中兴通讯股权激励实施效果研究
发布时间：2018-09-01 17:30
【摘要】：企业的股权激励是企业的一种激励的方式,实际上是为了降低企业的代理成本,想要使得企业管理层的利益与其股东利益的趋利方向相同,最后加大了管理层员工的管理层的上进心,进而增加该企业经营业绩的计划。上个世纪七十年代西方股权激励制度开始快速发展,而又从现代企业理论的实践情况可以得知,也的确实现了积极的激励成效,股权激励计划能使该公司拥有所有权的人、经营管理的人与员工三者利益方向一致。实现对其目标人的正面激励。通过此种激励的方法来解决企业的委托代理中出现的问题,促进企业持续长远的发展。实际上,我国股权激励的探索与实践随着相关制度的完善、法律法规的健全逐渐走向成熟,因此我国越来越多的企业开始接受、学习并实践激励计划。基于此现状,本文针对股权激励的研究,评价中兴通讯企业两期股权激励计划方案及其实施效果,对我国即将实施和接受股权激励计划的企业或个人有着现实的作用。对影响企业如何设计方案和选择激励模式有积极的意义。中兴通讯在2006年、2013年分别开始实行两次股权激励计划,作为我国高科技技术设备上市公司,此举备受关注与讨论。因此本文对这两次股权激励计划进行对比分析研究,分析对比其实行的内容,发现两次股权激励计划分别选取了限制性的股票模式和股票期权的模式。为了评价中兴通讯的股权激励计划,本文对两次股权激励实施效果从短期经营绩效、长期经营绩效、人力资本与自主创新四个方面进行评价。研究结果发现,两次股权激励都产生了比较积极的作用,但第一次实行的成效在短时间有有效,长时间激励不足。通过对两次股权激励计划的比较,本文认为出现这一问题主要是因为有些股权激励计划的要素制定不恰当,但中兴通讯企业选择的股权激励模式是有一定的合理性的。除此之外,企业在设立股权激励计划时还需要关注股权激励计划要素的设立,根据企业自身情况合理的制定激励要素。
[Abstract]:The equity incentive of the enterprise is a kind of incentive way of the enterprise, in fact, in order to reduce the agency cost of the enterprise, want to make the benefit of the management of the enterprise and the benefit direction of its stockholder is the same. Finally, the management of the management staff to increase the initiative, and then increase the business performance of the plan. The western equity incentive system began to develop rapidly in the 1970s, and it can be seen from the practice of modern enterprise theory that positive incentives have indeed been achieved. The equity incentive plan enables the owner of the company to own the right of ownership. The management of the personnel and employees in line with the interests of the direction. Achieve positive motivation to its target person. Through this incentive method to solve the problems in the principal-agent, to promote the long-term development of enterprises. In fact, the exploration and practice of equity incentive in our country with the improvement of relevant systems, the sound of laws and regulations gradually matured, so more and more enterprises in our country began to accept, learn and practice the incentive plan. Based on this situation, this paper aims at the research of equity incentive, evaluates the plan and its effect of two phases of equity incentive plan in ZTE enterprise, which has a realistic effect on the enterprises or individuals about to implement and accept the equity incentive plan in our country. It has positive significance on how to design scheme and choose incentive mode. ZTE began to implement two equity incentive plans in 2006 and 2013, which has attracted much attention and discussion as a listed company of high-tech equipment in China. Therefore, this paper makes a comparative analysis of the two equity incentive plans, analyzes and compares the contents of the two equity incentive plans, and finds that the two equity incentive plans choose the restrictive stock model and the stock option model respectively. In order to evaluate ZTE's equity incentive plan, this paper evaluates the effect of twice equity incentive from four aspects: short-term performance, long-term performance, human capital and independent innovation. The results show that both equity incentives have a positive effect, but the effect of the first implementation is effective in a short period of time, but insufficient in a long period of time. By comparing the two equity incentive plans, this paper argues that this problem is mainly due to the improper formulation of some elements of the equity incentive plan, but the equity incentive mode chosen by ZTE is reasonable to some extent. In addition, enterprises should pay attention to the establishment of equity incentive plan elements when establishing equity incentive plan, and make incentive elements reasonably according to the enterprise's own situation.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626;F272.92
本文编号：2217882
[Abstract]:The equity incentive of the enterprise is a kind of incentive way of the enterprise, in fact, in order to reduce the agency cost of the enterprise, want to make the benefit of the management of the enterprise and the benefit direction of its stockholder is the same. Finally, the management of the management staff to increase the initiative, and then increase the business performance of the plan. The western equity incentive system began to develop rapidly in the 1970s, and it can be seen from the practice of modern enterprise theory that positive incentives have indeed been achieved. The equity incentive plan enables the owner of the company to own the right of ownership. The management of the personnel and employees in line with the interests of the direction. Achieve positive motivation to its target person. Through this incentive method to solve the problems in the principal-agent, to promote the long-term development of enterprises. In fact, the exploration and practice of equity incentive in our country with the improvement of relevant systems, the sound of laws and regulations gradually matured, so more and more enterprises in our country began to accept, learn and practice the incentive plan. Based on this situation, this paper aims at the research of equity incentive, evaluates the plan and its effect of two phases of equity incentive plan in ZTE enterprise, which has a realistic effect on the enterprises or individuals about to implement and accept the equity incentive plan in our country. It has positive significance on how to design scheme and choose incentive mode. ZTE began to implement two equity incentive plans in 2006 and 2013, which has attracted much attention and discussion as a listed company of high-tech equipment in China. Therefore, this paper makes a comparative analysis of the two equity incentive plans, analyzes and compares the contents of the two equity incentive plans, and finds that the two equity incentive plans choose the restrictive stock model and the stock option model respectively. In order to evaluate ZTE's equity incentive plan, this paper evaluates the effect of twice equity incentive from four aspects: short-term performance, long-term performance, human capital and independent innovation. The results show that both equity incentives have a positive effect, but the effect of the first implementation is effective in a short period of time, but insufficient in a long period of time. By comparing the two equity incentive plans, this paper argues that this problem is mainly due to the improper formulation of some elements of the equity incentive plan, but the equity incentive mode chosen by ZTE is reasonable to some extent. In addition, enterprises should pay attention to the establishment of equity incentive plan elements when establishing equity incentive plan, and make incentive elements reasonably according to the enterprise's own situation.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626;F272.92
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