联系我们

论文查询结果	返回搜索

论文编号：	10017
作者编号：	2120152961
上传时间：	2018/6/6 21:01:51
中文题目：	美的集团股权激励方案的激励效果及其优化研究
英文题目：	A Research on the Effects and Improvements of Executive Stock Options in Midea Group Co.Ltd
指导老师：	覃家琦
中文关键字：	股权激励；激励效果；公司业绩；公司财务
英文关键字：	Executive stock options ；Effects of incentive；Company performance；Company finance
中文摘要：	股权激励是近些年来颇受上市公司追捧的一种激励高管和核心员工的方法，企业为了能够缓和企业的委托代理问题，降低代理成本，使所有者、经营者和员工三者的利益目标趋同，实现对员工的有效激励，越来越多不同行业的公司推出了自己的股权激励计划，希望能够通过这种激励方式来促进企业长远发展。但是不少公司的股权激励方案由于各种各样的原因以失败告终，并没有起到很好的效果。随着我国与股权激励相关的法律法规越来越完善，今后将会有更多的企业来尝试实施股权激励。为了能够给同行业的企业一些好的经验和建议，使其能够成功实施股权激励计划，本文以美的集团为案例，对其股权激励方案进行详细分析研究，以期能给今后要实施激励计划的公司提供一些借鉴。 美的集团在2014年到2017年四年间一共推出了四期股权激励方案，每年一期，鉴于之前方案的顺利实施以及取得的良好效果，在2017年推出了限制性股票和股票期权两种不同方式的激励方案，达到了四期激励计划同时共存的局面，这四期激励计划共有2000多名核心员工成为了股权激励的对象。作为中国最大的家电制造企业，美的集团的此举无疑让家电行业感到震惊。 本文分别分析了实施股权激励前后能够反映企业财务状况的盈利能力、偿债能力、营运能力和发展能力水平指标，及市场反应，以期发现股权激励计划是否起到了激励作用。通过分析发现美的集团实施的股权激励方案并未使公司业绩得到有效提升，在实施后期甚至下滑，后续激励效果较差。鉴于此，通过分析方案，找出该股权激励计划方案设计和实施过程中的不妥之处，其中业绩考核指标、行权比例和有效期设计上都存在的问题。针对问题，作者提出了自己的几点建议，包括制定合理的考核指标、有效期和行权价格等。最后，得出了本文的结论，认为美的集团实施的股权激励计划的长期激励效果不佳，尤其是第三期和第四期方案，更接近于是给公司高管的福利。
英文摘要：	Executive stock option is a famous method to incentive executives and core staffs in companies recent years. In order to coordinate the principal-agent problems, reduce agent cost, make the interests goal of shareholder, manager and the staff to be convergence, reach in an effective incentive for employees, more and more companies in different industries launched its executive stock option plans. They hope it can promote enterprise long-term development through this method. But many companies’ incentive plans have failed for a variety of reasons and doesn’t work well. As the related laws and regulations of executive stock option become more and more perfection in China, there will be more companies prefer to establish executive stock option in the future. In order to give some good experiences and suggestions to the same industry, enable their incentive plans to be succeed , this thesis take Midea Group for example, analyzing its executive stock option plans in detailed analysis and research, hope to provide some references to the companies that will implement incentive plans in the future. Midea Group has made four phase incentive plans from 2014 to 2017 in four years, one period in one year, given the smooth implementation of the plan before, and achieved good results, they introduced restricted stock and stock option in 2017, two different ways of incentive schemes, reached the fourth term incentive plan co-exist at the same time, the four phase of the incentive plans incentive a total of more than 2000 core staff. Midea Group, as China’s largest household appliance maker, its behavior has shocked the whole home appliance industry. This paper respectively analyzes the before and after the implementation of equity incentive that can reflect the financial status of the enterprise’s profit ability, debt paying ability, operating ability and development ability index, and the reflect of the market, in order to find whether the plan is functioning. Through the analysis, I found that the equity incentive plan implemented by Midea Group hasn’t improve the company’s performance effectively, and even declined in the later stage, the subsequent incentive effect is poor. In view of this ,through the analysis, find out the equity incentive plan is incorrect in the process of design and implementation. The performance index, ratio of exercise and the problems existing in the validity of design. Aiming at the problem, the author puts forward some Suggestions, including making reasonable assessment index, expiration date and right price. Finally, it is concluded that the conclusion of the paper that Midea Group on the implementation of equity incentive plans of incentive effect is not obvious, especially the third and the fourth, closer to give the welfare to the company executives.
查看全文：	预览  下载(下载需要进行登录)