高管股权激励制度有效性分析——基于青岛海尔的案例研究

发布时间：2018-03-21 21:34

本文选题：高管股权激励　切入点：青岛海尔　出处：《中山大学研究生学刊(人文社会科学版)》2015年04期 　论文类型：期刊论文

【摘要】：在国外,股权激励已经成为激励高管的主要手段,而股权激励在我国仍处于刚刚起步阶段,学者对于我国市场高管股权激励有效性的现状和衡量指标多有讨论。本文认为高管股权激励有效性的衡量指标应当是公司股东价值和企业价值是否得到了有效提升,基于此,笔者通过公司经营情况、市场反应、企业价值、市场占有率及高管留任情况对青岛海尔股权激励计划有效性进行了分析。分析结果显示,青岛海尔股权激励计划具备激励作用,但作用不明显。导致该结果的主要因素是外部环境和契约设计。青岛海尔受行业变化冲击大、可用于股权激励的股本小、激励计划考核方式单一、行权价格苛刻等。通过对青岛海尔案例的分析,本文提出,其他上市公司可以合理避免青岛海尔股权激励计划设计不当的部分,借鉴其资本运作方式,促进高管股权激励有效性。
[Abstract]:In foreign countries, equity incentive has become the main means to motivate senior executives, and equity incentive in China is still in its infancy. Scholars have much discussion on the current situation and measurement indicators of the effectiveness of executive equity incentive in Chinese market. This paper holds that the measure of the effectiveness of executive equity incentive should be whether the shareholder value and enterprise value of the company have been effectively promoted. The author analyzes the effectiveness of Qingdao Haier's equity incentive plan through company operation, market reaction, enterprise value, market share and executive retention. The results show that Qingdao Haier equity incentive plan has incentive effect. However, the effect is not obvious. The main factors leading to this result are external environment and contract design. Qingdao Haier is greatly impacted by the changes in the industry, the equity that can be used for equity incentive is small, and the assessment method of incentive plan is single. By analyzing the case of Qingdao Haier, this paper suggests that other listed companies can reasonably avoid the improper design of Qingdao Haier's equity incentive plan and learn from its capital operation mode. Promote the effectiveness of executive equity incentives.
【作者单位】：中山大学管理学院;
【分类号】：F426.6;F272.92

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