【作者】 张彩玲；

【导师】 刘玉山；

【作者基本信息】 哈尔滨工业大学 ， 金融学， 2006， 硕士

【摘要】 健全的激励约束机制是完善上市公司治理的重要环节,关系到上市公司的规范运作与长远发展。随着证券市场的稳步发展和股权分置改革工作的顺利推进,上市公司的激励约束机制尤其是认股权激励受到市场各方关注。良好的认股权激励机制能充分调动经营者的积极性,将股东利益、公司利益和经营者个人利益结合在一起,从而减少管理者的短期行为,使其更加关心企业的长远发展。本文研究了认股权激励国内外发展模式,对其进行经验借鉴,并对认股权的理论基础、激励原理及EVA的理论基础进行探讨。在此研究基础上,对传统认股权激励机制进行改进,建立EVA-BSC-KPI认股权激励模型。主要包括:将EVA经济指标引入认股权激励机制,对认股权的授予标准只受股票市场股价影响的机制进行矫正;与KPI、BSC绩效考评体系相结合,构建了BSC-KPI绩效考核指标体系;对各BSC-KPI指标的权重运用AHP(Analytic Hierarchy Process)层次分析法进行权重分配,设计各指标的评分标准,使之能够量化比较,从而形成认股权在管理方面的授予标准。解决了认股比例的确定、认股价及行权价的确定等技术问题。最后,结合具体实例,建立相应的BSC-KPI绩效考核指标体系,应用模型进行了实例计算验证。更多还原

【Abstract】 A sound incentive and constraint mechanism is the important part of improving the governance of listed companies, to regulate the operation of listed companies and the long-term development. Along with the steady development of the securities market and working smoothly of share-trading reform, the listed companies’incentive and constraint mechanisms have received increasing attention, especially equity incentive mechanism. Good equity incentive mechanism can fully mobilize the enthusiasm of the operators, and can combine the interests of shareholders, and corporate with operators together, thereby reducing the short-term behavior and managers being more concerned about the long-term development of enterprises.The paper focused on identifying the issues related to equity incentive. The study firstly identified the ESO’developments home and abroad, and investigated ESO and EVA’rationales, principles and inspired theoretical basis in great depth,especially George Solos’reflexible theory. On this basis, we combined the performance assessment system KPI and BSC with ESO, and created BSC-KPI ESO based on EVA models of the incentive mechanism for the various elements of a careful design, including: introduce EVA to traditional ESO plan. Set a performance assessment indices BSC-KPI system. Use AHP method for weight basis. Surply method to how to determine the proportion of the settlement options and the price of admission prices and so on. To these key technical issues, we manage to give corresponding regulatory proposals. Finally, combined with a company’s actual situation, we established the relevant performance indicators for the evaluation system; use the designed model for example as a certification and proof of the feasibility and utility of the model.更多还原