苏宁云商股权激励有效性案例分析

发布时间：2018-01-21 15:40

本文关键词： 业绩评价股权激励有效性　出处：《河北经贸大学》2016年硕士论文　论文类型：学位论文

【摘要】：随着公司股权的日趋分散化以及管理手段的日益复杂化,世界各地的大公司为了给所有者带来最大利润,实现资源与人力最优组合,都在追捧所有权与经营权分离的模式。但由于二者的目标不同,出现了管理层损害所有者权益来谋私利等不良副作用。为了有效地解决委托代理问题,合理激励约束公司核心人员,美国在20世纪80年代开启了股票期权等股权激励模式,并开始广泛流传。在我国,随着改革开放脚步迈进,不少公司对股权激励跃跃欲试。从上世纪90年代万科的期股计划到股权激励遍地开花,终于在2006年迎来了《上市公司股权激励管理办法(试行)》,标志着我国公司治理正式拉开了股权激励的序幕。但是,大部分公司引用国外股权激励出现了“水土不服”现象,我国上市公司股权激励制度的发展仍为滞后。本文主要以苏宁云商作为研究对象,懫用案例分析的方法,对该公司多次公布的股权激励方案进行了详细分析。着重研究苏宁云商实施股权激励计划前后公司绩效的变化,探究股权激励与业绩的关系以及增加股权激励有效性的激励方案设计。研究方法上,本文懫用了指标分析法对研究对象的财务与价值进行纵向分析,同时又懫用了功效系数法来比较苏宁云商与参照对象的业绩和整体排名。得出苏宁云商股权激励对公司价值的提升未起到积极作用的结论。在此基础上从激励对象、行权考核指标与行权价格等要素角度对苏宁云商的股权激励方案进行分析,并结合案例提出了相关建议。本文的主要贡献是从纵向和横向双角度多方法来辩证苏宁云商股权激励对公司绩效的影响,并在此基础上对苏宁云商股权激励方案的设计要素进行了具体分析。以此说明公司股权激励方案设计上的不足之处与注意点,找到发挥股权激励有效性的要素设置。为其他公司的股权激励提供借鉴和参考,使其充分发挥和利用股权激励的正面效用。
[Abstract]:With the increasingly decentralized ownership and increasingly complex management tools, large companies around the world in order to bring maximum profits to the owners, to achieve the optimal combination of resources and human resources. But due to the different objectives of the two, there are adverse side effects, such as the damage of owners' rights and interests to seek private interests. In order to effectively solve the principal-agent problem. In 1980s, the United States opened the stock option and other equity incentive model, and began to spread widely. In China, with the pace of reform and opening up step forward. Many companies are eager for equity incentive. From Vanke's stock plan in -10s to equity incentive everywhere, it finally ushered in the "Stock incentive Management measures of listed companies (trial)" on 2006. It marks the prelude that corporate governance of our country has officially opened the stock right incentive. However, most of the companies quoted from foreign stock right incentive appear "hard to accept" phenomenon. The development of equity incentive system of listed companies in China is still lagging behind. This paper mainly takes SUNING cloud quotient as the research object and uses the method of case study. The company has carried on the detailed analysis to the stock right incentive plan published many times, emphatically studied the SUNING cloud business to carry on the stock right incentive plan before and after the company performance change. This paper explores the relationship between equity incentive and performance and the design of incentive scheme to increase the effectiveness of equity incentive. At the same time, the efficiency coefficient method is used to compare the performance and overall ranking of SUNING cloud quotient and reference object. It is concluded that SUNING cloud quotient equity incentive does not play a positive role in the promotion of company value. Elephant. This paper analyzes the equity incentive scheme of SUNING cloud merchants from the point of view of exercise index and exercise price. The main contribution of this paper is to dialectically analyze the impact of SUNING's equity incentive on corporate performance from both vertical and horizontal perspectives. On this basis, the paper analyzes the design elements of SUNING's equity incentive scheme in order to explain the deficiencies and points for attention in the design of the company's equity incentive scheme. To find out the key elements to give full play to the effectiveness of equity incentive, to provide reference and reference for other companies to make full use of the positive effect of equity incentive.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F724.6

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