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论文编号：	1220
作者编号：	043236
上传时间：	2009/6/11 20:24:32
中文题目：	我国企业经营者激励体系研究
英文题目：	Research on Executive Incentiv
指导老师：	白长虹
中文关键字：	激励机制, 股票期权, 多层次体系
英文关键字：	Incentive System Stock Option
中文摘要：	现代企业的所有权与经营权实现了分离，其产生的所有者和经营者的委托-代理矛盾在企业中集中表现为经营者激励问题，反映出了现代企业制度内在的根本矛盾。因此，经营者激励问题的解决已成为决定现代企业竞争力乃至生死存亡的根本大事。 本文围绕经营者激励机制问题，以系统工程理论、金融工程理论为指导思想，应用了公司治理结构理论、委托代理理论、激励理论和人力资本理论等研究方法。 本文研究提出了基于业绩评价的多层次的经营者激励约束体系的构想，并建立了相应的经营者激励约束体系。 本文从现代企业的经营目标、影响因素和管理策略，对现代企业的特点、管理等进行了系统的研究，建设性地提出了基于业绩评价的多层次的经营者激励约束体系的构想。 本文尝试构建一种市场条件下的基于业绩的激励机制。即根据各种业绩评价指标的特点和适用性，在长期、短期不同的激励环境中将其以不同的重要性反映在不同的激励工具中。同时，结合股票期权定价，尤其是经营者未来行权时在外部市场卖出持有的公司股票的特点，构建激励机制。一般说来，要激励经营者增加企业的长期利益，就将经营者的激励收益与企业的长期效益结合起来，同时兼顾经营者的收益实现的市场途径。对经营者提高短期内企业效益的激励方案就更加注重所使用业绩指标的易获取性、可控性和“低噪音性”的要求。并且可以根据各个时期的不同目标，增添对特定行为的激励。 关键词：激励机制 股票期权 多层次体系
英文摘要：	In modern enterprises, the ownership and management right are separated. This causes conflict of consignment and agent showing out as incentives of management. This reflects the internal prime conflict in modern enterprise system. Thus, the solution of management incentives becomes the important matters to decide the competitive power and vitality of the enterprises. Focusing on the incentive mechanism, this thesis adopted theory of Systems Engineering and Finance Engineering as guidance and applied theory and research method of Corporate Governance Structure, Consignment and Agent, Incentive and Human Resources. This thesis proposed design of multilevel management incentive system based on the performance evaluation and established the relative management incentive system. Based on the system researches of the features and managements based on the management objectives, influencing factors and management strategy, this thesis proposed constructively the design of multilevel management incentive system. This thesis tried to establish the multilevel management incentive system under market condition, which is reflected different importance in different incentive tools under long-term and mid-term incentive environment based on the features and applications of different performance evaluation figures. Meanwhile, the incentive system should be established by combining the pricing of stock option especially the features that the management will sell the stocks when enforcing their rights. In general, in order to incentivize the management to increase the long-term benefits of the enterprises, the benefits of management incentives and long-term benefits of the enterprises must be combined while considering the market approach to realize the benefits of the management. More attentions should be paid to the requirements of easy acquisition, easy control and “low noise” of the performance indicators for the incentive plan to improve the short-terms benefits of the enterprises. Incentives to specific behaviors could be added according to the different target of different periods. Keywords: Incentive System Stock Option Multi-Level System
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