditions of exercise, the arrangement of exercise rights and the assessment index, the author finds out that the equity incentive scheme of Letv net is worth learning and needs to be improved, so as to establish the equity incentive scheme which is more in line with Letv net. It provides more basis for the implementation of equity incentive scheme for gem listed companies and provides reference for the development of the same industry.
【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】：F49;F272.92

【参考文献】