保利地产股权激励实施效果研究

发布时间：2018-02-28 10:16

本文关键词： 股权激励动因分析业绩评价　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权激励属于期权激励的范畴,是公司为了激励并留住核心人才而实施的一种长期激励机制。这种长期激励机制是采用有条件地赋予经营者部分股东权益,使经营者成为激励对象并与公司形成利益共同体,让激励对象从经营者转变为所有者。然后以公司所有者的身份参与到公司的管理决策当中,与公司共同分享利润并一起承担风险,从而鞭策经营者为了提高公司业绩而更加努力地工作,进一步实现企业的长期发展目标并达到股权财富最大化。我国市场经济的飞速发展和市场环境的日益规范以及法律环境的日趋完善,使股权激励在我国公司中实施成为可能,吸引了愈来愈多的上市公司尝试推出股权激励计划。然而我国股权激励的发展时间过短,相关制度不够完善,法律环境也有待提高,使得许多公司实施股权激励后在经营业绩方面没有得到提高。一些公司不知道自己应当采用怎样的激励模式、股票来源以及激励比例等,使股权激励难以发挥很好的激励效果。国内学术界现阶段在股权激励制度方面的研究,大多数是选用我国上市公司的大样本数据进行统计实证研究,这些研究为股权激励在我国上市公司中的应用提供了共性问题的解决方案,站在以前学者实证研究的研究成果的基础上,可以选取具体案例进行个性化分析,拟通过具体分析得出相关结论,为其个性问题提供解决方案。经综合考虑,本文决定选取我国支柱产业房地产行业中的佼佼者——保利地产来进行案例研究,结合股权激励运行机理和相关理论基础,选取具有代表性的财务指标建立公司业绩评价标准,从盈利能力、营运能力、长期发展能力、改进融资短视行为和扩大市场份额五个方面对保利地产的实施效果进行纵向分析。除此之外,本文使用了房地产行业中未实施股权激励和己实施股权激励的A股上市公司的相关财务数据,计算出其平均值并与保利地产进行横向对比,对保利地产的股权激励实施效果进行更为综合全面的分析评价,最后总结归纳出保利地产的股权激励方案制定和经营管理上所存在的主要问题,提出相关改善建议。
[Abstract]:Equity incentive belongs to the category of option incentive, which is a long-term incentive mechanism implemented by companies in order to encourage and retain core talents. Make the manager become the incentive object and form the interest community with the company, and change the incentive object from the operator to the owner. Then participate in the management decision of the company as the owner of the company. Sharing profits and taking risks with the company motivates managers to work harder to improve their company's performance. With the rapid development of market economy, the standardization of market environment and the improvement of legal environment, it is possible to implement equity incentive in Chinese companies. It has attracted more and more listed companies to try to launch equity incentive plan. However, the development of equity incentive in China is too short, the relevant system is not perfect, and the legal environment needs to be improved. As a result, many companies have not improved their operating performance after implementing equity incentives. Some companies do not know what incentive model they should adopt, the source of stock and the proportion of incentives, etc. It is difficult to give full play to the effect of equity incentive. At the present stage, the majority of the domestic academic research on equity incentive system is based on the large sample data of listed companies in China for statistical and empirical research. These studies provide common solutions for the application of equity incentive in listed companies in China. On the basis of the previous research results of empirical research by scholars, we can select specific cases for individualized analysis. Through specific analysis to draw relevant conclusions, to provide a solution to its personality problems. After comprehensive consideration, this paper decides to select the leading real estate industry in our country-Poly Real Estate to carry out a case study. Combined with the operating mechanism of equity incentive and relevant theoretical basis, select representative financial indicators to establish the performance evaluation criteria, from the profitability, operating capacity, long-term development capacity, This paper analyzes the effect of Poly Real Estate from five aspects: improving financing short-sighted behavior and expanding market share. In addition, In this paper, we use the financial data of A-share listed companies that have not implemented equity incentive and have implemented equity incentive in real estate industry, calculate the average value and compare it horizontally with Poly Real Estate. This paper makes a more comprehensive analysis and evaluation on the effect of equity incentive of Poly Real Estate. Finally, it summarizes the main problems existing in the formulation and management of the equity incentive scheme of Poly Real Estate, and puts forward relevant suggestions for improvement.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F272.92

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