Y企业职业经理人股权激励机制研究
发布时间：2018-07-17 01:29
【摘要】：民营企业在我国社会经济发展中扮演越来越重要角色,占据非常重要作用,职业经理人作为民营企业的专业经营管理人员,对民营企业的发展也非常重要。股权激励作为一种长期激励机制,利于绑定股东利益与职业经理人利益,打造民营企业中的利益共同体,在激发职业经理人工作能动性和积极性基础上,大大降低民营企业的“委托-代理”成本,为民营企业创造更大价值。本文选择Y民营企业为研究对象,该企业为我国炊具行业第一家上市的民营企业,从成立至今企业发生很多变化,从家族企业变更为外资企业,先后实施三次股权激励制度,但仍有不少高管人员离职,对于研究民营企业职业经理人股权激励机制问题具有代表性和典型性。通过对我国民营企业股权激励机制实施现状的研究,并以Y民营企业为例,对研究主题进行论证,得出研究结论:(1)民营企业实施股权激励利于打造民营企业利益共同体,利于吸引人才,留住人才,提升民营企业竞争力,利于职业经理人关注长期发展,但也面临股票市场带来的风险,职业经理人短期恶意行为,导致民营企业业绩和会计信息反映失真等弊端;(2)将民营企业不同发展阶段划分为初创期、成长期、成熟期和衰退期,在初创期民营企业不适合股权激励,在成长期和成熟期应结合民营企业实际情况,选择恰当的股权激励模式,在衰退期民营企业应用股权激励关注核心员工和新生力量;(3)以Y民营企业为例,在家族企业产权和外资公司产权背景下,相继实施三次股权激励方案,在实施中存在Y民营企业内部环境动荡,公司前景堪忧,股权激励方案存在缺陷等问题。通过对Y民营企业股权激励方案实施操作要点的概述,说明股权激励制度实施情况,通过对股权激励方案的市场反应和激励效果评价,表明第三套股权激励方案实施效果要优于前两套股权激励方案;(4)完善我国股权激励制度环境建议包括培育有效资本市场,完善法律法规,完善职业经理人市场。通过对民营企业职业经理人股权激励机制的研究,为民营企业吸引和留住职业经理人,有效管理职业经理人提供有益借鉴,促进民营企业持续发展。
[Abstract]:Private enterprises play a more and more important role in the social and economic development of our country and occupy a very important role. As professional management personnel of private enterprises, professional managers are also very important to the development of private enterprises. As a long-term incentive mechanism, equity incentive is conducive to binding the interests of shareholders with the interests of professional managers, creating a community of interests in private enterprises, on the basis of arousing the initiative and enthusiasm of professional managers. Greatly reduce the cost of the private enterprise-agent, and create greater value for the private enterprise. This article chooses Y private enterprise as the research object, this enterprise is the first listed private enterprise in cooking utensils industry of our country. Many changes have taken place since the establishment of the enterprise, the family enterprise has changed into the foreign capital enterprise, and the equity incentive system has been implemented three times successively. However, there are still many senior executives leaving, which is representative and typical for the study of private enterprise professional manager equity incentive mechanism. Through the research on the actualization of the stock right incentive mechanism of the private enterprises in our country, and taking Y private enterprise as an example, the research theme is demonstrated, and the conclusions are as follows: (1) the implementation of the equity incentive in the private enterprise is conducive to the creation of the community of interests of the private enterprise. In order to attract talents, retain talents, enhance the competitiveness of private enterprises, and help professional managers pay attention to long-term development, but also face the risk of the stock market, professional managers short-term malicious behavior, (2) the different development stages of private enterprises are divided into initial stage, growth period, maturity period and decline period, which is not suitable for equity incentive. In the period of growth and maturity, we should combine the actual situation of private enterprises, choose the appropriate equity incentive mode, and apply equity incentive to pay attention to the core staff and the new forces during the recession. (3) take Y private enterprise as an example, Under the background of the property rights of family enterprises and foreign companies, three stock incentive schemes have been implemented one after another. In the process of implementation, there are some problems, such as the instability of the internal environment of private enterprises, the worrying prospects of the companies, the defects of the equity incentive schemes, and so on. Through the summary of the key points of the implementation of the equity incentive scheme in Y private enterprises, the paper explains the implementation of the equity incentive system, and evaluates the market reaction and incentive effect of the equity incentive scheme. It shows that the implementation effect of the third equity incentive scheme is better than that of the first two equity incentive schemes. (4) the environmental suggestions for perfecting China's equity incentive system include cultivating effective capital market, perfecting laws and regulations, and perfecting professional manager market. Through the research on the incentive mechanism of the private enterprise professional manager's equity, this paper provides a useful reference for the private enterprise to attract and retain the professional manager, effectively manage the professional manager, and promote the sustainable development of the private enterprise.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F426.92
本文编号：2128428
[Abstract]:Private enterprises play a more and more important role in the social and economic development of our country and occupy a very important role. As professional management personnel of private enterprises, professional managers are also very important to the development of private enterprises. As a long-term incentive mechanism, equity incentive is conducive to binding the interests of shareholders with the interests of professional managers, creating a community of interests in private enterprises, on the basis of arousing the initiative and enthusiasm of professional managers. Greatly reduce the cost of the private enterprise-agent, and create greater value for the private enterprise. This article chooses Y private enterprise as the research object, this enterprise is the first listed private enterprise in cooking utensils industry of our country. Many changes have taken place since the establishment of the enterprise, the family enterprise has changed into the foreign capital enterprise, and the equity incentive system has been implemented three times successively. However, there are still many senior executives leaving, which is representative and typical for the study of private enterprise professional manager equity incentive mechanism. Through the research on the actualization of the stock right incentive mechanism of the private enterprises in our country, and taking Y private enterprise as an example, the research theme is demonstrated, and the conclusions are as follows: (1) the implementation of the equity incentive in the private enterprise is conducive to the creation of the community of interests of the private enterprise. In order to attract talents, retain talents, enhance the competitiveness of private enterprises, and help professional managers pay attention to long-term development, but also face the risk of the stock market, professional managers short-term malicious behavior, (2) the different development stages of private enterprises are divided into initial stage, growth period, maturity period and decline period, which is not suitable for equity incentive. In the period of growth and maturity, we should combine the actual situation of private enterprises, choose the appropriate equity incentive mode, and apply equity incentive to pay attention to the core staff and the new forces during the recession. (3) take Y private enterprise as an example, Under the background of the property rights of family enterprises and foreign companies, three stock incentive schemes have been implemented one after another. In the process of implementation, there are some problems, such as the instability of the internal environment of private enterprises, the worrying prospects of the companies, the defects of the equity incentive schemes, and so on. Through the summary of the key points of the implementation of the equity incentive scheme in Y private enterprises, the paper explains the implementation of the equity incentive system, and evaluates the market reaction and incentive effect of the equity incentive scheme. It shows that the implementation effect of the third equity incentive scheme is better than that of the first two equity incentive schemes. (4) the environmental suggestions for perfecting China's equity incentive system include cultivating effective capital market, perfecting laws and regulations, and perfecting professional manager market. Through the research on the incentive mechanism of the private enterprise professional manager's equity, this paper provides a useful reference for the private enterprise to attract and retain the professional manager, effectively manage the professional manager, and promote the sustainable development of the private enterprise.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F426.92
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