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论文编号：	12336
作者编号：	2120183081
上传时间：	2021/3/12 10:50:57
中文题目：	K公司股权激励问题研究
英文题目：	A case study on the equity incentive of K company
指导老师：	周宝源
中文关键字：	股权激励；企业绩效；人力资本；制造业企业
英文关键字：	Equity Incentive, Enterprise Performance, Human Capital, Manufacturing Enterprises
中文摘要：	作为一种为了解决现代企业存在的两权分离问题而产生的制度性安排，股 权激励自被提出以来便受到了众多发达国家公司的青睐，其实施效果也得到了 大家的一致认可。在国内，自《上市公司股权激励管理办法》等规范性文件发 布以来，股权激励迅速受到了国内各大公司负责人的追捧，已有资料表明，国 内已有一千多家公司采用了股权激励计划。 本文采取了理论联合实际的方式，在介绍了股权激励的相关理论知识后， 以K公司自2012年起实施的共两期股权激励为研究对象，在国内外学者的研究基 础上对其进行细致深入的剖析。通过研究K公司股权激励方案中几个重要要素的 设计，包括激励方式、激励对象、行权安排等，本文对其股权激励计划实施的 过程与结果做出了评估，深入探讨了K公司在实施这两期股权激励计划时产生的 问题，包括行权安排缺乏合理性、对激励对象激励程度不足和股权激励引发的 盈余管理问题。并针对性的给出了相应的建议，如基于EVA设计行权条件、基于 横向对比实施动态的行权条件考核措施、选择合适的激励时点、优化股权激励 方式、合理扩大激励范围、适当延长有效期与等待期、加强股权激励中特殊事 项披露，在评估行权条件是否达成时剔除盈余管理影响和增加事后跟踪与惩罚 机制等。 同时研究结果也表明：生搬硬套其他公司的股权激励方案而不结合公司实 际进行调整，股权激励不仅达不到目的甚至会起到造成业绩波动、打击投资人 信心的反效果。本文也希望能够通过对 K 公司股权激励方案的研究为我国同样 处于技术密集型行业的企业实施股权激励提供一定的参考。
英文摘要：	As an institutional arrangement for solving the conundrum of separation of ownership and management in modern enterprises, Equity inventive has gained its popularization in developed countries. Its implementation effect has also been unanimously recognized. In china, since the “Administrative measures for equity incentive of listed company(Trail)” and other normative documents been issued, equity incentive has been supported by the heads of major domestic companies. The existing data show that more than 1000 domestic companies have adopted the equity incentive plan. After introducing the relevant theory of equity incentive, this thesis uses the way of combining theory with practice, takes two periods of equity incentive scheme carried by K Company since 2012 as the research objects, and makes a detailed and in-depth analysis on them on the basis of domestic and foreign scholars' research. By studying the design of several important elements in the equity incentive plan of K company, including incentive mode, incentive object, executive condition, etc, this thesis evaluates the process and results of the implementation of the equity incentive plan, and probes into the problems arising from the implementation of the two equity incentive plans in K company, including the lack of rationality of executive condition, the lack of incentive to incentive objects and the earnings management issue caused by equity incentive. After that, this paper gives some suggestions, such as designing executive conditions based on EVA, implement dynamic assessment measures based on horizontal comparison, selecting appropriate incentive time point, optimize equity incentive mode, reasonably expand incentive scope, appropriately extend the validity period and waiting period, strengthen the disclosure of special matters in equity incentive, eliminate the impact of earnings management when assessing whether the executive conditions are qualified and increase punishment mechanism, etc. Meanwhile, the research results also show that: mechanically copying the equity incentive scheme of other companies without combining with the actual situation of Abstract III the company can not achieve the purpose of equity incentive, and even have the opposite effect, such as causing the operating performance fluctuations and hitting investors’ confidence. The author also hopes to provide some reference for enterprises in technology intensive industries through the research on equity incentive scheme of K company.
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