上市公司股权激励要素分析与方案优化研究

【作者】 王婷；

【导师】 张学平；

【作者基本信息】 首都经济贸易大学 ， 企业管理， 2012， 硕士

【摘要】 股权激励是一种长效激励手段，通过美国、英国等拥有成熟资本市场的国家实施的股权激励证明，在降低代理成本、调动员工长期工作的积极性以及公司长期绩效的提高方面股权激励发挥着极其重要的作用。证监会在2006年1月4日颁布并正式实施的《上市公司股权激励管理办法》(试行)，标志着我国上市公司股权激励制度建设有了明确的政策指引，引导股权激励进入实际规范操作阶段。但是实施的股权激励计划是否真能达到公司预期的激励效果，主要还取决于股权激励计划要素设计的合理性。2008年1月至2010年12月，正式公布股权激励方案草案的A股上市公司高达126家。在梳理了国内外对股权激励的相关研究和股权激励产生的理论基础后，本文统计分析了126家样本公司的股权激励方案的九个基本要素：激励模式、激励对象、股票来源、授予规模、有效期、行权安排、行权（授予）价格、资金来源以及绩效考核指标，并提出优化建议，完善激励对象、授予规模、行权（授予）价格、有效期及绩效考核指标这五个关键要素的设计。通过对样本公司股权激励方案的研究，剖析了我国上市公司股权激励方案在基本要素的设计上普遍存在的问题，主要是：股权激励方案设定的有效期、等待(禁售)期较短，达不到长期激励的效果；行权（授予）价格的时间基准设定不合理，行权（授予）价格偏低；绩效考核指标过于简单，重视对盈利能力和发展能力指标的考核，忽略对运营能力指标、偿债能力指标以及非财务指标的考核。同时，本文对南玻A的股权激励方案中的基本要素进行了具体分析，发现基本要素的合理对于股权激励能否达到提升公司长期经营业绩的目的有着至关重要的作用。因此，针对我国上市公司股权激励方案的基本要素设计中存在的不合理之处提出了优化建议。最后，基于本文的研究结论，提出了优化上市公司股权激励方案的政策建议。更多还原

【Abstract】 According to the proof from equity incentives implemented by the United States,Britain and other countries with mature capital markets, equity incentive is a long-termincentive, which plays an extremely important role in reducing agency costs andmobilizing the enthusiasm of the long-term work of employees, as well as raising thelong-term performance improvement of companies. China Securities and ExchangeCommission issued “Management Methods for Equity Incentive of ListedCompanies”(Trial) on January4th,2006and would implement formally, which marked theequity incentive system construction of China’s listed companies would be guided to enteran actually Standard operational phase with a clear policy guidelines. But whether theimplementation of equity incentive plan can really achieve the incentive effects of thelisted companies’ expectation mainly depends on the rationality of the equity incentiveplan’s elements.From January2008to December2010, the listed companies of A-share are up to126which announced the draft equity incentive plan officially. After combed the theoreticalbasis of equity incentive and some researches on equity incentive by domestic and foreignscholars, the thesis makes data of126sample companies, and analyzes nine essentialelements of the equity incentive plan, which include the incentive model, the incentiveobject, the source of stock, the scale of award, validity period, the exercise arrangement,the exercise (grant) price, the source of funding and performance assessment indicators,and proposes some optimization recommendations to improve the design of the five keyelements, including the incentive object, the scale of award, the exercise (grant) price,validity period and performance assessment indicators.According to the research on equity incentive plan of the sample companies, the thesisanalyses some common problems which are found in the design of essential elementsexisting the equity incentive plan of China’s listed companies, mainly including: thevalidity period and waiting(banning)period of the equity incentive plan is too short to reachthe long-term incentive effect; the setting of time enactment of exercise (grant) price isunreasonable, and a lower exercise (grant) price; the performance evaluation index is toosimple, paying attention to the assessment of the indicators of profitability anddevelopment capacity, ignoring the indicators of operational capacity and solvency, andassessment of non-financial indicators. The same time, the thesis through analysis of thedesign for essential elements of SouthGlass’ the equity incentive program, found that thereasonable design for essential elements of equity incentive plays a vital role in achievingthe purpose of enhance the company’s long-term operational performance. Therefore, thisthesis provides some optimization proposal for the existing unreasonable design of theessential elements of China’s listed companies in the equity incentive program.Finally, based on the conclusions of this paper, the thesis puts forward some policyrecommendations to optimize the listed company equity incentive program.更多还原