T信息公司股权激励方案优化研究

发布时间：2018-05-27 12:20

本文选题：股权激励 + 信息技术企业　；参考：《湘潭大学》2017年硕士论文

【摘要】：在“大众创业、万众创新”的时代背景下,高新技术企业迫切需要改进激励方式和优化薪酬制度,从而吸引优秀人才,提高员工积极性,增强企业核心竞争力,使企业在未来的市场竞争中占得先机。为了达到这一目的,创业板和中小板的许多高新技术企业都引入了股权激励作为一项长效激励机制。T信息公司是我国教育服务与手机游戏市场的领先者,为了适应激烈的市场竞争,该企业启动了股权激励计划,其目的在于通过股权激励提高公司员工的凝聚力,吸引更多的高新技术人才和优秀管理人才,调动员工工作与创新的积极性,并将股东利益与经理层利益、公司长远利益与眼前利益有效结合。本文运用股权激励的相关理论,结合当前我国的相关政策法规,分析了T信息公司2010至2016年间的两次股权激励计划并为其提出了优化方案。T公司第一次股票期权激励计划因行权价格高于市场价格、业绩目标未达预期等原因而被迫终止,第二次的限制性股票激励计划虽按期施行完毕,但对于提升公司长远业绩、稳定优秀员工等方面的效果远未达到预期水平。本文通过对T公司实施股权激励后的股价市场表现分析、绩效横向和纵向分析以及对于其激励对象的离职情况分析得出其股权激励效果不佳的结论,进而从股权激励的几大契约要素对原激励方案进行了全面剖析,找出原股权激励方案存在的几点问题:第一,对实施环境认识不足;第二,激励模式选取单一;第三,行权条件设立不科学;第四,激励对象覆盖面窄;第五,激励有效期年限较短。在结合公司实际情况以及借鉴其他企业成功经验的基础之上,文中为T信息公司设计出一套股权激励优化方案并提出方案实施的保障措施,具体内容如下:结合公司实际情况并根据激励对象选择激励模式;分类确定激励对象,扩大对技术研发人员的激励范围;严格按照员工价值评估得分授予激励数量;在行权条件中引入非业绩指标并对比行业水平;适当延长行权期限;从公司层面和社会政策两方面提出保障股权激励优化方案实施的建议,包括完善公司治理结构、实施过程监督、规范政策法规、加强市场建设。本文的研究能够帮助T公司最大程度地发挥股权激励的激励作用。此外,T公司作为中小板上市公司中的信息技术企业,对其股权激励方案的研究能为其他公司提供一定的借鉴,而且能够丰富我国股权激励案例分析方面的研究。
[Abstract]:Under the background of the times of "mass entrepreneurship and mass innovation", high-tech enterprises urgently need to improve the incentive mode and optimize the compensation system, so as to attract outstanding talents, improve the enthusiasm of employees, and enhance the core competitiveness of enterprises. Make the enterprise take the lead in the market competition in the future. In order to achieve this goal, many high-tech enterprises in gem and small and medium board have introduced equity incentive as a long-term incentive mechanism. T information company is the leader in education service and mobile game market in China. In order to adapt to the fierce market competition, the enterprise launched the equity incentive plan, which aims to improve the cohesion of the employees through equity incentive, attract more high-tech talents and excellent management talents. Mobilize the enthusiasm of staff work and innovation, and effectively combine the interests of shareholders with the interests of managers, the long-term interests of the company and immediate interests. This paper applies the relevant theory of equity incentive, combined with the current relevant policies and regulations in China, This paper analyzes the two equity incentive plans of T Information Company from 2010 to 2016, and puts forward the optimized scheme. The first stock option incentive plan of T Company is forced to terminate because the exercise price is higher than the market price, the performance target is not up to expectations, and so on. Although the second restrictive stock incentive plan is completed on schedule, the effect of the second restrictive stock incentive plan on improving the company's long-term performance and stabilizing the outstanding employees is far from the expected level. Based on the analysis of stock market performance, horizontal and vertical performance analysis and turnover analysis of T Company, the paper draws the conclusion that the equity incentive effect is not good. Then from several major contract elements of equity incentive, the paper analyzes the original incentive scheme, and finds out some problems existing in the original equity incentive scheme: first, lack of understanding of the implementation environment; second, single incentive mode; third, The establishment of exercise conditions is unscientific; fourth, the coverage of incentive objects is narrow; fifthly, the period of validity of incentive is short. On the basis of the actual situation of the company and the successful experience of other enterprises, this paper designs a set of equity incentive optimization scheme for T information company and puts forward the safeguard measures for the implementation of the plan. The specific contents are as follows: according to the actual situation of the company and according to the incentive object to choose the incentive model; to classify and determine the incentive object to expand the scope of incentive to the technical R & D personnel; strictly according to the employee value evaluation score awarded incentive quantity; Introducing non-performance indicators and comparing the industry level in the exercise conditions; extending the exercise period appropriately; putting forward suggestions to ensure the implementation of equity incentive optimization plan from the company level and social policy, including improving the corporate governance structure. Implement process supervision, standardize policies and regulations, and strengthen market construction. The research in this paper can help T Company to maximize the incentive role of equity incentives. In addition, as an information technology enterprise in small and medium-sized board listed companies, the research on its equity incentive scheme can provide some reference for other companies, and can enrich the case study of equity incentive in China.
【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】：F272.92;F49

【参考文献】