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论文编号：	1138
作者编号：	2220060612
上传时间：	2009/6/9 21:50:34
中文题目：	摩托罗拉公司股权激励方案研究及
英文题目：	Motorola Equity-based Incentiv
指导老师：	齐寅峰
中文关键字：	摩托罗拉;股权激励;不足;改进建<
英文关键字：	Motorola;Equity-based incentiv
中文摘要：	现代企业所有权与经营权分离，企业股东和经理人员之间是一种典型的委托－代理关系。由于委托人和代理人目标不同及信息不对称，代理人的逆向选择和道德风险问题客观存在。同时，现代企业中，人力资本已经取代物质资本成为企业最主要的资产，其在企业经营中的重要性日益突出。由于人力资本与其所有者不可分离，为了发挥人力资本的作用，就要对人力资本进行充分的激励。 　　股权激励作为一项长期的激励机制，产生于20世纪50年代，并于80年代在美国得到广泛应用。它以股票或者股票的受益权为纽带，一方面，能够有效地将公司的所有权和经营权、委托人和代理人的利益统一起来，达到解决逆向选择和道德风险等代理问题、降低代理成本的目的；另一方面，能够使人力资本要素的投入者享有公司的剩余索取权，参与利润分配，从中获得激励。实践证明，股权激励极大地促进了美国经济的发展。目前在西方发达国家，上市公司实施股权激励计划非常普遍。然而，美国安然事件的爆发触动了全球的神经，一时间，对股权激励机制的质疑风生水起。在这样的背景下，深刻认识和研究股权激励机制显得十分必要。 本文的选题对摩托罗拉公司也有一定的现实意义。摩托罗拉是美国纽约证券交易所上市公司，从创立至今已有80余年的发展历史，摩托罗拉因在通信领域的不断创新而闻名世界。然而近年来，由于行业发展放缓、竞争加剧以及摩托罗拉自身的原因等等，摩托罗拉股票市价持续下跌，公司生存和发展都面临了前所未有的压力。公司一直信赖的股票期权这一激励模式面对股价的持续下跌显得无能为力，在这样的形式下，如何改善股权激励方案，有效地激励挽留人才，对摩托罗拉来说具有很大的现实意义。 本文采用案例研究的方法，系统、全面、多角度地分析了摩托罗拉的股权激励方案。首先，文章回顾了股权激励基本理论；其次，文章介绍了摩托罗拉实施股权激励的企业背景包括公司的概况、企业文化、绩效考核体系以及薪酬策略；然后，文章详细介绍了摩托罗拉现行股权激励方案并对其从各种不同的角度进行深刻分析，分析的角度包括激励要素分析，摩托罗拉不同时期股权激励方案的纵向对比分析，与美国上市公司微软的股权激励的对比分析以及与中国上市公司万科的股权激励的对比分析。通过分析研究，文章对摩托罗拉现行股权激励方案进行了客观地评价，肯定其长处，指出其不足，并对不足之处提出了可行的改进建议。 关键词: 摩托罗拉;股权激励;不足;改进建议
英文摘要：	Currently, majority model enterprises are owned by shareholders while handled by management team, which presents a typical principal - agent relationship. Since shareholders and management team have different interests focus and access to company information, the risk exists that management team perform in opposite way as shareholders have expected. At the same time, human capital has replaced physical capital and become the most important asset of a company. It has placed more and more critical role in business operations. Since human capital and its owner can not be separated, in order to fully utilize human capital, sufficient incentive to its owner becomes a must. Equity-based incentive, as a long-term incentive solution, was generated in the 50's and widely used in the 80's in the United States. Equity-based incentive could effectively synchronize shareholders and management team’s interests, therefore, resolve principal – agent problem, reduce agency costs and maximize shareholders’ interests in the end. Meanwhile, equity-based incentive could effectively motivate human capital’s owner via enable him or her participate in the distribution of company profit, just like physical capital owner does. It has been proved that equity-based incentive has greatly promoted the economic development of the United States. Currently in the Western developed countries, equity-based incentive is very popular and implemented by lots of listed companies. However, lots of disputes aroused worldwide on equity-based incentive effectiveness due to the breakout of the Enron case. Thus, a profound study on equity-based incentive has become very necessary. It is also very important for Motorola to study on equity-based incentive. Motorola is a U.S. listed company in New York Stock Exchange. It has been about 80 years since Motorola was founded. Motorola has been a worldwide leader in communication industry. However, in recent years, due to the development slowdown of the industry, increased competition and Motorola’s own issues, Motorola stock price kept on declining, the company is facing enormous pressure on survival and development. Stock option, the most popular long term incentive tool Motorola has been adopting, starts to lose its effectiveness. In this case, how to improve incentive program, effectively motivate and retain talents, becomes more and more critical to Motorola. In this article, the author analyzes Motorola’s equity-based incentive programs in a systematic, comprehensive, multi-angle way by adopting case study method. The article starts with basic theory review on equity-based incentive, then, followed by Motorola overall introduction such as company culture, performance evaluation systems, remuneration strategies etc. After that, the author introduces Motorola current equity-based incentive programs, then performs various deep analyses on it, including by incentive factor analysis, Motorola historical incentive programs comparison analysis, horizontal comparison analysis among Motorola, other U.S. listed companies and China listed companies. Basing on analysis, the author evaluates Motorola current equity-based incentive program objectively, recognizing its strengths and identifying weaknesses, finally, the author provides workable solutions for improvements. Key words: Motorola;Equity-based incentive;Weakness;Improvement
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