YX公司股票期权激励分析及优化研究

发布时间：2018-05-29 01:18

本文选题：股权激励 + 实施效果　；参考：《沈阳工业大学》2017年硕士论文

【摘要】：股权激励是一种员工激励方式,通过授予经营者公司股权,使经营者以股东的身份参与企业决策,承担风险,分享企业剩余利润,从而激励其尽职尽责地为公司长远发展服务。从理论上讲,股权激励是一种有效的长期激励制度,是一种有利于企业长远健康发展的激励方式。有关股权激励能否提高公司绩效,学术界仍然存在较大的争议。因此,本文以具体公司为案例,在深入研究YX公司股权激励效果的基础上,分析YX公司股权激励计划存在哪些不足之处,提出YX公司股权激励进行优化的具体措施和建议。本文运用理论研究与案例分析相结合的方法,以YX公司为研究对象,在总结国内外学者研究成果的基础上,借鉴委托代理理论、人力资本理论、激励理论和公司剩余索取权理论。本文首先对股权激励的效果进行界定,然后,从减少高管投资短视行为、减少融资短视行为、减少经营管理短视行为、提升公司长期绩效和股东收益四个角度来具体构建股权激励效果评价体系。接下来,将2011-2016年YX公司与我国包装材料行业对应指标平均值进行对比分析以及自身的纵向对比分析,基于上述构建的股权激励效果评价体系,采用财务指标分析法和比较分析法,从减少高管投资短视行为、减少融资短视行为、减少经营管理短视行为和提升公司长期绩效和股东收益4个方面来具体评价YX公司股权激励实施效果。在分析的基础上,发现了YX公司股权激励方案存在行权条件过于严苛、业绩考核指标难以反映高管的付出、基层管理者激励力度不足、进行激励的时机选择不当、激励期限短等问题。并在对其问题进行深入剖析的基础上,有针对性的对YX公司的提出了行权条件引入行业指标、授予份额中引入行权乘数、合理选择股权激励的对象和激励比例、建立综合全面的业绩考核指标体系、延长激励期限的优化建议并根据企业现状提出优化方案。
[Abstract]:Equity incentive is a kind of employee incentive way, which can make the operator participate in the enterprise decision as shareholder, take risks, share the surplus profit of the enterprise, and encourage him to serve the company for the long term development with due diligence. Theoretically speaking, equity incentive is an effective long-term incentive system and an incentive mode conducive to the long-term and healthy development of enterprises. There is still much controversy about whether equity incentive can improve corporate performance. Therefore, this paper takes the specific company as a case, on the basis of in-depth study of the equity incentive effect of YX company, analyzes the shortcomings of the equity incentive plan of YX company, and puts forward specific measures and suggestions to optimize the equity incentive of YX company. This paper uses the method of combining theoretical research with case analysis, taking YX Company as the research object, on the basis of summing up the research results of domestic and foreign scholars, using the principal-agent theory and human capital theory for reference. Incentive theory and residual claim theory. This paper first defines the effect of equity incentive, then, from reducing the short-sighted behavior of executive investment, reducing short-sighted behavior of financing, reducing short-sighted behavior of management. To improve the long-term performance of the company and shareholder income to build a specific equity incentive effect evaluation system. Then, the paper compares and analyzes the average value of the corresponding indexes between YX Company and China's packaging material industry in 2011-2016 and their own longitudinal comparative analysis, based on the equity incentive effect evaluation system constructed above. By means of financial index analysis and comparative analysis, from reducing short-sighted behavior and financing short-sighted behavior, In order to evaluate the effect of equity incentive in YX company, it is necessary to reduce the short-sighted behavior of management and improve the long-term performance of the company and the shareholder's income. On the basis of the analysis, it is found that the exercise conditions of the equity incentive scheme of YX Company are too strict, the performance appraisal index can not reflect the pay of the executives, the incentive strength of the grass-roots managers is insufficient, and the timing of incentive is improper. Short duration of incentive, etc. On the basis of deep analysis of its problems, this paper puts forward to YX company the right condition to introduce the industry index, the right multiplier to be introduced into the grant share, the reasonable choice of the object and the incentive ratio of the stock right incentive. Establish a comprehensive performance appraisal index system, extend the incentive period of the optimization of the proposal and according to the status quo of the enterprise to put forward the optimization scheme.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F416.7;F272.92

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