上海家化股权激励实施效果及影响因素研究

发布时间：2018-09-08 15:19

【摘要】：股权激励作为一种长期的激励制度,可以有效的改善企业所面临的所有权和经营权相分离之后出现的代理问题。从2006年股权分置改革以来,由于法律制度环境的改善,我国实行股权激励的公司逐年增加,但并不是所有懫用了股权激励的企业都能取得良好的效果。基于此,本文以上海家化为例对股权激励的实施效果及影响因素进行分析研究具有重大意义。首先,本文采用规范研究法,对国内外学者关于股权激励的实施效果、影响因素的相关文献以及股权激励相关理论进行总结。然后采用案例研究法,以文献综述及理论基础为依据,对上海家化实施效果及影响因素进行分析研究。本文主要从企业业绩方面的直接效果和其他方面的间接效果来分析本文的股权激励实施效果,直接效果即将实施前和实施后的企业业绩进行纵向对比分析,间接效果即从人力资本的改善和科研创新状况的提高来分析;影响因素从公司的内外部环境以及股权激励方案设计两方面进行研究。研究发现,上海家化股权激励取得了较为积极的激励效果,但是也存在失效之处。积极效果为表现为产权性质的转变、行业的激烈竞争及股权激励方案较为合理的设计使得公司盈利能力和偿债能力得到了增强,并改善了员工的专业结构和受教育程度,提高了新项目以及专利的开发数量。失效之处表现为董事会结构逐渐趋向不稳定性给营运能力和发展能力带来了不利影响,实施股权激励期间,公司营运能力并没有得到改善,同时发展能力虽然整体呈增长趋势,但是不太稳定;另一方面,2015年业绩考核条件设置过高,使得2015年第一期激励方案解锁失败,这也将对员工的积极性带来影响。因此企业应该重点加强内部治理结构并提高股权激励方案的科学性,确保股权激励取得更好的实施效果。希望通过本文的研究,可以为上海家化及其他实施股权激励的企业提供借鉴。
[Abstract]:As a long-term incentive system, equity incentive can effectively improve the agency problem after the separation of ownership and management rights. Since the reform of split share structure in 2006, due to the improvement of the legal system environment, the number of companies implementing equity incentive has increased year by year, but not all enterprises with equity incentive can achieve good results. Based on this, this paper takes Shanghai Jiahua as an example to analyze the effect of equity incentive and its influencing factors. First of all, this paper uses the normative research method to summarize the implementation effect of equity incentive, the related literature of influencing factors and the relevant theory of equity incentive at home and abroad. Based on the literature review and theoretical basis, this paper analyzes the effect and influencing factors of Shanghai Jiahua. This paper mainly analyzes the effect of equity incentive from the direct effect of enterprise performance and indirect effect of other aspects. The direct effect will be compared and analyzed vertically before and after implementation. The indirect effect is analyzed from the improvement of human capital and the improvement of scientific research innovation, and the influencing factors are studied from two aspects: the internal and external environment of the company and the design of equity incentive scheme. The study found that Shanghai Jiahua equity incentive has achieved a more positive incentive effect, but there are also failures. The positive effect is the change of the property right, the fierce competition in the industry and the reasonable design of the equity incentive scheme make the profitability and solvency of the company enhanced, and improve the professional structure and education level of the employees. Increased number of new projects and patents developed. The failure shows that the structure of the board of directors tends to be unstable and has a negative impact on the operating capacity and development ability. During the implementation of equity incentive, the operating ability of the company has not been improved, while the overall development capacity has shown a trend of growth. On the other hand, the 2015 performance appraisal conditions were set too high, resulting in the failure of the first phase of the 2015 incentive package unlocking, which will also have an impact on the motivation of employees. Therefore, enterprises should focus on strengthening the internal governance structure and improving the scientific nature of the equity incentive scheme to ensure better implementation effect of equity incentive. Through the research of this paper, we hope to provide reference for Shanghai Jiahua and other enterprises implementing equity incentive.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92

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