泸州老窖股权激励实施效果及方案优化

发布时间：2018-04-01 10:25

本文选题：泸州老窖　切入点：股权激励　出处：《黑龙江八一农垦大学》2017年硕士论文

【摘要】：在现代企业制度中,委托代理制度的存在使得企业所有权和经营权相分离,造成所有者和经营者利益不一致,股权激励制度是解决公司制中“委托—代理”问题的最好工具。股权激励作为公司采用的一种长期激励工具,能解决所有者和经营者利益不一致的问题,实现两者利益的最大化。股权激励作为一种长期且行之有效的激励手段,近几年来在我国的上市公司中非常受欢迎。目前国有企业正处于改革阶段,其中最具有代表性的国有控股白酒行业的改革备受瞩目,国有企业在改革期间实施股权激励来保证企业的长远发展,但同时也存在众多的问题,比如资本市场不成熟、缺少有效业绩考核机制等。所以,在此背景下研究股权激励的作用、效果、缺点并改进,也为之后企业实施股权激励提供了理论基础。本文在委托代理理论、人力资本理论和激励理论的基础上,进行个例研究,以典型的国有控股白酒企业泸州老窖为研究对象,研究其股权激励的方案和实施的效果,并对股权激励方案进行改进优化操作。主要研究内容是在股权激励理论的基础上介绍并分析了泸州老窖实施的股权激励方案,接着利用定性和定量的研究方法分析了股权激励的实施效果并深入探讨了股权激励方案在实施过程中暴露出的问题,最后在分析了股权激励的实施对企业的影响后,对股权激励方案进行优化设计,得出相关结论。
[Abstract]:In the modern enterprise system, the existence of the principal-agent system separates the ownership and the management right of the enterprise, which causes the interests of the owner and the manager to be inconsistent. The equity incentive system is the best tool to solve the problem of "principal-agent" in the corporate system.As a long-term incentive tool, equity incentive can solve the problem of inconsistent interests between owners and managers, and realize the maximization of the interests of both.As a long-term and effective incentive, equity incentive is very popular in listed companies in China in recent years.At present, the state-owned enterprises are in the reform stage, the most representative of which is the reform of the state-controlled liquor industry. During the reform period, the state-owned enterprises implement equity incentives to ensure the long-term development of the enterprises, but there are also many problems at the same time.For example, capital market is immature, lack effective achievement appraisal mechanism and so on.Therefore, in this context, the study of the role, effect, shortcomings and improvement of equity incentive also provides a theoretical basis for the implementation of equity incentive.On the basis of principal-agent theory, human capital theory and incentive theory, this paper makes a case study, taking Luzhou Laojiao, a typical state-controlled liquor enterprise, as the research object, and studies the scheme and effect of its equity incentive.And carry on the improvement optimization operation to the stock right incentive plan.The main research content is to introduce and analyze the equity incentive scheme of Luzhou Laojiao on the basis of equity incentive theory.Then using qualitative and quantitative research methods to analyze the implementation effect of equity incentive and deeply discuss the problems exposed in the implementation of equity incentive scheme. Finally, after analyzing the impact of the implementation of equity incentive on enterprises.The optimization design of equity incentive scheme is carried out, and the relevant conclusions are drawn.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F272.92

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