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论文编号：	11987
作者编号：	2320180814
上传时间：	2020/12/8 23:58:18
中文题目：	紫光股份公司员工持股计划研究
英文题目：	Study on the ESOP of Ziguang Company
指导老师：	刘志远
中文关键字：	员工持股计划；高新技术企业；激励对象
英文关键字：	员工持股计划；高新技术企业；激励对象
中文摘要：	19世纪末20世纪初，为缓和劳资矛盾，美国出现了第一个员工持股计划，经过近几十年的发展之后，员工持股计划已成为全球公认的高效合理的企业产权结构模式。我国自上世纪90年代开始，为深化促进国有企业股份制改造，引入了员工持股计划，但实施效果不甚理想。2014年，我国针对上市公司颁发《关于上市公司实施员工持股计划试点的指导意见》，作为重启员工持股计划的政策指引，但实施效果仍不尽人意。从现有文献看，我国对员工持股计划的理论研究还不够完善，针对具体的上市公司员工持股计划的案例研究较少。紫光股份首期员工持股计划无论是在参与人数还是在持股比例方面在所有已公告员工持股计划的公司中都处于较高水平，本文希望通过对紫光股份公司的员工持股计划进行研究，分析员工持股计划的实施是否能够对企业绩效产生积极影响，并在此基础上探讨员工持股计划实施中可能存在的问题，这在理论及实际层面都对我国员工持股计划进行了相应的补充，具有重要的研究意义。本文介绍了员工持股计划的理论基础、类型、模式及特点，并且对紫光股份公司员工持股计划实施背景、实施动因及计划的具体内容进行详细介绍，通过分析此次持股计划实施前后企业的财务状况、盈利能力以及创新能力几方面的变化，评价此次持股计划的实施效果。之后进一步分析影响此次计划中存在的问题，并在此基础上提出了完善建议。通过分析研究，发现此次持股计划的实施改善了公司财务状况，提高创新能力，但对于企业的盈利能力并未起到较大影响。另外，本文总结了影响紫光股份此次员工持股计划中存在激励不足、参与对象激励失当、管理成本过高、行权条件缺失、权益分派不合理及员工参与度不高等问题，由此本文为紫光股份后续持股计划的完善提出了几点建议：一是建立适用于持股计划的绩效考核体系，二是完善持股计划的进入机制，三是丰富持股计划的资金来源，最后也为其他高新技术企业在员工持股方案的设计提出了几点经验建议。
英文摘要：	At the end of the 19th century and the beginning of the 20th century, in order to ease labor conflicts, the first ESOP appeared in the United States. After the development of recent decades, ESOP has become a globally recognized efficient and reasonable enterprise property right structure model. Since the 1990s, in order to deepen the reform of state-owned enterprises, the ESOP has been introduced, but the effect is not very good. In 2014, China issued the guidance on the implementation of ESOP pilot for listed companies as a policy guide to restart ESOP, but the implementation effect is still unsatisfactory. From the existing literature, the theoretical research on ESOP in China is not perfect enough, and there are few case studies on ESOP in specific listed companies. Ziguang initial ESOP is at a high level in all companies that have announced ESOP in terms of number of participants and shareholding ratio. This paper hopes to analyze whether the implementation of ESOP can have a positive impact on can have a positive impact on enterprise performance through the study of ESOP. This paper introduces the theoretical basis, type, mode and characteristics of ESOP, and introduces the background, motivation and specific contents of ESOP in Ziguang Stock Company. Then further analysis of the problems affecting the plan, and on this basis put forward suggestions for improvement. Through the analysis and research, it is found that the implementation of the shareholding plan has improved the financial situation and innovation ability of the company, but has not had a great impact on the profitability of the enterprise. In addition, this paper summarizes the problems of affect Ziguang's ESOP, such as insufficient incentive, improper incentive, high management cost, lack of exercise conditions, unreasonable distribution of rights and interests, and low employee participation. Therefore, this paper puts forward several suggestions for the improvement of Ziguang's subsequent shareholding plan: first, to establish a performance appraisal system suitable for the shareholding plan, second, to perfect the entry mechanism of the shareholding plan, and third, to enrich the source of funds for the shareholding plan. Finally, experience suggestions are put forward for other high-tech enterprises in the design of employee shareholding scheme.
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