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论文编号：	2339
作者编号：	2120082097
上传时间：	2010/6/8 23:22:56
中文题目：	股权激励契约设计研究——基于万科案例的分析
英文题目：	Research on Equity Incentives——Case Study Based on Vanke
指导老师：	刘志远
中文关键字：	契约设计，股权激励，考核指标，案例研究
英文关键字：	Contract settings,Equity incentive,Assessment indicator,Case study
中文摘要：	股权激励是解决公司委托代理问题的一项工具，股权激励方案能减少代理成本，使管理层的行为与公司及股东利益趋于一致。在市场竞争日益激烈的今天，股权激励也能激发员工的积极性和创造性，为公司留住有价值的人才。 股权激励从1999年被万科公司首次提出至今，已走过了十年的发展历程。其间经历了股权分置改革，也迎来了2006年《上市公司股权激励管理办法》的出台。不过一直以来，由于相关法律法规的不完善，上市公司的股权激励也一直处于尝试阶段。 股权激励在西方的发展已经有许多年的历史了，但要在我国取得成功，不能生搬硬套，而要适应我国的宏观经济情况和微观经济个体。股权激励的本质是一种契约关系，它的运作也符合契约的逻辑。激励契约就是委托人采用的一种诱使代理人按照委托人意愿行事的激励机制，以降低或避免道德风险及逆向选择。 本文以万科公司作为研究对象，以契约理论作为基础，用案例研究的方式对其实施股权激励方案的始末进行了细致的研究，同时分析了股权激励契约在这家公司的运作情况和效果，重点探讨了股权激励的考核指标和标准，另外还从激励方式、激励对象、激励期限、获得方式、激励基金来源及提取、契约实施环境等几个方面来分析股权激励契约的条款设计。 本文旨在通过万科的股权激励方案来探讨股权激励契约的设置，希望通过万科的个案，为我国上市公司实施股权激励提供一些指导和建议，让激励契约的设计能尽可能完善，也最大程度的发挥它的作用。
英文摘要：	Equity incentive is a tool to solve agency problem. It could reduce the agency cost and make managers’ behavior more consist with the interest of the company and shareholders. In today’s increasingly competitive market, equity incentive would stimulate employees to work harder and help the company to attract and retain valuable talent. Equity incentive was first proposed by the company Vanke in 1999 and till now has a history of more than 10 years in our country. It has seen the Stock Tradability Reform and the birth of Administration of Equity Incentive for Listed Companies in 2006. However, due to lack of related laws and regulations, equity incentive implemented in Chinese companies only remains trial stage. Equity incentive has been in practice for many years in Western countries. In our nation, however, we cannot copy it mechanically. Instead, we should apply this tool in an appropriate way according to China’s unique macro-economic situation and the micro-economic entity. The nature of equity incentive is a contract relationship, and its operation mechanism is also consistent with that of a contract. Principals use an incentive contract to lead the agents in their performance and to reduce or avoid moral hazard and adverse selection. This paper is based on the Contract Theory and uses case study to discuss the incentive contract settings. It chose Vanke as the research object, made an in-depth study of the settings of the Equity Incentive Plan, including the assessment indicators and standard, access method, incentive target, incentive period, the fund source and operating process. By the study, the writer hopes Vanke Case could provide some guidance and advice to other companies in our country.
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