本文選題：股權激勵 + 股票期權��； 參考：《江西財經(jīng)大學》2016年碩士論文

【摘要】：我國上市公司存有普遍缺乏長期激勵這種現(xiàn)象,而導致一系列的公司內(nèi)部問題,很多時候公司的管理層不會把股東的利益放在第一位,而常常用公司的資源來滿足個人的私欲,這給企業(yè)的股東帶來很大的困擾。所以激勵措施方案的施行如今得到很多上市公司的追捧,已然成為一個慣常的市值管理的方式,主要原因是它能使得高管與大股東們的利益與目標趨于一致。如此做法不僅讓公司內(nèi)部治理結(jié)構(gòu)更加完善,更使得“股東權益的最大化”開始成為管理層所不斷爭取的結(jié)果。這樣不但充分激發(fā)高管們工作的能動性和開創(chuàng)性,而且讓企業(yè)價值得以不斷提高。另外,部分上市企業(yè)在發(fā)展的初期,或者成長起來以后,薪酬體系沒有健全起來,同時也缺少相對完善的考核系統(tǒng),所以很難將優(yōu)秀的人才留下來,從而導致公司的長遠發(fā)展受到嚴重的影響。正因為如此,很多上市企業(yè)開始思考如何挽留那些重要人力資本,讓他們愿意一直為公司的發(fā)展而奮斗。這個問題對企業(yè)未來的發(fā)展會有極大影響。在2006年開始國家頻繁頒布一些股權激勵相關的指導文件和管理辦法,其中一些重磅法規(guī)對之后股權激勵方案的推廣奠定了堅實的基礎。從那時候開始我國才算是正式將股權激勵引入,中國以初步具備方案實施的政治基礎。同時在改革開放,經(jīng)濟趨勢向好的情況之下,經(jīng)濟的復蘇讓方案推行同時具備了經(jīng)濟基礎。股權激勵的方案起草開始進入很多上市公司的日程表中。本文主要是以蘇寧云商為研究對象,并以此案例為基礎,圍繞政治、經(jīng)濟、行業(yè)狀況以及公司情況,對蘇寧股票期權激勵實施方案的幾個重點要素進行分析。分析了蘇寧實施股票期權激勵的動因和股票期權激勵實施之后的反響,并與類似的家電公司國美電器經(jīng)營狀況進行對比,結(jié)果得出激勵措施的推行確實能對企業(yè)起到一定的正面影響作用,企業(yè)的市場競爭力也出現(xiàn)短時間的改善,但由于本身激勵制度不夠完善以及一些客觀因素導致后期激勵效用沒有體現(xiàn)出來。此外時,我們還著重分析了在激勵方案實施過程中存在的優(yōu)缺點從而發(fā)現(xiàn)問題解決問題。上市企業(yè)在實施股權激勵,想要獲得員工積極的反饋,其中的要點是,在正確的時間點上去推行激勵方案,讓方案順利實施。此外還要有自主的創(chuàng)新意識,決不能試圖去復制別人的經(jīng)驗。要根據(jù)具體情況具體分析才能找出最適合企業(yè)的激勵策略。本文提出了一些改善建議,希望通過對這個案例的研究為正在或打算施行股權鼓勵措施的企業(yè)提供一定的參考和思路。
[Abstract]:There is a general lack of long-term incentives for listed companies in China, which leads to a series of internal problems. In many cases, the management of companies will not put the interests of shareholders first, but often use the resources of the company to satisfy their personal desires. This brings a lot of trouble to the shareholders of the enterprise. So incentives are now popular among many listed companies and have become the norm for market value management, largely because it aligns the interests and goals of executives with those of big shareholders. This not only makes the internal governance structure of the company more perfect, but also makes the "maximization of shareholders' rights and interests" to be the result of the continuous struggle of the management. This not only fully stimulate the initiative and creativity of the work of executives, but also the value of the enterprise can continue to improve. In addition, some listed enterprises did not have a sound salary system at the beginning of their development or after they grew up, and at the same time they lacked a relatively perfect examination system, so it is very difficult to retain outstanding talents. As a result, the company's long-term development is seriously affected. Because of this, many listed companies began to think about how to retain those important human capital, so that they are willing to continue to fight for the development of the company. This problem will have a great impact on the future development of enterprises. Since 2006, the country has frequently promulgated some guidance documents and management methods related to equity incentive, some of which have laid a solid foundation for the promotion of equity incentive scheme. Since then, China has formally introduced equity incentives, and China has a political foundation for the implementation of the plan. At the same time in the reform and opening up, the economic trend is good, the economic recovery so that the implementation of the program at the same time have the economic base. The proposal for equity incentives began to be drafted into the agendas of many listed companies. This paper mainly takes Su Ning cloud quotient as the research object, and based on this case, analyzes several key elements of Su Ning stock option incentive implementation scheme around politics, economy, industry situation and company situation. This paper analyzes the motivation of implementing stock option incentive in Su Ning and the response after the implementation of stock option incentive, and compares it with Gome, a similar household appliance company. The results show that the implementation of incentive measures can really play a positive role in enterprises, and the market competitiveness of enterprises has also been improved in a short period of time. However, the incentive system itself is not perfect and some objective factors lead to the late incentive effectiveness is not reflected. In addition, we analyze the advantages and disadvantages of the incentive scheme and find out the problem solving. In implementing equity incentive, listed enterprises want to get positive feedback from employees. The key point is to carry out incentive plan at the right time and make it carry out smoothly. There must also be an independent sense of innovation and must not attempt to replicate the experience of others. It is necessary to find out the most suitable incentive strategy according to the specific situation. This paper puts forward some suggestions for improvement, hoping to provide some references and ideas for the enterprises that are carrying out or intend to implement the equity incentive measures through the study of this case.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F272.92;F724.6

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本文編號：1934825