上港集团员工持股案例分析

发布时间：2018-01-30 02:10

本文关键词： 上港集团混合所有制改革员工持股　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国经济增速步入新常态以及人民币国际化战略使国内市场对外开放程度更高,国有企业尤其国有竞争性企业面临的国际和国内的竞争压力以及宏观经济下行压力越来越大,顺应时势中央积极推动国有企业改革方案,2013年11月中共中央《关于全面深化改革若干重大问题的决定》明确提出“允许混合所有制经济实行企业员工持股”,为国有控股混合所有制企业实施员工持股提供了明确的政策支持,以及2016年8月,三部委印发《关于国有控股混合所有制企业开展员工持股试点的意见》,首次就国有控股混合所有制企业开展员工持股试点提出明确要求和政策措施,国有企业适时推出员工持股计划,提高国有企业竞争力和盈利能力。2016年国有资产总规模达131.7万亿,同比增长9.7%,2016年规模以上工业企业实现利润68803亿元,同比增长8.5%,其中国有企业贡献11751亿,同比增长6.7%,2015年末,国有上市企业总市值接近34万亿,A股市值58.4万亿,其规模相当于国民生产总值的一半,因此国有企业提质增效将是国家经济结构转型期的国家战略目标。上市国有企业员工持股是国有企业改革的路径之一,文章以上港集团实施员工持股作为案例分析对象,因其位于经济改革前沿地上市海;2013年11月《指导意见》发布以来是上海市首先实施的企业,在国有控股上市企业中也属首次;同时自2015年5月正式实施已有23月,并且2012-2015年期间《上港集团中长期激励计划》是国企股权激励的一个标杆,取得显著的激励效果,文章分析员工持股员工持股的动因和员工持股计划特点包括员工持股范围、激励期限、管理模式、解锁标准和配套政策特点如延续股权激励、分红政策,发现该计划方案在员工持股范围和比例、定价、激励期限、权益处置等方面存在着问题并提出相应对策建议,总结上港集团混合所有制改革中员工持股的经验和教训,以启示尚未实施混合所有制改革的上市国有企业实施员工持股。
[Abstract]:As China's economic growth rate enters the new normal and the internationalization strategy of RMB makes the domestic market more open to the outside world. State-owned enterprises, especially state-owned competitive enterprises, are facing more and more international and domestic competitive pressure and macroeconomic downward pressure. In line with the times, the central government actively promotes the reform of state-owned enterprises. In November 2013, the decision of the CPC Central Committee on several important issues of comprehensively deepening reform clearly proposed that "the mixed ownership economy should be allowed to implement enterprise employee stock ownership." It provides a clear policy support for the implementation of ESOP in state-owned mixed ownership enterprises, and in August 2016. The three ministries and commissions issued "opinions on the pilot of employee Stock ownership by State-owned holding mixed ownership Enterprises", which for the first time put forward clear requirements and policy measures for the implementation of ESOs. In 2016, the total scale of state-owned assets reached one hundred and thirty-one tillion six hundred and ninety-nine billion nine hundred and ninety-nine million nine hundred and ninety-nine thousand and nine hundred and ninety-nine , an increase of 9.7% over the same period last year. In 2016, the profits of industrial enterprises above the scale reached six tillion eight hundred and eighty billion three hundred million yuan, an increase of 8.5% over the same period last year, of which state-owned enterprises contributed one tillion one hundred and seventy-five billion one hundred million yuan, up 6.7% from the same period a year earlier, and on end of 2015. Total state-owned listed enterprises market value close to 34 tillion, A market value 58.4 tillion, the size of the equivalent of half the gross national product. Therefore, improving the quality and increasing efficiency of state-owned enterprises will be the national strategic goal in the transition period of the national economic structure, and the employee stock ownership of listed state-owned enterprises is one of the paths of the reform of state-owned enterprises. The above mentioned Hong Kong Group implements ESOP as the object of case analysis because it is located in the frontier of economic reform and listed in the sea; Since November 2013, the "guiding opinion" has been first implemented in Shanghai, and it is also the first time among the state-owned listed enterprises. At the same time, since May 2015, the formal implementation of 23 months, and 2012-2015 period of the "Shanggang Group medium and long term incentive Plan" is a benchmark of state-owned equity incentives, achieved significant incentive results. This paper analyzes the motivation of ESOP and the characteristics of ESOP including the scope of ESOP, incentive duration, management model, unlocking standards and supporting policy characteristics such as continuing equity incentive, dividend policy. It is found that there are some problems in the scope and proportion of ESOP, pricing, incentive period, rights and interests disposal and so on, and the corresponding countermeasures and suggestions are put forward. This paper summarizes the experience and lessons of ESOP in the reform of mixed ownership of Shanghai and Hong Kong Group in order to enlighten listed state-owned enterprises that have not yet implemented the reform of mixed ownership to implement ESOP.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F552.6

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