H公司复合式股权激励对财务绩效影响案例研究

发布时间：2018-02-27 23:33

本文关键词： 股权激励财务绩效复合式　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：为贯彻当前中央关于深化改革的战略部署,落实十八届三中全会决定中"优化上市公司投资者回报机制"的精神,促进形成资本所有者与劳动者的利益共同体,提高企业的核心竞争力,企业纷纷选择实行股权激励。股权激励作为一种长期的激励机制,目的是解决委托代理之间的关系,提升企业的综合管理能力,为企业留住管理人才及核心技术人才。尤其是科技型企业,技术和创新是企业发展的核心竞争力,股权激励可以激发员工的工作热情,同时稳定公司的发展,全面提升企业价值。当前多数上市公司选择单一模式下的股权激励,单一模式下的股权激励虽然能起到一定的激励作用,但对激励对象范围都没有精准的定位,因此本文选取案例分析的方式研究复合式股权激励模式。本文研究复合式股权激励模式,对股权激励方案的设计及实施过程,研究这种组合模式下对激励对象、行权过程产生的不同影响效果。通过对科技型企业实施股权激励方案及实施行权过程,分析股权激励对财务绩效产生的影响。本文主要通过对财务决策、代理成本及内部控制三个方面分析股权激励的作用效果。首先复合式股权激励对高管实施了股权激励后,使得所有者与高管的目标相一致,高管不再需要借助信息的不对称性单独为自己争取利益,而是可以与所有者一样为了公司共同的目标努力,因此股权激励提高了财务决策的有效性。管理者不再为了自身利益而去变相损害公司利益,在各种费用支出上也会多为了公司利润考虑,对管理费用等的使用程度也适当的进行调整,无形中降低了委托代理成本。同时,复合式股权激励的范围较广,对核心员工实施的股权激励有助于激发员工工作热情,提高员工的自律性与监督能力,有助于公司内部环境的提升。通过对内控考核机制及绩效评价机制发现公司的整体水平有所提升,内部控制有效。最后通过对复合式股权激励成功实施及行权的过程的案例公司进行总结分析,希望对以技术创新为核心的科技型企业提供借鉴,加快复合式股权激励的发展进程,将积极的作用应用到企业的长远发展中去。
[Abstract]:In order to carry out the current strategic plan of the Central Committee on deepening reform, to implement the spirit of "optimizing the return mechanism of investors of listed companies" in the decision of the third Plenary session of the 18 CPC Central Committee, and to promote the formation of a community of interests between capital owners and workers, As a long-term incentive mechanism, the purpose of equity incentive is to solve the relationship between principal-agent and improve the comprehensive management ability of enterprises. Technology and innovation are the core competitiveness of the development of enterprises. Equity incentive can stimulate the enthusiasm of employees and stabilize the development of the company. At present, most listed companies choose a single mode of equity incentive, although the single mode of equity incentive can play a certain role, but the scope of incentive object is not accurate positioning. So this paper chooses the method of case analysis to study the compound equity incentive mode. This paper studies the compound equity incentive model, the design and implementation process of the equity incentive scheme, and the research on the incentive object under this combined mode. This paper analyzes the impact of equity incentive on financial performance through the implementation of equity incentive scheme and exercise process of high-tech enterprises. This paper analyzes the effect of equity incentive from three aspects: agency cost and internal control. Instead of relying on the asymmetry of information to stand alone for their own benefit, executives can work as much as their owners for the company's common goals. As a result, equity incentives improve the effectiveness of financial decisions. Managers no longer disguise the interests of the company for their own benefit, and they also consider various expenses and expenses for the benefit of the company. The use of management fees and other appropriate adjustments, virtually reduce the cost of principal-agent. At the same time, the composite equity incentive has a wide range, the implementation of equity incentive to core staff helps to stimulate staff enthusiasm. Improve the self-discipline and supervision ability of employees, help to improve the internal environment of the company. Through the internal control evaluation mechanism and performance evaluation mechanism, we find that the overall level of the company has been improved. The internal control is effective. Finally, through the summary and analysis of the case of the successful implementation and exercise of the compound equity incentive, we hope to provide reference for the technology-based enterprises with technological innovation as the core. Speed up the development process of compound equity incentive, and apply the positive role to the long-term development of enterprises.
【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】：F272.92;F203;F275

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