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论文编号：	3448
作者编号：	2220090746
上传时间：	2011/6/13 10:53:25
中文题目：	天津港股份有限公司股权激励方案
英文题目：	The Research on Share Incentives Project Design and Implement of Tianjin Port Holdings Limited
指导老师：	刘志远 教授
中文关键字：	股权激励 业绩股票 天津港
英文关键字：	Share Incentives Project Performance Stock Tianjin Port Limited
中文摘要：	摘 要 在2005年实施股权分置改革的背景下，我国国有持股上市公司逐步实现了股票全流通。国有资产主管部门代行国有资产股东职责，通过股权激励方案的实施，能够协调和完善公司所有者和经营管理层之间委托-代理的关系，充分发挥和调动治理层、管理层的主观能动性，降低公司营运风险，提升公司营运能力和持续发展动力，最终实现所有者、董事会、管理层之间的利益趋同，实现公司发展战略，这些是当前企业所有者需要思考的问题。 本论文尝试股权激励建立的内涵初衷，回顾了国内外股票期权的发展历程和特点以及内在缺陷，股权激励方案的实施对公司发展战略的意义。当前股权激励模式国内外不同情况的比较。对国内两家证券交易所（上海证券交易所和深圳证券交易所）上市公司股权激励方案实施状况的分析，从法律法规和资本市场环境着手，研究我国上市公司实施股权激励的进程和必要性。 本文结合股权激励理论和相关规定，对天津港（600717.SH）股权激励方案进行了设计和实施，通过对天津港基本情况、发展历程和绩效考核的分析，设计和实施天津港股权激励方案，实现了股权激励理论与实际的结合。天津港作为一家在上海证券交易所上市的股份公司，从当前经营情况来看，具备实施股权激励方案的外部条件和内在驱动力，但是在一些方面还需要进一步规范和研究，尤其是法人治理结构，指标的选取和设定方面。通过对各种股权激励方式的对比和研究，得出天津港较适合采取业绩股票的激励模式，并综合分析港口类上市公司各项指标，结合公司发展战略选取了净资产收益率（ROE）、营业收入增长额、净利润在增长额和扣除非经常性损益的净利润占净利润的比重四项指标，对该公司2011-2013年发展目标进行了明确，该目标的实现为天津港实现有世界一流大港转变为世界一流企业的战略目标奠定了基础。 本文最后通过天津港股权激励方案的设计与实施得出实现公司发展战略的结论，并通过对天津港股权激励设计与实施过程进行分析，提出当前股权激励存在的局限性和未来发展的研究方向。下一步需要在证券市场的规范和建设，税收政策、职业经理人市场和法人治理结构的完善，股权激励指标设定的有效性等方面进一步研究，最终实现股权激励实施的规范高效。
英文摘要：	Abstract Under the background on reform of the shareholder structure of listed companies in 2005, the state-owned listed company stock finished complete circulation step by step in china. A stockholder, responsible of government capital, should coordinate and perfect principal-agent relation during the owner and manager. Giving full scope and arouse their subjective efforts. Final outcome, owner and board of directors and manager achieve the same goal on profit, and achieve the corporate strategy. The owner must think those facing questions. The thesis tries to explain the share incentive project (SIP). Review the developing and characteristic and inherent defect. SIP is important in corporate strategy. Compare the difference in china and other country. Analysis the truth about the listed companies in two china stock exchange (Shanghai stock exchange and Shenzhen stock exchange). Begin with laws and regulations and capital market, research to implement proceed and necessary of the SIP in china. According the theories rules of SIP, give an example for Tianjin port, introduce the basis things, developing experience and achievement. Design and implement the procedure of Tianjin port SIP. It fulfils the combination on theory of SIP and reality. Tianjin port is a listed company which is listing in Shanghai stock exchange. Now, it possesses to implement SIP on outside and inside factors. But something should go a step further standard and research on implementing SIP. Especially in corporate government, choose and design the target. The thesis analyses operating target of other listed company, then obtain a conclusion that Tianjin port fits achievement stock, and according the developing strategy, choose four targets, including ROE, revenue increase, net profit increase and ratio of take off the seldom net profit divide net profit. The targets make clear Tianjin port developing target from 2011 to 2013. It is a basis that Tianjin port achieves the strategy target from first-rate port to first-rate company around the world. At last, the thesis gives a conclusion that Tianjin port can achieve the strategy target through the SIP, show the limitations and research direction in the future. We should perfect and develop the security market, tax policy, professional manager market and legal corporate government, research the effect in SIP design, then achieve the standardize and high efficiency in SIP.
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