中兴通讯股权激励对企业创新能力的影响研究

【作者】 杨倩；

【导师】 王佩；

【作者基本信息】 南京师范大学 ， 会计硕士（专业学位）， 2019， 硕士

【摘要】 在知识经济飞速发展的时代,科技对于经济增长的促进作用正在与日俱增,创新已经成为影响竞争力的核心因素,逐渐得到企业的重视,而技术创新又无法离开人这一关键因素。但现代企业普遍存在代理问题,管理人员和企业研发人员在没有利益驱使的情况下,不愿意从事高风险、高投入的研发活动,不能积极的投入到企业创新活动中去,而股权激励由于具有缓解代理冲突的特点,被越来越多的企业所采用。相比于西方国家,我国的股权激励实施进程较为缓慢,但通过政府对相关制度法律的不断完善,我国股权激励的进展也逐步趋于成熟,实行股权激励的上市公司数量也一直在不断增加。中兴通讯是国内通讯设备制造业元老级的企业,在2006年和2013年分别推出了两期股权激励方案,引起了人们较大的关注。本文以委托代理理论、人力资本理论和管理激励理论为理论基础,先分析了股权激励对企业创新的影响机理,以及激励方案的要素设计会怎样影响股权激励对创新的作用效果。然后使用案例研究方法,从中兴通讯的两次股权激励入手,并结合同行业上市企业烽火通信,从创新激发能力、创新实现能力和创新扩散能力这三个方面来分析股权激励是否会对中兴通讯的创新能力产生影响。研究结果表明,中兴通讯的两次股权激励在短期内对企业创新有较明显的积极作用,从长期来看,效果不大。相比之下,烽火通信的股权激励对企业创新具有长期促进效果,于是本文对这两家企业的股权激励创新绩效差异化的原因进行分析,发现中兴通讯在股权激励方案设计存在激励有效期较短、行权条件设计不完善、授予价格偏低、激励对象选定不当等问题。对此,本文提出了推进企业股权激励创新绩效的建议,中兴可以通过合理设定激励期限、设计多元化的业绩考核条件、将对激励对象的业绩考核与行权比例向结合、规范授予价格的设定等措施来优化股权激励方案。本文的研究对于探索出怎样的股权激励计划对企业创新有更显著的影响有积极意义。更多还原

【Abstract】 In the era of rapid development of knowledge economy,the role of science and technology in promoting economic growth is increasing day by day.Innovation has become a core factor affecting competitiveness,and it has gradually gained the attention of enterprises,and technological innovation cannot leave people as a key factor.However,there are widespread agency problems in modern enterprises.Managers and R&D personnel are reluctant to engage in high-risk,high-input R&D activities without the interest-driven situation.They cannot actively invest in corporate innovation activities,and equity incentives have The characteristics of mitigating agency conflicts are adopted by more and more enterprises.Compared with Western countries,China’s equity incentive implementation process is relatively slow,but through the government’s continuous improvement of relevant institutional laws,the progress of China’s equity incentives has gradually matured,and the number of listed companies that implement equity incentives has been increasing.ZTE is a veteran enterprise in the domestic communications equipment manufacturing industry.In 2006 and 2013,it launched two equity incentive plans,which caused great concern.Based on the theory of principal-agent theory,human capital theory and management incentive theory,this paper first analyzes the impact mechanism of equity incentives on enterprise innovation,and how the design of incentive schemes affects the effect of equity incentives on innovation.Then use the case study method,starting from the two equity incentives of ZTE,and combining with the listed companies in the same industry,the company will analyze whether the equity incentives will be ZTE from three aspects:innovation incentive ability,innovation realization ability and innovation diffusion ability.The ability to innovate has an impact.The research results show that ZTE’s two equity incentives have a significant positive effect on corporate innovation in the short term,and in the long run,the effect is not significant.In contrast,the equity incentives of FiberHome Communications have a long-term promotion effect on corporate innovation.Therefore,this paper analyzes the reasons for the differentiation of the equity incentive innovation performance of the two companies,and finds that ZTE has a shorter incentive period in the design of equity incentive schemes.Problems such as imperfect design of exercise rights,low price of grants,and improper selection of incentive objects.In this regard,this paper puts forward suggestions for promoting the innovation performance of corporate equity incentives.ZTE can combine the standardization of performance incentives with the performance evaluation and the proportion of exercise rights.Set up measures to optimize the equity incentive plan.The research in this paper has positive significance for exploring what kind of equity incentive plan has a more significant impact on corporate innovation.更多还原