HR公司股权激励对公司业绩的影响研究
发布时间：2018-12-20 05:40
【摘要】：股权激励机制将企业高层的利益和公司的运作相结合,通过防范企业管理者短期经营行为,使管理层对公司的前景和未来发展给予更多关注。这种激励机制不仅有利于规范企业管理者的经营理念,又有利于企业的有序运作。因此股权激励被认为是缓解上市企业委托代理困扰的有效方法和推动企业业绩增长的经营策略。上世纪中后期,股权激励机制被西方发达国家多数企业用于解决股权分配和公司管理方面所遇到的瓶颈,并取得显著效果。股权激励在我国20世纪90年代初才被一部分企业有所涉及,直到2006年证监会颁布了《上市企业股权激励管理条例》,通过一定时间的示范实行取得不错的效果后,股权激励制度的发展在我国才渐渐形成。如何借鉴西方国家在这方面的成功经验,把股权激励机制的基本原理运用到提升我国企业财务业绩中,明确企业拥有者与经营者职能,建立健全企业激励体系是企业管理者在关注企业竞争与成长的道路上所考虑的重点。在家电行业中,HR公司凭借它自身管理机制的优越性和技术的先进性在这个领域中领先于其他公司,并抓住机遇率先完成股权激励方案,大大提高了其经营业绩。所以通过对它的案例研究,可以丰富我国家电行业其他上市公司在股权激励方面的实践经验。通过演绎归纳的方法总结国内外专家对股权激励影响公司业绩所持的观点,运用案例分析法介绍HR公司的成长之路以及其管理的优势和存在的问题,引出HR公司实施股权激励的动因,包括提高公司业绩和缓解内部人控制等问题；并在此基础上对HR公司实施股权激励前后的盈利能力、偿债能力、发展能力和股价变动四个方面进行对比来分析股权激励对企业业绩的影响；指出企业实施合理的股权激励对企业财务业绩有显著的正向影响作用;根据案例企业股权激励提升业绩的成功之处和不足之处相应提出合理化建议。
[Abstract]:The equity incentive mechanism combines the interests of the top management of the enterprise with the operation of the company, and makes the management pay more attention to the prospect and future development of the company by preventing the short-term management behavior of the enterprise manager. This incentive mechanism is not only conducive to standardizing the management concept of enterprise managers, but also conducive to the orderly operation of enterprises. Therefore, equity incentive is considered to be an effective method to alleviate the problem of principal-agent and the management strategy to promote the growth of enterprise performance. In the middle and late of last century, the equity incentive mechanism was used by most enterprises in western developed countries to solve the bottleneck of equity allocation and corporate management, and achieved remarkable results. Equity incentive was only involved by some enterprises in the early 1990s of the 20th century. Until 2006, the Securities Regulatory Commission promulgated the "regulations on Stock incentive Management of listed Enterprises", and achieved good results through a certain period of demonstration. The development of equity incentive system in China has gradually formed. How to use the successful experience of western countries for reference, apply the basic principle of equity incentive mechanism to improve the financial performance of Chinese enterprises, and clarify the functions of enterprise owners and managers. Establishing and perfecting enterprise incentive system is the focus of enterprise managers' attention to the competition and growth of enterprises. In the household appliance industry, HR company leads other companies in this field by virtue of its own management mechanism superiority and advanced technology, and seize the opportunity to take the lead to complete the equity incentive scheme, greatly improving its business performance. Therefore, through the case study, we can enrich the practical experience of other listed companies in China's household appliance industry in equity incentive. This paper summarizes the views of domestic and foreign experts on the influence of equity incentive on the performance of the company through deductive and inductive methods, and introduces the growth path and management advantages and problems of HR Company by using the case analysis method. Leads to the motivation of HR company to implement equity incentive, including improving the performance of the company and easing the insider control and other issues; On this basis, the paper compares the profitability, solvency, development ability and stock price change of HR company before and after equity incentive to analyze the impact of equity incentive on enterprise performance. It is pointed out that the implementation of reasonable equity incentive has a significant positive effect on the financial performance of the enterprise, and the rational suggestions are put forward according to the success and deficiency of the enterprise equity incentive to improve the performance.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.6;F272.92
[Abstract]:The equity incentive mechanism combines the interests of the top management of the enterprise with the operation of the company, and makes the management pay more attention to the prospect and future development of the company by preventing the short-term management behavior of the enterprise manager. This incentive mechanism is not only conducive to standardizing the management concept of enterprise managers, but also conducive to the orderly operation of enterprises. Therefore, equity incentive is considered to be an effective method to alleviate the problem of principal-agent and the management strategy to promote the growth of enterprise performance. In the middle and late of last century, the equity incentive mechanism was used by most enterprises in western developed countries to solve the bottleneck of equity allocation and corporate management, and achieved remarkable results. Equity incentive was only involved by some enterprises in the early 1990s of the 20th century. Until 2006, the Securities Regulatory Commission promulgated the "regulations on Stock incentive Management of listed Enterprises", and achieved good results through a certain period of demonstration. The development of equity incentive system in China has gradually formed. How to use the successful experience of western countries for reference, apply the basic principle of equity incentive mechanism to improve the financial performance of Chinese enterprises, and clarify the functions of enterprise owners and managers. Establishing and perfecting enterprise incentive system is the focus of enterprise managers' attention to the competition and growth of enterprises. In the household appliance industry, HR company leads other companies in this field by virtue of its own management mechanism superiority and advanced technology, and seize the opportunity to take the lead to complete the equity incentive scheme, greatly improving its business performance. Therefore, through the case study, we can enrich the practical experience of other listed companies in China's household appliance industry in equity incentive. This paper summarizes the views of domestic and foreign experts on the influence of equity incentive on the performance of the company through deductive and inductive methods, and introduces the growth path and management advantages and problems of HR Company by using the case analysis method. Leads to the motivation of HR company to implement equity incentive, including improving the performance of the company and easing the insider control and other issues; On this basis, the paper compares the profitability, solvency, development ability and stock price change of HR company before and after equity incentive to analyze the impact of equity incentive on enterprise performance. It is pointed out that the implementation of reasonable equity incentive has a significant positive effect on the financial performance of the enterprise, and the rational suggestions are put forward according to the success and deficiency of the enterprise equity incentive to improve the performance.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.6;F272.92
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