正泰电器股权激励对绩效的影响研究

发布时间：2018-05-04 18:22

本文选题：股权激励 + 绩效　；参考：《南京信息工程大学》2017年硕士论文

【摘要】：股权激励制度创始于20世纪50年代的美国,主要的激励原理是通过授予股权或股权替代品给特定的激励对象如管理层和技术骨干,以达到提高激励对象工作效率和留住人才之用。股权激励的特点是激励对象获得的收益受到行权时股票市价的影响,股票市价越高,与授予日的价差就越大,收益也就越大。在此过程中,激励对象势必会努力工作,提高公司股价以获得更多的收益,这在一定程度上就对公司绩效产生了影响。本文就是以“股权激励对绩效的影响”作为研究主题。本文研究的是浙江正泰电器股份有限公司(以下简称正泰电器)2011年正式推出的股权激励计划在实施阶段对绩效的影响。以案例研究方法为主,结合股权激励的相关理论和对绩效评价的方法,对正泰电器此次的股权激励效果做出具体的研究和评价。在评价绩效时,本文使用事件研究法通过计算在股权激励计划草案发布日前后的异常报酬率(AR)和累计异常报酬率(CAR)反映此事件对公司的财富效应和短期绩效;使用财务指标分析法通过盈利、偿债、运营、成长四个能力11个财务指标从纵向对比股权激励实施前和实施后的财务绩效变化情况;使用功效系数法以正泰电器所处行业的年平均值为标准值,选择三家对照企业从未实施股权激励期、等待期和行权期三个不同的时期进行打分并排出名次,以横向的角度来评价股权激励给正泰带来的变化;最后,由于股权激励的目的之一是吸引人才,本文在绩效分析的最后对正泰电器实施股权激励前后的员工学历结构进行分析,并以研发费用的变化情况加以辅证,对其是否吸引了人才、是否提高了研发能力做出了评价。通过分析得出了以下结论:正泰电器股权激励总体来说是成功的,但是存在持续性不足的缺点,在行权后期对绩效的提升作用不强。在事件研究法中得出草案发布当日异常报酬率显著提高,资本市场对股权激励持欢迎态度,形成短期财富效应;财务指标和功效系数法都显示出股权激励之后对长期财务绩效的提升作用,但是行权后期绩效有下降趋势,特别是营业收入有所减少,成长能力受到影响;在本文的最后,结合股权激励的各要素做出了综合的评价,并提出了可行性建议。本文的主要贡献是从多个角度客观评价了正泰电器股权激励对其公司绩效的影响,并结合股权激励的各因素做出了评价和建议,为正泰电器未来开展第二次股权激励提供参考和借鉴价值,也有助于我国民营企业更加合理的运用股权激励提高公司绩效。
[Abstract]:Equity incentive system was founded in the 1950s in the United States, the main incentive principle is to grant equity or equity alternatives to specific incentive objects such as management and technical backbone. In order to improve the work efficiency of incentive objects and retain talent. The characteristic of equity incentive is that the income obtained by the incentive object is influenced by the stock market price when the right is exercised. The higher the stock market price is, the bigger the difference between the price and the grant date is, and the bigger the return is. In this process, the incentive object will work hard to raise the company's stock price in order to obtain more income, which to some extent has an impact on the company's performance. This paper focuses on the impact of equity incentive on performance. This paper studies the impact of the equity incentive plan of Zhejiang Zhengtai Electric Co., Ltd (hereinafter referred to as Zhengtai Electric Co., Ltd.) on performance in the implementation stage in 2011. Based on the case study method, combined with the relevant theory of equity incentive and the method of performance evaluation, this paper makes a concrete research and evaluation on the effect of equity incentive of Zhengtai Electric. In evaluating performance, this paper uses the event study method to reflect the wealth effect and short-term performance of the company by calculating the abnormal rate of return (ARR) and cumulative abnormal rate of return (CAR) before and after the issuance of the draft equity incentive plan. The financial performance changes before and after the implementation of equity incentive are compared vertically by using the financial index analysis method through the four financial indicators of profitability, debt service, operation and growth. By using the efficiency coefficient method, using the annual average value of the industry in which Zhengtai Electric Appliance is located as standard value, the three control enterprises are selected to score and rank in three different periods, that is, the equity incentive period, the waiting period and the exercise period. Finally, because one of the purposes of equity incentive is to attract talents, this paper analyzes the educational structure of the employees before and after the equity incentive in the end of the performance analysis. With the change of R & D expenditure, the author evaluates whether it attracts talents and improves R & D ability. Through the analysis of the following conclusions: Zhengtai Electric equity incentive is generally successful, but there are shortcomings of sustainability, in the later stage of the exercise of power on the performance of the promotion role is not strong. In the event study method, it is concluded that the abnormal rate of return on the date of release of the draft has been significantly increased, and the capital market is welcoming the equity incentive, forming a short-term wealth effect. Financial indicators and efficiency coefficient method both show the effect of equity incentive on long-term financial performance, but the performance of the later period of exercise has a downward trend, especially the decrease of operating income, the growth ability is affected; at the end of this paper, Combined with various elements of equity incentive to make a comprehensive evaluation, and put forward feasibility suggestions. The main contribution of this paper is to objectively evaluate the impact of the equity incentive on the performance of the company from a number of angles, and combined with the various factors of equity incentive to make an evaluation and suggestions. It can provide reference and reference value for Zhengtai Electric to carry out the second equity incentive in the future, and also help private enterprises to use equity incentive more reasonably to improve the performance of the company.
【学位授予单位】：南京信息工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F832.51;F406.7

【参考文献】