JL高速公路股份有限公司股票期权激励研究

发布时间：2018-01-29 12:52

本文关键词： 股票期权委托代理激励约束　出处：《昆明理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：在现代公司治理中,激励是一个核心问题。企业所有权和经营权的分离导致委托代理关系矛盾的产生,股票期权激励被认为是减少代理成本,达到长期激励效果的有效手段之一。JL高速公路股份有限公司资产优良,收益稳定,发展前景广阔。但是由于公司存在长期激励机制不健全,在传统的薪酬分配制度激励不当的情况下,高管人员的工作积极性无法得到有效的调动,他们没有将自身利益与公司长远利益结合起来,进而损害公司利益。一种基于在委托代理双方建立起利益纽带的长期激励方式---股票期权激励,能有效的解决公司发展过程中长期激励不足的问题。同时,结合人力资本理论,得出企业经营者作为较高层次的人力资本,对其应当采取复合型手段来进行激励的结论。在企业实施激励的过程中,应当多种激励方式相结合,对人力资本进行产权化界定,分享企业剩余价值,从而解决激励不足的问题。再次,本文还结合管理学中的成就需要理论和公平理论角度对股票期权制度进行理论扩展和补充。随着我国股权分置改革的顺利进行以及证券市场的逐步完善,政策上进一步为JL高速公路股份有限公司实施股票期权激励提供了有利的外部条件。本文结合JL高速公路股份有限公司的实际情况,设计一套切实可行的股票期权激励方案,通过将企业所有者和经营者的利益目标紧密联结在一起,形成利益共同体,将有利于激发经营者工作积极性,约束其不道德行为,为公司的可持续发展奠定良好的基础。
[Abstract]:In modern corporate governance, incentive is a core issue. The separation of enterprise ownership and management right leads to the contradiction of principal-agent relationship, and stock option incentive is considered to reduce agency costs. JL Expressway Co., Ltd. has good assets, stable income and broad development prospects. However, because of the existence of long-term incentive mechanism is not perfect. Under the improper incentive of the traditional salary distribution system, the work enthusiasm of the senior managers can not be effectively mobilized, they do not combine their own interests with the long-term interests of the company. And then damage the interests of the company. A long-term incentive based on the principal-agent to establish the interests of the bond---stock option incentive can effectively solve the problem of the long-term lack of incentive in the process of corporate development. At the same time. Combined with the theory of human capital, this paper draws the conclusion that the enterprise manager, as a higher level of human capital, should adopt compound means to encourage. Should be combined with a variety of incentives to define the property rights of human capital and share the surplus value of enterprises, so as to solve the problem of inadequate incentives. This paper also combines the achievements in management theory and equity theory to expand and supplement the stock option system. With the smooth implementation of the reform of the split share structure and the gradual improvement of the securities market. The policy provides favorable external conditions for JL Expressway Company Limited to implement stock option incentive. This paper combines the actual situation of JL Expressway Co., Ltd. Design a set of feasible stock option incentive scheme, through the enterprise owners and managers of the interests of the objectives closely linked together to form a community of interests, will be conducive to stimulate the enthusiasm of the operator. Restrain its immoral behavior and lay a good foundation for the sustainable development of the company.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F542.6;F724.5;F272.92

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