北京W软件公司股权激励问题研究

发布时间：2018-03-19 05:16

本文选题：股权激励　切入点：限制性股票　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权激励是长期激励的一种重要方式,它能够在一定程度上缓解公司所有者和管理者之间的矛盾,降低代理成本,并能使管理者更加注重本公司长期的发展情况,减少短视行为。股权激励已被西方发达国家的很多企业运用并取得了良好的效果。我国企业涉及股权激励较晚,2006年我国的股权激励制度进入规范化的进程,此后实施股权激励的公司数目迅速增长,2014年披露股权激励计划的上市公司已多达154家,与股权激励相关的内容也越来越受到国内外学者的重视。但是,当前的研究大多是实证分析,案例分析相对较少。因此,本文为了弥补股权激励案例分析的不足,选择W公司作为对象进行研究。W公司是我国软件行业的标杆企业,同时也是我国率先完成股权激励的上市公司之一,对W公司进行案例研究,能够给上市公司实施股权激励提供一些可供参考的经验。通过理论与案例分析,本文得出如下结论:W公司实施股权激励后,取得了一定的效果。W公司的经营业绩得到显著增长;稳定并吸引了人才、提高了员工的水平。但是W公司股权激励计划也有缺陷,业绩考核指标比较简单、考核期限较短、静态考核指标不具有代表性。笔者分析了股权激励方案存在问题的原因,是由于民企实施股权激励的限制少、缺乏相关的法律环境和监督约束以及在选择股权激励方式上普遍创新不足。最后,笔者建议提高W公司股权激励方案设计的科学性,同时完善W公司内部制度环境。本文的创新点在于:第一,本文在案例分析的对象选择上具有特殊性。W公司的企业性质在2011年由国企转变成民企,因此,两次股权激励方案处于不同的公司治理环境,这对国企性质、民企性质的上市公司实施股权激励都具有借鉴意义。第二,W公司两期激励计划均采用了限制性股票模式,由于我国上市公司大都采用股票期权的股权激励模式,选择限制性股票的相对较少,因此本文丰富了限制性股票的案例研究。
[Abstract]:Equity incentive is an important way of long-term incentive, it can alleviate the contradiction between owner and manager to a certain extent, reduce agency cost, and make managers pay more attention to the long-term development of the company. Reducing short-sighted behavior. Equity incentive has been used by many enterprises in western developed countries and achieved good results. In 2006, the equity incentive system of our country entered the process of standardization. Since then, the number of companies implementing equity incentive has increased rapidly. In 2014, 154 listed companies have disclosed the stock incentive plan, and the contents related to equity incentive have been paid more and more attention to by scholars at home and abroad. Most of the current research is empirical analysis, case analysis is relatively few. Therefore, in order to make up for the lack of equity incentive case analysis, this paper chooses W company as the object of study. W company is the benchmark enterprise of software industry in China. At the same time, it is also one of the first listed companies in China to complete equity incentive. The case study of W company can provide some reference experience for listed companies to implement equity incentive. In this paper, we draw the following conclusions: after the implementation of equity incentive in W Company, some effects have been achieved. The operating performance of W Company has been significantly increased; it has stabilized and attracted talents and raised the level of employees. However, the equity incentive plan of W Company also has some defects. The performance appraisal index is simple, the examination period is short, the static appraisal index is not representative. Lack of relevant legal environment and supervision constraints, and lack of general innovation in the choice of equity incentive. Finally, the author proposes to improve the scientific design of W company equity incentive scheme. At the same time, improve the internal institutional environment of W Company. The innovation of this paper lies in: first, this paper has the particularity in the object selection of case analysis. The enterprise nature of W Company changed from state-owned enterprise to private enterprise in 2011, so, The two equity incentive schemes are in different corporate governance environment, which has reference significance for state-owned enterprises and private listed companies to implement equity incentive. Because most of the listed companies in our country adopt the stock right incentive mode of stock option and choose relatively few restricted stocks, this paper enriches the case study of restricted stock.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F272.92

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