美好集团股权激励三度失败案例研究

发布时间：2019-03-18 10:26

【摘要】：股权激励作为一种激励机制,在国外应用已久。但近十年来,随着世界经济一体化进程的加快和我国股权分置改革的成功实施,越来越多的国内企业在公司治理的过程中采用股权激励,以期能够统一高管和股东之间的利益,稳定公司的发展。然而,也许是受我国市场环境的影响或是企业自身等原因,股权激励这一激励机制在我国企业中的实施效果并不尽人意。本文研究的主要内容是股权激励在我国企业中的应用,但我国企业众多且行业分布广泛,故本文研究的对象主要以房地产企业美好置业集团股份有限公司为例,美好集团从2008年至2014年间先后实施了三次股权激励计划,但结果全以失败告终,结果可以说是很不尽人意。通过深入的分析之后发现其失败的原因有很多,主要原因是其解锁条件设置的不合理。同时,为了使文章更具有可比性,本文引入了保利地产2011年股权激励计划与美好集团第三次股权激励计划进行对比分析,有对比才有鉴别,通过二者的对比分析之后得出分析建议,希望这样的分析建议可以对今后我国企业在制定股权激励计划时产生借鉴作用。本文一共分为六个章节,第一部分是绪论,主要介绍前人关于股权激励的文献和贡献。第二部分是美好集团三次股权激励的方案介绍。第三部分是失败的原因分析。第四部分是与保利地产2011年股权激励的对比分析。第五部分是结合前面的失败原因和保利地产2011年股权激励总结出的改进建议。第六部分是结论部分,对整篇文章进行总结。
[Abstract]:As an incentive mechanism, equity incentive has been applied in foreign countries for a long time. However, in the past decade, with the acceleration of the process of world economic integration and the successful implementation of the reform of the split share structure in China, more and more domestic enterprises have adopted equity incentives in the process of corporate governance in order to unify the interests of senior executives and shareholders. Stabilize the development of the company. However, perhaps because of the influence of the market environment or the enterprises themselves, the effect of the incentive mechanism of equity incentive in Chinese enterprises is not satisfactory. The main content of this paper is the application of equity incentive in the enterprises of our country, but there are many enterprises in our country and the distribution of industries is wide. Therefore, the object of this paper is mainly to take the real estate enterprise beautiful property Group Co., Ltd as an example. Beautiful Group implemented three equity incentive schemes from 2008 to 2014, but the results ended in failure, and the results can be said to be very unsatisfactory. Through in-depth analysis, it is found that there are many reasons for its failure, the main reason is that the unlocking conditions are not reasonable. At the same time, in order to make the article more comparable, this paper introduces Paulie Real Estate 2011 equity incentive plan and the third equity incentive plan of Beautiful Group for comparative analysis. Through the comparative analysis of the two, it is hoped that this kind of analysis suggestion can be used for reference in the future when the enterprises of our country draw up the equity incentive plan. This paper is divided into six chapters, the first part is the introduction, mainly introduces the previous literature and contributions on equity incentives. The second part is the introduction of the three share incentive schemes of Beautiful Group. The third part is the reason analysis of failure. The fourth part is the comparative analysis of the equity incentive of Poly real estate in 2011. The fifth part is a combination of the reasons for the previous failure and Paulie real estate 2011 equity incentive summarized suggestions for improvement. The sixth part is the conclusion part, carries on the summary to the entire article.
【学位授予单位】：安徽工业大学
【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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