J上市公司股权激励效果评价及方案优化

发布时间：2018-04-25 07:08

本文选题：股权激励 + 上市公司　；参考：《湘潭大学》2017年硕士论文

【摘要】：现代企业所有权与经营权互相分离使得管理层和股东之间的代理问题成为公司治理中的一个重要问题,股权激励是解决代理问题的重要方式之一。在经济发达的西方国家股权激励运用相当广泛,相比之下,我国上市公司股权激励发展较为滞后。2006年股权分置改革完成为我国股权激励实施扫清了障碍,股权激励相关法律法规的逐渐完善,为我国上市公司股权激励的实施提供了指引,股权激励逐渐成为我国企业核心人才激励机制的重要组成部分。但股权激励的实施不是一帆风顺的,有的企业股权激励计划在中途“夭折”,有的企业实施股权激励后未带来应有的效果。如何根据企业实际情况设计有效的激励计划是值得深入研究的。本文采用理论研究与案例分析相结合的方法,以J上市公司2014年股权激励作为研究对象,从企业财务绩效方面、公司股价方面及企业人才保留方面对J上市公司股权激励实施效果进行了评价。在财务绩效方面,J上市公司实施股权激励后发展能力得到提高,营业收入与净利润实现了较快增长,但只在股权激励前两期比较明显,股权激励后一期营业收入增长率与净利润增长率放缓;营运能力得到提高;但未能有效改善企业盈利能力;说明股权激励长期激励效果有所不足。在公司股价方面,股权激励后整体业绩提升带动了J上市公司股价上扬。从企业人才保留方面上看,股权激励后大部分核心骨干得以保留。J上市公司股权激励实施效果未能充分发挥与其股权激励方案制定不科学是分不开的:公司业绩考核指标单一且偏低,个人业绩考核指标设置模糊,影响了股权激励的激励效果;偏低的授予价格会降低激励对象工作的积极性;激励有效期偏短以及解锁比例设置不合理与股权激励作为长期激励机制相悖;未设有预留股份不利于企业对优秀人才的吸引。针对其存在的问题本文提供了一些建议。希望通过本文的研究,能提升J上市公司股权激励方案的合理性,使得企业更好地利用股权激励促进长远发展;同时也能为我国中小民营上市公司实施股权激励提供借鉴。
[Abstract]:The separation of modern enterprise ownership and management makes the agency problem between management and shareholders become an important issue in corporate governance. Equity incentive is one of the important ways to solve the agency problem. Equity incentive is widely used in the developed western countries, but the development of equity incentive of listed companies in our country lags behind. The completion of the split share structure reform in 2006 cleared the way for the implementation of equity incentive in our country. The improvement of relevant laws and regulations on equity incentive has provided guidance for the implementation of equity incentive of listed companies in China. Equity incentive has gradually become an important part of the incentive mechanism of core talents in Chinese enterprises. However, the implementation of equity incentive is not smooth, some enterprises' equity incentive plan "aborted" in the middle of the way, and some enterprises have not brought due effect after the implementation of equity incentive. How to design an effective incentive plan according to the actual situation of enterprises is worthy of further study. This paper adopts the method of combining theoretical research and case analysis, taking the equity incentive of J listed company in 2014 as the research object, from the aspect of enterprise financial performance, The stock price and talent retention of J listed company are evaluated. In terms of financial performance, the development ability of J listed companies has been improved after the implementation of equity incentive, and the operating income and net profit have been rapidly increased, but only in the first two periods of equity incentive is more obvious. After equity incentive, the growth rate of operating income and net profit slowed down; the ability of operation was improved; but it failed to improve the profitability of enterprises effectively; it showed that the long-term incentive effect of equity incentive was insufficient. In terms of share prices, the overall performance after equity incentives led J-listed companies to rise in stock prices. From the point of view of the retention of talents in enterprises, After equity incentive most of the core backbone can retain .J listed company equity incentive implementation effect is not fully play and its equity incentive plan formulation is unscientific: the company performance evaluation index is single and low. The fuzzy setting of individual performance appraisal index affects the incentive effect of equity incentive, the low award price will reduce the enthusiasm of incentive object. The short period of incentive and the unreasonable setting of unlocking ratio are contrary to the stock right incentive as a long-term incentive mechanism; the absence of reserved shares is not conducive to attracting outstanding talents. Some suggestions are given in this paper for the existing problems. It is hoped that through the research in this paper, the rationality of the equity incentive scheme of J listed company can be enhanced, and the enterprise can make better use of equity incentive to promote the long-term development. At the same time, it can also provide reference for the implementation of equity incentive in small and medium-sized private listed companies in our country.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92

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