【摘要】：在公司治理中,股權激勵是比較重要的制度。股權激勵通過讓管理人員持有一定數(shù)量的股票,使管理層和股東的利益趨于一致,從而緩解委托人和代理人之間的利益沖突。國外實行股權激勵已有數(shù)十年歷史,而我國引入股權激勵的時間還不長。第一個規(guī)范意義上的股權激勵方案是1997年萬科施行的。隨著《上市公司股權激勵管理辦法(試行)》的正式出臺,股權激勵這一激勵制度在我國已經開始被很多企業(yè)采用,但是總的來說,由于資本市場不完善,上市公司的治理環(huán)境也普遍較差,實施效果并不十分成功。中興通訊是較早實施股權激勵的國有上市公司。雖然其股權激勵計劃相對來說比較完整,方案的設計和實施的程序也比較規(guī)范,同時在核心知識員工的激勵和引入個人績效指標等方面具有一定的特色和借鑒意義,但是仍然存在很多問題,需要改進。 本文采用文獻研究和理論研究相結合的方法,選取中興通訊股權激勵計劃作為主要研究對象,通過分析方案實施前后中興通訊公司業(yè)績表現(xiàn),發(fā)現(xiàn)股權激勵方案設計當中的問題,并通過分析方案本身,尋找問題產生的根源,在總結中興通訊股權激勵方案所存在問題的基礎上,對股權激勵方案進行改進設計。 研究結果發(fā)現(xiàn),中興通訊的股權激勵計劃并沒有發(fā)揮應有的作用,公司的業(yè)績并沒有質的提升。股權激勵方案本身存在激勵模式不適合、力度過大、公平性欠缺、行權指標單一、價格確定不合理等方面問題�；诖�,本文從模式選擇、對象選擇、股票和資金來源、價格確定、數(shù)量安排、時間安排、機制安排、行權條件等8個角度對中興通訊股權激勵方案的設計提出改進意見,并在此基礎上,提出完善我國股權激勵計劃實施的政策性意見。
[Abstract]:In corporate governance, equity incentive is a more important system. By allowing managers to hold a certain number of stocks, equity incentives make the interests of management and shareholders converge, thus easing the conflicts of interest between the principal and the agent. Foreign countries have carried out equity incentive for decades, but the time of introducing equity incentive in our country is not long. The first normative equity incentive scheme was implemented by Vanke in 1997. With the formal introduction of the "measures for Stock incentive Management of listed companies (trial)", the incentive system of equity incentive has been adopted by many enterprises in China, but in general, because of the imperfect capital market, The governance environment of listed companies is also generally poor, the implementation effect is not very successful. ZTE is the early implementation of equity incentives of the state-owned listed companies. Although its equity incentive plan is relatively complete, the program design and implementation procedures are also more standardized, at the same time in the core knowledge of staff incentives and the introduction of personal performance indicators and other aspects of certain characteristics and reference significance. But there are still many problems that need to be improved. This paper adopts the method of combining literature research with theoretical research, selects ZTE's equity incentive plan as the main research object, and analyzes the performance of ZTE before and after the implementation of the scheme. Find out the problems in the design of the equity incentive scheme, and through the analysis of the scheme itself, find out the root of the problem, on the basis of summing up the existing problems of the equity incentive scheme of ZTE, improve the design of the equity incentive scheme. The research found that ZTE's equity incentive plan did not play its due role, and the company's performance did not improve qualitatively. The equity incentive scheme itself has some problems, such as inappropriate incentive mode, excessive intensity, lack of fairness, single exercise index, unreasonable price determination and so on. Based on this, this paper puts forward some suggestions on the design of ZTE's equity incentive scheme from the aspects of mode selection, object selection, stock and fund source, price determination, quantity arrangement, time arrangement, mechanism arrangement, exercise condition, etc. And on this basis, put forward to improve the implementation of China's equity incentive plan policy advice.
【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F272.92;F275;F426.63

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