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论文编号：	13771
作者编号：	2120202951
上传时间：	2023/3/9 16:53:48
中文题目：	A工程机械公司股权激励问题研究
英文题目：	Research on Equity Incentive of A Construction Machinery Enterprise
指导老师：	梅丹
中文关键字：	股权激励；工程机械公司；业绩考核条件
英文关键字：	Equity Incentive; Construction Machinery Company; Performance Evaluation Conditions
中文摘要：	股权激励是解决现代企业因两权分离所引起的代理问题的一种薪酬机制。自2005年12月31日证监会颁布《上市公司股权激励管理方法（试行）》以来，股权激励在我国开始步入正轨，越来越多的上市公司开始实施股权激励计划。然而由于股权激励方案本身涉及较多的契约要素，具有一定的复杂性，加之很多企业对自身了解不足以及对行业趋势把握不充分，使得激励方案流于形式，最终未能达成理想的激励效果。 本文在回顾总结股权激励的国内外文献和相关理论的基础上，对A工程机械公司实施的股权激励进行了案例研究。A工程机械公司是我国液压破拆属具及液压件制造的头部企业之一，此次股权激励是其上市以来推出的首个激励计划。本文通过分析其股权激励的背景动因、方案内容和实施结果后发现，A公司激励方案存在业绩考核条件设置不合理、激励时机与期限安排不当、激励额度分配不合理的问题，同时也发现A公司针对股权激励这一事项的会计处理存在不当之处。针对以上问题，本文也针对性的提出了改进建议，包括充分结合公司内外环境来合理设置考核条件、设置更为多元的考核指标、选择合适的股价区间进行激励、适当延长激励期限或增加激励次数、适当精简激励人数、加强对技术人员激励额度分配、及时调整会计估计、建立稳健的经营预期等。 本文的案例公司A公司所处行业为工程机械行业，该行业具有较强的周期性，因此其股权激励的设计有一定的行业特殊性。希望本文能为以A公司为代表的工程机械行业公司未来的股权激励实践提供一定的参考，让股权激励这种机制更好的服务于智能制造，服务于传统制造业的转型升级。
英文摘要：	Equity incentive is a compensation mechanism to solve the agency problem caused by the separation of two rights in modern enterprises. Since China Securities Regulatory Commission promulgated the "Management Method of Equity Incentive for Listed Companies (Trial)" on December 31, 2005, equity incentive has started to enter the right track in China, and more and more listed companies have begun to implement equity incentive plans. However, due to the complexity of the equity incentive plan itself, which involves many contract elements, and the insufficient understanding of many enterprises and the inadequate grasp of the industry trend, the incentive plan has become a mere formality and has failed to achieve the desired incentive effect. On the basis of reviewing and summarizing the domestic and foreign literature and relevant theories of equity incentive, this dissertation conducts a case study on the equity incentive plan implemented by A Construction Machinery Company. A Construction Machinery Company is one of the leading enterprises in the manufacturing of hydraulic demolition accessories and hydraulic parts in China. This equity incentive is the first incentive plan launched since its listing. After analyzing the motives, incentive elements and implementation results, this dissertation finds that the incentive plan of Company A has problems such as unreasonable setting of performance assessment conditions, improper arrangement of incentive timing and duration, and unreasonable allocation of incentive amount. At the same time, it also finds that the accounting treatment of the equity incentive of Company A is improper. In view of the above problems, this dissertation also puts forward targeted suggestions for improvement, including fully combining the internal and external environment of the company to reasonably set assessment conditions, setting more diversified assessment indicators, choosing a suitable stock price range for incentive, appropriately extend the incentive period or increase the frequency of incentives, appropriately streamlining the number of incentives, giving more shares to technicians, timely adjusting accounting estimates, and establishing stable business expectations. The case company A in this dissertation is located in the construction machinery industry, which has a strong periodicity, so its equity incentive design has certain industry particularity. It is hoped that this dissertation can provide some reference for the future equity incentive practice of construction machinery industry companies, so that equity incentive can better serve intelligent manufacturing and the transformation and upgrading of traditional manufacturing industry.
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