A股上市公司股权激励方案设计研究

发布时间：2018-01-20 02:56

本文关键词： 股权激励模式选择方案设计　出处：《河南工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：在国际资本市场上，股权激励是上市公司对管理层进行长期激励的有效机制。作为一个新兴的证券市场，，股权激励在我国的发展和运用也是专家和学者比较关注的话题。股权激励是随着企业所有权和控制权分离，委托-代理成本的出现，而逐渐发展起来的一种创新性薪酬激励制度。股权激励在国外已经有了成熟的运用，而我国的上市公司中运用股权激励的历史较短。随着我国股权分置改革的完成，2006年1月1日，中国证监会颁布《上市公司股权激励管理办法（试行）》，2008年相继发布了《股权激励备忘录1、2、3号》文件，我国上市公司也具备了进行股权激励的政策环境。而股权激励方案的设计又是股权激励能否成功实施的关键所在。本文在对我国股权激励制度的发展和运用进行总结回顾的基础上，介绍了目前我国上市公司实施股权激励的现状。选择了截止到2010年12月31日成功实施股权激励的98家上市公司作为样本，运用比较分析法就不同模式的股权激励进行对比分析，并对现有股权激励方案的各个要素进行详细的解析，其结果认为：虽然股权激励在我国有了很多尝试，但是股权激励的效果并没有有效的发挥，股权激励方案存在着模式选择单一、业绩考核指标选择不合理、有效期和等待期较短、行权价格偏低等问题。这就使得我国上市公司股权激励的长期激励性不足，容易引发管理层的短期行为。最后，对股权激励方案的设计的优化提出了部分意见，以及为股权激励建立一个有效的市场应该采取的措施和建议。
[Abstract]:In the international capital market, equity incentive is an effective mechanism for listed companies to provide long-term incentive to the management. The development and application of equity incentive in China is also a topic of concern to experts and scholars. Equity incentive is the emergence of principal-agent cost with the separation of ownership and control. And gradually develop a kind of innovative salary incentive system. Equity incentive has been used in foreign countries, but the history of using equity incentive in listed companies in our country is short. With the completion of the reform of split share structure in our country, January 1st 2006. CSRC promulgated the measures on Stock incentive Management of listed companies (for trial implementation), and in 2008 issued the documents of "Equity incentive Memorandum No. 1 / 2" and "No.3" in succession. China's listed companies also have a policy environment for equity incentive, and the design of equity incentive scheme is the key to the successful implementation of equity incentive. This paper reviews the development and application of equity incentive system in China. This paper introduces the current situation of equity incentive of listed companies in China and selects 98 listed companies that have successfully implemented equity incentive until December 31st 2010 as a sample. Using comparative analysis of different modes of equity incentive to carry on a comparative analysis, and the existing equity incentive scheme of the various elements of the detailed analysis, the results show that: although equity incentive in China has a lot of attempts. However, the effect of equity incentive has not been played effectively. There is a single mode selection of equity incentive scheme, unreasonable performance evaluation index selection, short validity period and short waiting period. This makes the long-term incentive of the listed companies in our country insufficient, which easily leads to the short-term behavior of the management. Finally, some suggestions are put forward to optimize the design of equity incentive scheme, and some measures and suggestions should be taken to establish an effective market for equity incentive.
【学位授予单位】：河南工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51

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