本文關(guān)鍵詞： 股權(quán)激勵(lì) 財(cái)務(wù)績效 復(fù)合式　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：為貫徹當(dāng)前中央關(guān)于深化改革的戰(zhàn)略部署,落實(shí)十八屆三中全會(huì)決定中"優(yōu)化上市公司投資者回報(bào)機(jī)制"的精神,促進(jìn)形成資本所有者與勞動(dòng)者的利益共同體,提高企業(yè)的核心競爭力,企業(yè)紛紛選擇實(shí)行股權(quán)激勵(lì)。股權(quán)激勵(lì)作為一種長期的激勵(lì)機(jī)制,目的是解決委托代理之間的關(guān)系,提升企業(yè)的綜合管理能力,為企業(yè)留住管理人才及核心技術(shù)人才。尤其是科技型企業(yè),技術(shù)和創(chuàng)新是企業(yè)發(fā)展的核心競爭力,股權(quán)激勵(lì)可以激發(fā)員工的工作熱情,同時(shí)穩(wěn)定公司的發(fā)展,全面提升企業(yè)價(jià)值。當(dāng)前多數(shù)上市公司選擇單一模式下的股權(quán)激勵(lì),單一模式下的股權(quán)激勵(lì)雖然能起到一定的激勵(lì)作用,但對激勵(lì)對象范圍都沒有精準(zhǔn)的定位,因此本文選取案例分析的方式研究復(fù)合式股權(quán)激勵(lì)模式。本文研究復(fù)合式股權(quán)激勵(lì)模式,對股權(quán)激勵(lì)方案的設(shè)計(jì)及實(shí)施過程,研究這種組合模式下對激勵(lì)對象、行權(quán)過程產(chǎn)生的不同影響效果。通過對科技型企業(yè)實(shí)施股權(quán)激勵(lì)方案及實(shí)施行權(quán)過程,分析股權(quán)激勵(lì)對財(cái)務(wù)績效產(chǎn)生的影響。本文主要通過對財(cái)務(wù)決策、代理成本及內(nèi)部控制三個(gè)方面分析股權(quán)激勵(lì)的作用效果。首先復(fù)合式股權(quán)激勵(lì)對高管實(shí)施了股權(quán)激勵(lì)后,使得所有者與高管的目標(biāo)相一致,高管不再需要借助信息的不對稱性單獨(dú)為自己爭取利益,而是可以與所有者一樣為了公司共同的目標(biāo)努力,因此股權(quán)激勵(lì)提高了財(cái)務(wù)決策的有效性。管理者不再為了自身利益而去變相損害公司利益,在各種費(fèi)用支出上也會(huì)多為了公司利潤考慮,對管理費(fèi)用等的使用程度也適當(dāng)?shù)倪M(jìn)行調(diào)整,無形中降低了委托代理成本。同時(shí),復(fù)合式股權(quán)激勵(lì)的范圍較廣,對核心員工實(shí)施的股權(quán)激勵(lì)有助于激發(fā)員工工作熱情,提高員工的自律性與監(jiān)督能力,有助于公司內(nèi)部環(huán)境的提升。通過對內(nèi)控考核機(jī)制及績效評價(jià)機(jī)制發(fā)現(xiàn)公司的整體水平有所提升,內(nèi)部控制有效。最后通過對復(fù)合式股權(quán)激勵(lì)成功實(shí)施及行權(quán)的過程的案例公司進(jìn)行總結(jié)分析,希望對以技術(shù)創(chuàng)新為核心的科技型企業(yè)提供借鑒,加快復(fù)合式股權(quán)激勵(lì)的發(fā)展進(jìn)程,將積極的作用應(yīng)用到企業(yè)的長遠(yuǎn)發(fā)展中去。
[Abstract]:In order to carry out the current strategic plan of the Central Committee on deepening reform, to implement the spirit of "optimizing the return mechanism of investors of listed companies" in the decision of the third Plenary session of the 18 CPC Central Committee, and to promote the formation of a community of interests between capital owners and workers, As a long-term incentive mechanism, the purpose of equity incentive is to solve the relationship between principal-agent and improve the comprehensive management ability of enterprises. Technology and innovation are the core competitiveness of the development of enterprises. Equity incentive can stimulate the enthusiasm of employees and stabilize the development of the company. At present, most listed companies choose a single mode of equity incentive, although the single mode of equity incentive can play a certain role, but the scope of incentive object is not accurate positioning. So this paper chooses the method of case analysis to study the compound equity incentive mode. This paper studies the compound equity incentive model, the design and implementation process of the equity incentive scheme, and the research on the incentive object under this combined mode. This paper analyzes the impact of equity incentive on financial performance through the implementation of equity incentive scheme and exercise process of high-tech enterprises. This paper analyzes the effect of equity incentive from three aspects: agency cost and internal control. Instead of relying on the asymmetry of information to stand alone for their own benefit, executives can work as much as their owners for the company's common goals. As a result, equity incentives improve the effectiveness of financial decisions. Managers no longer disguise the interests of the company for their own benefit, and they also consider various expenses and expenses for the benefit of the company. The use of management fees and other appropriate adjustments, virtually reduce the cost of principal-agent. At the same time, the composite equity incentive has a wide range, the implementation of equity incentive to core staff helps to stimulate staff enthusiasm. Improve the self-discipline and supervision ability of employees, help to improve the internal environment of the company. Through the internal control evaluation mechanism and performance evaluation mechanism, we find that the overall level of the company has been improved. The internal control is effective. Finally, through the summary and analysis of the case of the successful implementation and exercise of the compound equity incentive, we hope to provide reference for the technology-based enterprises with technological innovation as the core. Speed up the development process of compound equity incentive, and apply the positive role to the long-term development of enterprises.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F272.92;F203;F275

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