苏宁云商股权激励案例分析

发布时间：2018-05-25 22:11

本文选题：股权激励 + 股票期权　；参考：《江西财经大学》2016年硕士论文

【摘要】：我国上市公司存有普遍缺乏长期激励这种现象,而导致一系列的公司内部问题,很多时候公司的管理层不会把股东的利益放在第一位,而常常用公司的资源来满足个人的私欲,这给企业的股东带来很大的困扰。所以激励措施方案的施行如今得到很多上市公司的追捧,已然成为一个惯常的市值管理的方式,主要原因是它能使得高管与大股东们的利益与目标趋于一致。如此做法不仅让公司内部治理结构更加完善,更使得“股东权益的最大化”开始成为管理层所不断争取的结果。这样不但充分激发高管们工作的能动性和开创性,而且让企业价值得以不断提高。另外,部分上市企业在发展的初期,或者成长起来以后,薪酬体系没有健全起来,同时也缺少相对完善的考核系统,所以很难将优秀的人才留下来,从而导致公司的长远发展受到严重的影响。正因为如此,很多上市企业开始思考如何挽留那些重要人力资本,让他们愿意一直为公司的发展而奋斗。这个问题对企业未来的发展会有极大影响。在2006年开始国家频繁颁布一些股权激励相关的指导文件和管理办法,其中一些重磅法规对之后股权激励方案的推广奠定了坚实的基础。从那时候开始我国才算是正式将股权激励引入,中国以初步具备方案实施的政治基础。同时在改革开放,经济趋势向好的情况之下,经济的复苏让方案推行同时具备了经济基础。股权激励的方案起草开始进入很多上市公司的日程表中。本文主要是以苏宁云商为研究对象,并以此案例为基础,围绕政治、经济、行业状况以及公司情况,对苏宁股票期权激励实施方案的几个重点要素进行分析。分析了苏宁实施股票期权激励的动因和股票期权激励实施之后的反响,并与类似的家电公司国美电器经营状况进行对比,结果得出激励措施的推行确实能对企业起到一定的正面影响作用,企业的市场竞争力也出现短时间的改善,但由于本身激励制度不够完善以及一些客观因素导致后期激励效用没有体现出来。此外时,我们还着重分析了在激励方案实施过程中存在的优缺点从而发现问题解决问题。上市企业在实施股权激励,想要获得员工积极的反馈,其中的要点是,在正确的时间点上去推行激励方案,让方案顺利实施。此外还要有自主的创新意识,决不能试图去复制别人的经验。要根据具体情况具体分析才能找出最适合企业的激励策略。本文提出了一些改善建议,希望通过对这个案例的研究为正在或打算施行股权鼓励措施的企业提供一定的参考和思路。
[Abstract]:There is a general lack of long-term incentives for listed companies in China, which leads to a series of internal problems. In many cases, the management of companies will not put the interests of shareholders first, but often use the resources of the company to satisfy their personal desires. This brings a lot of trouble to the shareholders of the enterprise. So incentives are now popular among many listed companies and have become the norm for market value management, largely because it aligns the interests and goals of executives with those of big shareholders. This not only makes the internal governance structure of the company more perfect, but also makes the "maximization of shareholders' rights and interests" to be the result of the continuous struggle of the management. This not only fully stimulate the initiative and creativity of the work of executives, but also the value of the enterprise can continue to improve. In addition, some listed enterprises did not have a sound salary system at the beginning of their development or after they grew up, and at the same time they lacked a relatively perfect examination system, so it is very difficult to retain outstanding talents. As a result, the company's long-term development is seriously affected. Because of this, many listed companies began to think about how to retain those important human capital, so that they are willing to continue to fight for the development of the company. This problem will have a great impact on the future development of enterprises. Since 2006, the country has frequently promulgated some guidance documents and management methods related to equity incentive, some of which have laid a solid foundation for the promotion of equity incentive scheme. Since then, China has formally introduced equity incentives, and China has a political foundation for the implementation of the plan. At the same time in the reform and opening up, the economic trend is good, the economic recovery so that the implementation of the program at the same time have the economic base. The proposal for equity incentives began to be drafted into the agendas of many listed companies. This paper mainly takes Su Ning cloud quotient as the research object, and based on this case, analyzes several key elements of Su Ning stock option incentive implementation scheme around politics, economy, industry situation and company situation. This paper analyzes the motivation of implementing stock option incentive in Su Ning and the response after the implementation of stock option incentive, and compares it with Gome, a similar household appliance company. The results show that the implementation of incentive measures can really play a positive role in enterprises, and the market competitiveness of enterprises has also been improved in a short period of time. However, the incentive system itself is not perfect and some objective factors lead to the late incentive effectiveness is not reflected. In addition, we analyze the advantages and disadvantages of the incentive scheme and find out the problem solving. In implementing equity incentive, listed enterprises want to get positive feedback from employees. The key point is to carry out incentive plan at the right time and make it carry out smoothly. There must also be an independent sense of innovation and must not attempt to replicate the experience of others. It is necessary to find out the most suitable incentive strategy according to the specific situation. This paper puts forward some suggestions for improvement, hoping to provide some references and ideas for the enterprises that are carrying out or intend to implement the equity incentive measures through the study of this case.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F724.6

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