行权业绩条件的综合评价指标体系设计研究

发布时间：2018-01-16 07:39

本文关键词：行权业绩条件的综合评价指标体系设计研究　出处：《广西大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文研究的行权业绩条件特指股权激励中的行权业绩条件。所有权和经营权的分离造成代理成本过高问题成为在公司治理中日益凸显,使得企业在实践中不断地思考如何通过长效的管理层激励手段缓解代理成本.20世纪中叶,股权激励作为一种新的激励模式在美国率先垂范。股权激励模式通过构造利益共同体的模式,能很好的控制、降低企业发展过程中由于股东与管理层之间所有权与经营权分离所产生代理成本的问题。行权业绩考核作为股权激励机制中关键模块,是对约束管理层的行为的制度体现。因此研究设计合理的解锁条件指标考核体系成为学术界研究重点,以往的研究,多针对当前形势下上市公司进行股权激励的公司层面上的解锁条件进行分析,均指出存在指标性质过于单一、解锁条件过低、考核指标易于被激励对象投机完成等现象。本文认为解决以上问题可采用综合评价指标评价模式来确定行权条件,在指标体系设计中加入非财务指标体系辅助财务指标设置业绩行权条件。本研究以上市公司目前股权激励多采用的指标为设计蓝本,不仅拟扩充更多财务指标加入考核体系,而且从竞争能力、创新能力、社会责任方面设置非财务指标,加强综合评价指标体系的考评效果。在综合评价指标体系构建中,主要采用层次分析法搭建评价指标体系,针对不同体系个别指标,参考过往文献以及成熟理论体系的提出新的算法等方式.通过从在整个综合评价指标体系中,力求各个指标能够量化评价其数值,方便考评者计算汇总得分,提高考评效率。最后以N的公司的现行的股权激励方案中的行权解锁条件进行简要分析,指出其存在不足,并给予改进建议。
[Abstract]:The performance conditions in this paper refer to the exercise performance conditions in the equity incentive. The separation of ownership and management rights leads to the problem of high agency cost which has become increasingly prominent in corporate governance. In practice, enterprises continue to think about how to reduce agency costs through long-term management incentives. The middle of the 20th century. Equity incentive as a new incentive model in the United States. Equity incentive model through the construction of a community of interests model, can be well controlled. In the process of enterprise development due to the separation of ownership and management between shareholders and management the problem of agency cost is reduced. The performance evaluation of exercise rights is the key module of equity incentive mechanism. Therefore, the research and design of a reasonable evaluation system of unlocking conditions has become the focus of academic research, previous research. According to the analysis of the unlocking conditions of the listed companies under the current situation, it is pointed out that the nature of the indicators is too single, and the conditions of unlocking are too low. The evaluation index is easy to be encouraged by the target speculation and other phenomena. This paper thinks that to solve the above problems we can use the comprehensive evaluation index evaluation model to determine the exercise conditions. In the design of the index system, the non-financial index system is added to assist the financial indicators to set the performance exercise conditions. This study is based on the indicators used by the current equity incentive of listed companies as the design blueprint. Not only to expand more financial indicators to join the assessment system, but also from the competitiveness, innovation, social responsibility to set non-financial indicators. Strengthen the evaluation effect of the comprehensive evaluation index system. In the construction of the comprehensive evaluation index system, the AHP is mainly used to build the evaluation index system, aiming at the individual indicators of different systems. Reference to the past literature and mature theoretical system proposed a new algorithm. Through the entire comprehensive evaluation index system, strive to quantify each index to evaluate its value, so as to facilitate the evaluator to calculate the summary score. In the end, the author analyzes briefly the conditions of unlocking the exercise right in the current equity incentive scheme of N company, points out its shortcomings, and puts forward some suggestions for improvement.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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