【作者】 张璐；

【导师】 崔红；

【作者基本信息】 山东农业大学 ， 会计（专业学位）， 2024， 硕士

【摘要】 我国经济已步入新的发展历程,随着资本市场的日益壮大和相关法律法规的逐步完善,我国企业对股权激励机制开始给予高度重视并应用。据统计,自2012年至2023年,实施股权激励机制的上市公司数量呈显著增长的态势。至2023年05月,已有2578家上市公司实施过股权激励计划,且部分公司更是多次实施。由此可见,在经济持续高速发展的背景下,单一的股权激励模式已经难以满足上市公司的发展需求,因此,股权激励制度的制定也随之日趋多样化。在广泛阅读文献与资料的基础上,本文首先深入地理解了股权激励机制的概念及其运作方式,系统地梳理了企业业绩与股权激励的理论支撑和研究手段。本文的研究数据主要源自CSMAR数据库、巨潮资讯网以及深圳证券交易所等官方网站。美的集团作为我国股权激励机制实施较为成功的企业之一,它在多年的实践中取得了显著成效。因此,在全面了解相关情况后,本文选定美的集团作为研究样本,对其进行深入的剖析。接下来,本文分别从传统财务指标、经济增加值以及非财务指标等多个维度对其进行研究,同时运用事件研究法对美的集团近期发行的激励计划进行了评估。并且通过以上研究,发现了美的集团在实施股权激励过程中存在的问题,分别是存在考核体系不够完善、行权条件偏低、对技术人员的激励作用不够,短期市场效应递减。最后,根据分析结果提出了一些针对性的策略,主要包括完善绩效考核指标体系、制定科学的行权条件、合理分配股票期权,制定合理的回购方案。本文通过分析美的集团股权激励机制的研究,旨在为其进一步完善股权激励机制提供思路,以期助力美的集团及其他拟利用股权激励制度实现企业目标的上市公司更好地制定激励计划。更多还原

【Abstract】 China’s economy has entered a new phase of development.With the growing capital market and the gradual improvement of relevant laws and regulations,Chinese enterprises have begun to attach great importance to and apply the equity incentive mechanism.According to statistics,from 2012 to 2023,the number of listed companies implementing the equity incentive mechanism has shown a significant growth trend.By May 2023,2,578 listed companies had implemented equity incentive plans,and some companies even implemented them multiple times.It can be seen that under the background of continuous and rapid economic development,a single equity incentive model has been difficult to meet the development needs of listed companies.Therefore,the formulation of the equity incentive system has also become increasingly diversified.Based on extensive reading of literature and materials,this paper first delves into the concept and operation mode of the equity incentive mechanism,systematically summarizing the theoretical support and research methods for corporate performance and equity incentives.The research data for this paper primarily comes from official websites such as the CSMAR database,Juchao Information Network,and the Shenzhen Stock Exchange.Midea Group,as one of the more successful enterprises in implementing the equity incentive mechanism in China,has achieved remarkable results through years of practice.Therefore,after a comprehensive understanding of the relevant situation,this paper selects Midea Group as the research sample for a thorough analysis.Subsequently,this paper studies Midea Group from multiple dimensions,including traditional financial indicators,economic value added,and non-financial indicators.It also evaluates the incentive plans recently issued by Midea Group using the event study method.Through the above research,this paper identifies several issues in Midea Group’s implementation of the equity incentive mechanism,which are: incomplete assessment system,low exercise conditions,insufficient incentive effect on technical personnel,and decreasing short-term market effects.Finally,based on the analysis results,this paper proposes some targeted strategies,mainly including: improving the performance evaluation indicator system,setting scientific exercise conditions,allocating stock options reasonably,and formulating reasonable repurchase plans.By analyzing the equity incentive mechanism of Midea Group,this paper aims to provide ideas for further improving the equity incentive mechanism,hoping to assist Midea Group and other listed companies that intend to use the equity incentive system to achieve their corporate goals in better-formulating incentive plans.更多还原