W公司股權激勵案例研究
發(fā)布時間：2018-08-24 16:07
【摘要】：員工激勵的方法很多樣,比如物質激勵法和非物質激勵法,股權激勵作為員工激勵中比較新穎的一種方式,主要是為了達到提高企業(yè)業(yè)績和吸引及留用人才,因此也叫做金手銬激勵法。近幾年來,我國越來越多的上市企業(yè)及擬上市企業(yè)開始利用股權激勵的方式來實現企業(yè)的長期發(fā)展戰(zhàn)略,目前的股權激勵模式有很多種,股權激勵方案設計也各不相同,不同的企業(yè)性質也常常反映出不同的激勵特點。由于我國股權激勵起步較晚,很多理論經驗都是在實踐中不斷總結的,因此很多企業(yè)的股權激勵方案仍然存在問題。本文選取了創(chuàng)業(yè)板的W公司作為研究對象,以此來研究創(chuàng)業(yè)板股權激勵實施方案中存在的問題。之所以選擇創(chuàng)業(yè)板為研究對象有以下幾點原因:第一,創(chuàng)業(yè)板企業(yè)集中于創(chuàng)新型和高速發(fā)展型的高新企業(yè),對人才的需求十分的迫切,所以越來越多的創(chuàng)業(yè)板企業(yè)開始通過股權激勵的方式促發(fā)展,未來創(chuàng)業(yè)板企業(yè)實施股權激勵的數量還會持續(xù)增加;第二,創(chuàng)業(yè)板企業(yè)在實施的過程中,出現很多問題,比如由于創(chuàng)業(yè)板收到過度追捧,極易產生泡沫現象,市場有效性較差,這使得很多時候企業(yè)設定的行權價格變得極不合理,甚至成為了變相的“福利”。本文從股權激勵的相關理論入手,簡要闡述股權激勵相關模式和其他基礎知識;對W公司的生命周期現狀進行分析,方便后期股權激勵模式的選擇和有效意見的提出;針對股權激勵兩個目標——業(yè)績、人才,文章將通過財務性指標分析業(yè)績變化、非財務性指標分析人才變化相結合的方式來研究W公司在實施了股權激勵后的效果是否明顯;最后通過對其方案中存在的不足,提出了更好的優(yōu)化方案及可行性意見。案例研究表明,我國在股權激勵的實施過程中還存在一些問題,這使得一些企業(yè)激勵效果并不明顯,甚至還有一些企業(yè)利用股權激勵變相為高管發(fā)放“福利”。所以企業(yè)在今后制定股權激勵方案的時候,不僅要結合自身發(fā)展情況來設計科學的方案,還要考慮到行業(yè)發(fā)展前景以及市場變化規(guī)律,這樣在制定相應數據指標的時候,也能夠更加合理,進一步的擴大股權激勵的激勵效果。研究還發(fā)現,企業(yè)內部公司治理環(huán)境及外部環(huán)境都對企業(yè)股權激勵方案的實施有著一定的影響,所以為保證股權激勵的有效實施,今后也應該注重構建合理的公司內部結構和良好的外部資本市場。
[Abstract]:The methods of employee motivation are very diverse, such as material incentive method and non-material incentive method. As a relatively new way of employee incentive, equity incentive is mainly aimed at improving enterprise performance and attracting and retaining talents. Therefore, it is also called golden cuff stimulation method. In recent years, more and more listed enterprises and enterprises to be listed in our country begin to use the way of equity incentive to realize the long-term development strategy of enterprises. At present, there are many kinds of equity incentive modes, and the design of equity incentive schemes is also different. Different nature of the enterprise also often reflects different characteristics of incentives. Due to the late start of equity incentive in China, many theoretical experiences are summed up in practice, so many enterprises still have problems in equity incentive schemes. This paper selects W Company of the gem as the research object to study the problems existing in the implementation scheme of the gem equity incentive. The reasons for choosing the gem as the research object are as follows: first, the gem enterprises focus on innovative and high speed developing high-tech enterprises, and the demand for talents is very urgent. Therefore, more and more gem enterprises begin to promote development through equity incentive, and the number of gem enterprises implementing equity incentive will continue to increase in the future. Second, there are many problems in the process of implementation of gem enterprises. For example, because of the excessive pursuit of gem, it is easy to produce bubble phenomenon, and the market effectiveness is poor, which makes the prices set by enterprises become extremely unreasonable and even become "welfare" in disguise. Starting with the relevant theory of equity incentive, this paper briefly expounds the relevant mode and other basic knowledge of equity incentive, analyzes the current situation of life cycle of W company, and facilitates the choice of equity incentive mode in the later stage and the putting forward of effective opinions. In view of the two objectives of equity incentive-performance, talent, the article will analyze the performance changes through financial indicators, non-financial indicators to analyze the combination of talent changes to study whether the effect of W company after the implementation of equity incentive is obvious; Finally, through the shortcomings of the scheme, better optimization scheme and feasible suggestions are put forward. The case study shows that there are still some problems in the implementation of equity incentive in China, which makes the incentive effect of some enterprises not obvious, and even some enterprises use equity incentive to issue "welfare" to executives in disguise. Therefore, when enterprises formulate equity incentive schemes in the future, they should not only design scientific plans in the light of their own development situation, but also take into account the industry development prospects and market changes, so that when formulating corresponding data indicators, Can also be more reasonable, further expand the incentive effect of equity incentives. It is also found that both the internal corporate governance environment and the external environment have a certain impact on the implementation of the corporate equity incentive scheme, so as to ensure the effective implementation of equity incentive. In the future, we should also pay attention to the construction of a reasonable internal structure and a good external capital market.
【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F272.92;F426.6
本文編號：2201328
[Abstract]:The methods of employee motivation are very diverse, such as material incentive method and non-material incentive method. As a relatively new way of employee incentive, equity incentive is mainly aimed at improving enterprise performance and attracting and retaining talents. Therefore, it is also called golden cuff stimulation method. In recent years, more and more listed enterprises and enterprises to be listed in our country begin to use the way of equity incentive to realize the long-term development strategy of enterprises. At present, there are many kinds of equity incentive modes, and the design of equity incentive schemes is also different. Different nature of the enterprise also often reflects different characteristics of incentives. Due to the late start of equity incentive in China, many theoretical experiences are summed up in practice, so many enterprises still have problems in equity incentive schemes. This paper selects W Company of the gem as the research object to study the problems existing in the implementation scheme of the gem equity incentive. The reasons for choosing the gem as the research object are as follows: first, the gem enterprises focus on innovative and high speed developing high-tech enterprises, and the demand for talents is very urgent. Therefore, more and more gem enterprises begin to promote development through equity incentive, and the number of gem enterprises implementing equity incentive will continue to increase in the future. Second, there are many problems in the process of implementation of gem enterprises. For example, because of the excessive pursuit of gem, it is easy to produce bubble phenomenon, and the market effectiveness is poor, which makes the prices set by enterprises become extremely unreasonable and even become "welfare" in disguise. Starting with the relevant theory of equity incentive, this paper briefly expounds the relevant mode and other basic knowledge of equity incentive, analyzes the current situation of life cycle of W company, and facilitates the choice of equity incentive mode in the later stage and the putting forward of effective opinions. In view of the two objectives of equity incentive-performance, talent, the article will analyze the performance changes through financial indicators, non-financial indicators to analyze the combination of talent changes to study whether the effect of W company after the implementation of equity incentive is obvious; Finally, through the shortcomings of the scheme, better optimization scheme and feasible suggestions are put forward. The case study shows that there are still some problems in the implementation of equity incentive in China, which makes the incentive effect of some enterprises not obvious, and even some enterprises use equity incentive to issue "welfare" to executives in disguise. Therefore, when enterprises formulate equity incentive schemes in the future, they should not only design scientific plans in the light of their own development situation, but also take into account the industry development prospects and market changes, so that when formulating corresponding data indicators, Can also be more reasonable, further expand the incentive effect of equity incentives. It is also found that both the internal corporate governance environment and the external environment have a certain impact on the implementation of the corporate equity incentive scheme, so as to ensure the effective implementation of equity incentive. In the future, we should also pay attention to the construction of a reasonable internal structure and a good external capital market.
【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F272.92;F426.6
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