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论文编号：	4461
作者编号：	2120092839
上传时间：	2012/6/9 22:50:40
中文题目：	我国计算机行业上市公司股权激励研究
英文题目：	Research on Equity Incentive Plan of Listed companies of China''s computer industry
指导老师：	齐寅峰
中文关键字：	公司绩效 人力资本 计算机行业上市公司 股权激励计划
英文关键字：	corporate performance, human capital, Listed Companies of computer industry, equity incentive plan
中文摘要：	委托代理问题产生于所有权和控制权的逐步分离，对经营者进行股权激励是解决此问题的有效方法之一。股权激励计划在海外发展的时间较长，欧美等经济发达国家相应的法律体系已经比较完善。而我国上市公司的股权分置改革从2005年开始，整个资本市场度过了较长的摸索学习阶段，目前随着一系列法律法规的出台我国股权激励环境正在逐步完善之中，上市公司逐渐对股权激励计划形成了一定认识并且开始尝试，过去几年中已经推出股权激励计划的上市公司或成功或失败的案例也取得了宝贵的经验教训。 我国计算机行业上市公司属于新兴高新技术企业，公司成长时间短，相较其他版块公司而言计算机行业公司上市时间更是短暂，因此我国计算机行业上市公司大多存在两个特点：第一是核心技术人员在公司经营运作活动中的重要性远高于传统行业的核心技术人员；第二是公司股权比较集中，核心技术人员以及高级管理人员的切身利益还没有与公司利益绑定在一起。所以我国计算机行业的上市公司目前实施股权激励计划的主要目的是绑定公司与核心员工的利益，降低人才流失率并吸引优秀人才加盟，保证公司长期稳定的发展。 本文首先阐述了股权激励相关理论，然后在对国内外股权激励计划发展情况及法律环境进行对比的基础上，重点研究了国内计算机行业上市公司股权激励计划相关数据以及具有代表性的上市公司案例，通过对已公告股权激励计划的计算机行业上市公司资料进行归纳和分析提炼出一些股权激励计划实施过程中的要点。最后，通过上述研究过程本文总结出计算机行业上市公司在实施股权激励计划过程中需要注意的几个关键点，对于激励要素和激励效果的对应关系进行了分析并提出了一些可能改进股权激励效果的建议。
英文摘要：	The inconsistency with objectives and interests between a company's shareholders as owners and the company's senior managers as operators become more and more inevitable because of company’s ownership and control separate. How to stimulate the operators to work long enough for the company's shareholders turned to be the key point to settle the commissioned agent problem. The equity incentive plan has been developed for a long time abroad, the environment of law is better compared with our country’s. China’s Equity Division Reform started at 2005 and after that with the constant introduction of relevant laws and regulations, the legal environment in China is getting better and better. From then on domestic listed companies became familiar with equity incentive plan and carried out their own ones. The purposes are as follows: on one hand, allow the operators share profits and bear risks as shareholders. On the other hand, guarantee the operators’ responsibly serve for the company's long-term development. Listed companies of China's computer industry basically are new high-tech enterprises which founded just a few years and the time listed on stock exchanges are limited too. Listed companies of computer industry mostly have two common characteristics: core technical staffs are more important and companies’ equity is more centralized. The purposes of listed companies of China's computer industry which carry out their Equity incentive plans mostly about allow the operators share profits and bear risks as shareholders, reduce the rate of brain drain and attract talented people to join in. This dissertation did some empirical analysis on the effect of the equity incentive plans for the listed companies of China’s computer industry. It introduced equity incentive theories, law on incentive stock options both at home and abroad, and especially studied the data about the listed companies of China’s computer industry those carried out their equity incentive plans. By analyzing the data it can be noticed that there are four key elements for the equity incentive plan: target staffs of granted stock for equity-based incentive, quantity of granted stock for equity-based incentive, pricing of granted stock for equity-based incentive and requirements of granted stock for equity-based incentive. This dissertation also analysised how the stock prices change after those companies announced their equity incentive plans. In the final of this dissertation, a few conclusion were summarized which pointed out some key elements for the equity incentive plan and give some suggestions and solutions about how to make a equity incentive plan more effective.
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