绿盟科技股权激励影响财务决策案例研究
发布时间：2018-07-31 11:50
【摘要】：全球范围内的上市公司几乎都面临现代企业制度成熟发展而产生的委托代理问题,现代企业制度下企业所面临的委托代理问题是由于企业的所有者与经营者目标不一致导致的,企业的所有者期望企业价值与股东权益最大化而企业的管理者期望自身权益最大化。股权激励这种长期激励的方式一定程度上克服了公司经营权与所有权分立的弊端,股权激励将企业的所有者与管理者的目标趋于一致,使得公司的高级管理层在拥有公司经营权的同时也能一定程度避免由于自利行为而导致的短期行为,公司的经营者为使自身利益增值会优化自己的经营决策,使这些经营决策更有利于企业长期业绩增长有利于企业可持续发展。目前我国有多家上市公司运用股权激励这种长效激励机制,但是对于股权激励机制的运用并没有达到成熟,有的公司对股权激励的运用尚待完善。绿盟科技作为我国高新技术行业中的佼佼者,同时又是已经完成股权激励的上市公司之一,通过对绿盟科技的案例研究,可以为我国上市公司提供宝贵的实践经验。本文首先综述了股权激励影响财务决策的国内外研究现状,随后引出了股权激励影响财务决策的理论基础。紧接着介绍了股权激励的概念、类型及作用。财务决策有效性的衡量以及股权激励对财务决策的作用机理,在此基础上分析了绿盟科技的股权激励方案,具体包括:介绍了其实施股权激励具体方案及完成情况,着重分析股权激励计划实施前后绿盟科技管理层做出财务决策的变化,分析了绿盟科技实施股权激励的实施效果。最后对绿盟科技股权激励计划成功实施的原因进行评价,并且提出其他上市公司可以借鉴绿盟科技股权激励计划的几点建议。通过对绿盟科技的案例研究发现:绿盟科技股权激励计划的实施提高了绿盟财务决策的有效性。绿盟科技的股权激励计划对筹资决策、投资决策、营运资金管理决策、股利分配决策均具有显著的相关性。
[Abstract]:Almost all the listed companies in the world are confronted with the principal-agent problem caused by the mature development of the modern enterprise system. The principal-agent problem faced by the enterprises under the modern enterprise system is caused by the inconsistent goals of the owners and managers of the enterprises. The owner expects the maximization of the enterprise value and stockholders' rights and interests, while the manager expects the maximization of their own rights and interests. To some extent, equity incentive overcomes the drawback of separation between management right and ownership right. Equity incentive tends to unify the goal of the owner and manager of the enterprise. In order to make the senior management of the company have the right to operate the company, but also to a certain extent to avoid the short-term behavior caused by self-interest behavior, the managers of the company will optimize their own business decisions in order to increase their own interests. To make these business decisions more conducive to long-term performance growth is conducive to sustainable development of enterprises. At present, there are many listed companies in our country to use the long-term incentive mechanism of equity incentive, but the application of equity incentive mechanism is not mature, some companies still need to perfect the use of equity incentive. Green Alliance Technology is one of the most outstanding high-tech industries in our country, and it is also one of the listed companies that have completed the equity incentive. Through the case study of Green Alliance Technology, it can provide valuable practical experience for the listed companies in our country. This paper first summarizes the domestic and foreign research status of equity incentive influencing financial decision, and then leads to the theoretical basis of equity incentive influencing financial decision. Then it introduces the concept, type and function of equity incentive. On the basis of the measurement of the effectiveness of financial decision and the function mechanism of equity incentive on financial decision, the paper analyzes the equity incentive scheme of Green League Science and Technology, which includes: introducing the concrete scheme of implementing equity incentive and the situation of its completion. This paper mainly analyzes the changes of financial decision made by the management of green alliance technology before and after the implementation of equity incentive plan, and analyzes the effect of implementing equity incentive of green alliance technology. Finally, the paper evaluates the reasons for the successful implementation of green alliance's technology equity incentive plan, and puts forward some suggestions that other listed companies can learn from green alliance's technology equity incentive plan Through the case study of Green League Technology, it is found that the implementation of green alliance technology equity incentive plan improves the effectiveness of green alliance financial decision. The equity incentive plan of Green Alliance Technology has significant correlation with financing decision, investment decision, working capital management decision and dividend distribution decision.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49
本文编号：2155499
[Abstract]:Almost all the listed companies in the world are confronted with the principal-agent problem caused by the mature development of the modern enterprise system. The principal-agent problem faced by the enterprises under the modern enterprise system is caused by the inconsistent goals of the owners and managers of the enterprises. The owner expects the maximization of the enterprise value and stockholders' rights and interests, while the manager expects the maximization of their own rights and interests. To some extent, equity incentive overcomes the drawback of separation between management right and ownership right. Equity incentive tends to unify the goal of the owner and manager of the enterprise. In order to make the senior management of the company have the right to operate the company, but also to a certain extent to avoid the short-term behavior caused by self-interest behavior, the managers of the company will optimize their own business decisions in order to increase their own interests. To make these business decisions more conducive to long-term performance growth is conducive to sustainable development of enterprises. At present, there are many listed companies in our country to use the long-term incentive mechanism of equity incentive, but the application of equity incentive mechanism is not mature, some companies still need to perfect the use of equity incentive. Green Alliance Technology is one of the most outstanding high-tech industries in our country, and it is also one of the listed companies that have completed the equity incentive. Through the case study of Green Alliance Technology, it can provide valuable practical experience for the listed companies in our country. This paper first summarizes the domestic and foreign research status of equity incentive influencing financial decision, and then leads to the theoretical basis of equity incentive influencing financial decision. Then it introduces the concept, type and function of equity incentive. On the basis of the measurement of the effectiveness of financial decision and the function mechanism of equity incentive on financial decision, the paper analyzes the equity incentive scheme of Green League Science and Technology, which includes: introducing the concrete scheme of implementing equity incentive and the situation of its completion. This paper mainly analyzes the changes of financial decision made by the management of green alliance technology before and after the implementation of equity incentive plan, and analyzes the effect of implementing equity incentive of green alliance technology. Finally, the paper evaluates the reasons for the successful implementation of green alliance's technology equity incentive plan, and puts forward some suggestions that other listed companies can learn from green alliance's technology equity incentive plan Through the case study of Green League Technology, it is found that the implementation of green alliance technology equity incentive plan improves the effectiveness of green alliance financial decision. The equity incentive plan of Green Alliance Technology has significant correlation with financing decision, investment decision, working capital management decision and dividend distribution decision.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49
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