宋城演艺股权激励实施方案与激励效果研究

发布时间：2018-01-19 03:30

本文关键词： 股权激励公司绩效经济增加值累计超额收益　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：19世纪50年代以来,随着股份制公司的不断发展壮大,公司的经营权和所有权也必然需要分离,于是便产生了委托代理成本的问题,在这样的环境下,股权激励的构想也便应运而生了。西方国家的股权激励已经发展的相对成熟,我国的起步则相对较晚,1993年万科首先对股票期权进行尝试,其他企业也纷纷进行跟进。直到2006年8月13日,中国正式开始实施《上市公司股权激励管理办法》,标志着我国上市公司在实施股权激励时有了相应的法律依据。股权激励作为一种中长期的激励方式,被激励对象通过获得公司的股票或者与股票相关的收益,从而影响其对公司的付出与劳动等主观因素,将其个人的利益与公司的利益捆绑在一起,从而提升公司的业绩。在资本市场中,公司的股价可以反映公司的业绩,而股价的变动则关系到被激励对象从激励计划当中可以获得的收益。对于上市公司实施股权激励对绩效产生的影响,主要有正相关论、区间相关论和微弱甚至不相关论。本文将对宋城演艺实施股权激励的方案和激励效果进行研究,确定宋城演艺的股权激励方案对其产生了怎样的影响,并对股权激励方案中影响其绩效的因素进行分析,以此对今后上市公司实施股权激励提供借鉴与参考。本文的内容可以分为三部分,第一部分包括对股权激励概念的阐述和相关基础理论的介绍,以及国内外股权激励发展的趋势与现状的介绍。第二部分则对宋城演艺实施的股权激励计划进行了研究,对其实施股权激励的动因和股权激励计划的方案以及过程进行了分析,之后运用宋城演艺的各项财务指标、经济增加值以及股价变动和市场占有率等数据,综合运用对比分析法、杜邦财务分析体系和事件分析法等方法,对公司的绩效以及市场上的变化进行纵向的比较,再与同行业的绩效进行了对比,多角度分析宋城演艺实施股权激励对绩效的影响。第三部分则是对宋城演艺的股权激励方案进行了评价分析,并针对其存在的问题给出一些建议。根据各项分析结果,宋城演艺在实施股权激励的几年中,公司不仅在盈利能力、偿债能力、运营能力等财务数据上得到了显著提高,其经济增加值也逐年增长,股东也在证券市场上获得了累计超额收益,其股权激励计划总体上还是成功和值得借鉴的。但宋城演艺的股权激励计划还存在一些需要改进的地方,本文也在扩大激励规模和完善公司治理结构等方面对其提出了改进意见。
[Abstract]:Since 1850s, with the continuous development of joint-stock companies, the company's right of operation and ownership must be separated, so the problem of principal-agent cost has arisen, in such an environment. The concept of equity incentive came into being. Western countries have developed relatively mature equity incentive, China started relatively late, in 1993 Vanke first tried to stock option. Until August 13th 2006, China formally began to implement the "listed companies equity incentive management measures". It indicates that the listed companies in our country have the corresponding legal basis in the implementation of equity incentive. As a medium and long-term incentive, the object of incentive obtains the company's stock or the stock related income. In order to affect its pay and labor to the company and other subjective factors, its personal interests and the interests of the company are tied together, thereby improving the performance of the company. In the capital market. The stock price of the company can reflect the performance of the company, and the change of the stock price is related to the income that the incentive object can get from the incentive plan, and the effect of the equity incentive on the performance of the listed company. There are positive correlation theory, interval correlation theory and weak or even irrelevant theory. To determine the impact of the equity incentive scheme of Song Cheng performing arts, and to analyze the factors that affect its performance in the equity incentive scheme. The content of this paper can be divided into three parts, the first part includes the description of the concept of equity incentive and the introduction of relevant basic theory. As well as the development of domestic and foreign equity incentive trends and the status quo. The second part of the Song City performing arts implementation of the equity incentive plan was studied. It analyzes the motivation of equity incentive, the scheme and process of equity incentive plan, and then uses the data of various financial indicators, economic added value, stock price change and market share rate of Song Cheng performing arts. Comprehensive use of comparative analysis, DuPont financial analysis system and event analysis methods, the company's performance and market changes in the vertical comparison, and then compared with the performance of the same industry. The third part is the evaluation and analysis of the equity incentive scheme of Song Cheng performing arts. According to the analysis results, Song Cheng Performing Arts in the implementation of equity incentives in a few years, the company not only in profitability, solvency. Operating capacity and other financial data have been significantly improved, its economic added value has also increased year by year, shareholders in the stock market has also achieved cumulative excess returns. Its equity incentive plan is still successful and worthy of reference. However, there are still some areas that need to be improved in the equity incentive plan of Song Cheng performing arts. This paper also puts forward some suggestions on how to expand the incentive scale and improve the corporate governance structure.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：J124;F272.92

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