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论文编号：	14416
作者编号：	2320213714
上传时间：	2023/12/15 14:19:47
中文题目：	K公司基于实施效果评估的股权激励计划优化研究
英文题目：	Research on the optimization of K Company''s equity incentive plan based on implementation effect evaluation
指导老师：	牛建波
中文关键字：	股权激励;限制性股票;优化方案;保障措施
英文关键字：	Equity incentive; Restricted stock; Scheme design; Safeguard measure
中文摘要：	股权激励作为现代企业公司治理工具，其诞生之初就是为了能够有效解决传统企业中的委托—代理问题，即企业所有者与企业经营者之间两权分离的问题。自2005年证监会颁布《上市公司股权激励管理办法（试行）》以来，A股资本市场对于股权激励的探索已经将近20年，目前各种股权激励工具已经被国内诸多上市公司所广泛采用。特别是我国目前处于全面注册制改革的关键阶段，如何将股权激励工具应用于研发投入巨大、盈利能力一般的科创板企业，值得我们从政策制定、企业经营等不同层面加以研究。 本文选取科创板企业K公司作为研究对象，通过梳理国内外研究成果，以股权激励相关理论为基础，根据股权激励设计的基本原理，运用案例分析法，对该公司股权激励计划的实施动因、设计要素进行阐述和分析。并针对K公司实施此次股权激励计划产生的效果，从财务指标、研发创新及人才流动三方面进行全面评估。财务指标方面，公司各项财务指标在IPO后实现了短期的业务增长，但未达预期行权标准；研发创新方面，K公司研发投入受股权激励计划刺激处于高位，专利申请及公布产出连创新高，公司产品线稳步推进；人才流动方面，公司员工离职率整体稳定，技术人员数量持续提升。 尽管K公司本次股权激励计划在财务考核指标、激励对象设计、激励期限设计上存在问题，其原因既来自外部国际公共卫生环境的变化，也来自公司内部公司治理及激励目的不明确的问题，但从效果上来讲是一次有利于公司发展的尝试。因此，本文通过完善股权激励计划的优化思路与优化原则，针对激励对象、激励要素及考核体系三个维度，对K公司未来股权激励计划进行优化设计，并从公司制度和企业文化建设等方面制定了相应的实施保障措施。本文通过对研发型企业K公司股权激励计划进行研究，为该公司本次股权激励得出最终结论和优化建议，并希望以此为启发，为同类企业提供可借鉴的有益经验。
英文摘要：	As a tool of corporate governance in modern enterprises, equity incentive was born to effectively solve the principal-agent problem in traditional enterprises, that is, the separation of the two rights between the owner and the operator. Since China Securities Regulatory Commission promulgated the Measures for the Management of Equity Incentives for Listed Companies (Trial) in 2005, the A-share capital market has been exploring equity incentives for nearly 20 years. At present, various equity incentive tools have been widely used by many domestic listed companies. In particular, China is currently in the critical stage of comprehensive registration system reform, how to apply equity incentive tools to science and technology board enterprises with huge R&D investment and average profitability, it is worth studying from different levels such as policy formulation and enterprise management. This thesis selects the science and technology board enterprise K company as the research object, combing domestic and foreign research results, based on the relevant theories of equity incentive, according to the basic principle of equity incentive design, and using the case analysis method, expounds and analyzes the implementation motivation and design elements of the company's equity incentive plan. The results of K Company's implementation of the equity incentive plan are comprehensively evaluated from three aspects: financial indicators, R&D innovation and talent flow. In terms of financial indicators, the financial indicators of K company achieved a short-term business explosion after the IPO, but due to internal and external reasons, the equity incentive plan did not achieve the expected effect; In terms of R&D and innovation, the R&D input of K company is at a high level, stimulated by the equity incentive plan, and the output of patent application and publication is at a new high. The company's product line is advancing steadily, but its innovation and transformation ability is declining. In terms of talent flow, the number of technical personnel continues to increase, but the proportion of technical personnel has decreased. Although K Company has some problems in the design of financial assessment index, incentive object and incentive period of this equity incentive plan, the reasons are not only from the drastic change of external international public health environment, but also from the company's internal corporate governance and unclear incentive purposes, but from the result, it is an attempt conducive to the company's development. Therefore, by improving the optimization ideas and principles of the equity incentive plan, this thesis comprehensively designs the future equity incentive plan of K Company from four dimensions: long-term incentive mechanism, incentive element design, incentive object design and assessment standard design, and finally adopts the safeguard measures of the enterprise system and corporate culture. The final conclusion and related prospect are drawn for this research on equity incentive. By studying the equity incentive plan of K company, a research and development enterprise, this thesis hopes to provide help and reference for the industry in the same life cycle.
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