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论文编号：	5686
作者编号：	2220110604
上传时间：	2013/12/2 11:45:52
中文题目：	H干细胞生物公司股权激励方案研究
英文题目：	The Approach to the Incentive Stock Option
指导老师：	张玉利
中文关键字：	股权激励,上市公司,企业管理,H公司
英文关键字：	Incentive Stock Option, Listed Company, Enterprise Management, H Company
中文摘要：	H公司是中国最早投资于生物资源储存（脐带血、脐带、胎盘、成人干细胞等）项目的企业，也是国内沪深两市中唯一以干细胞产业为主营业务的上市公司。2013年，公司完成5年战略规划制定，明确指出，以解码生命、服务人类健康为使命，聚焦生物资源保存和基因检测业务，用5年的时间发展成为中国生命科技产业领袖级企业。 　　H公司所从事的业务属于国际公认的21世纪高新科技产业，也是我国重点发展的战略型新兴产业，发展潜力巨大，前景广阔。生命科技属于知识密集型行业，企业成功的关键在人，特别是掌握关键技术和专业技能的核心人才。面对技术发展日新月异、行业竞争不断加剧、人才流动更加频繁的现实情况，公司明显意识到，要持续保持竞争优势，一靠技术、二靠机制、三靠人才，而三个因素中人才最为关键。为此，除了要做到事业留人、感情留人、文化留人，同样不可或缺的是待遇留人，要建立基于利润分享的中长期激励机制，充分利用上市公司的资本平台，适时提出并建立股权激励计划，打造公司与核心团队之间的利益共同体和事业共同体，以此确保公司战略目标的实现。 　　 　　本文的研究围绕H公司股权激励方案设计这一核心命题来展开。较为系统地论述了股权激励的由来、理论依据，包括委托代理理论交易费用和现代产权理论、人力资本理论，以及股权激励主要类型及其所具有的积极作用，综合介绍了股权激励在美国及亚洲地区的实践，着重介绍了我国改革开放以来企业股权激励方面的探索。认为，股权激励的作用体现在：弱化代理成本和经营风险，有效建立企业共同体；激励持续价值的创造，促进业绩提升；建立约束机制，减少短期行为；留住人才、吸引人才。 　　 　　由于H公司是在我国A股市场上市的高科技企业，因此其股权激励计划的开展必然要严格遵守我国有关上市公司的相关法律法规与政策要求，同时也要全面了解和借鉴其他上市公司开展这项工作的经验和教训，从而有效防止错漏，合理规避风险，保证激励计划顺利开展和实施。为此，文章系统梳理我国上市公司股权激励的总体情况和典型特征，归纳总结我国有关上市公司股权激励的相关法律和政策规定。同时，将生物疫苗板块5家已经开展或实施股权激励计划的上市公司作为对标样本，对它们的股权激励计划进行对比分析，并将H公司关键业绩指标与5家对标公司进行比较，以期为H公司股权激励的方案设计提供参考依据。 　　本文的落脚点是H公司股权激励方案设计。本文分析了H公司制订股权激励计划的必要性和可行性，提出激励方案设计应遵循的原则、核心内容以及应注意的问题。 　　具体说来，文章在分析了H公司实施股权激励的基础和条件之后，提出了H公司股权激励应遵循的原则，即：目标性原则、有利性原则、激励性原则（公平性原则）、适度性原则（有效性原则）和阶段性原则（渐进性原则）。 　　基于系统的阐述和研究，文章设计出H公司股权激励方案的核心框架内容，包括： 　　-激励类型:股票期权； 　　-股票来源:向授予对象定向增发； 　　-激励对象及人数范围:高级管理人员及核心人员，约占员工总数6%； 　　-激励总量:总股本1%； 　　-行权条件:两个重要指标，即净资产收益率和净利润增长率； 　　-框架安排:一年锁定，三年行权； 　　-授予时间和授予价格等。 　　本课题研究的目的主要有以下几个方面:概括梳理国内外股权激励的理论和实践，为公司股权激励方案设计提供的理论依据；概括梳理我国上市公司股权激励的法律法规和政策规定，为上市公司股权激励方案确定框架体系和指导原则；借鉴我国上市公司股权激励的实施情况统计分析结果，归纳好的做法和经验，同时结合所出现的不足和问题，在公司股权激励方案设计中有针对性地加以提示和规避；通过对生物疫苗类上市公司股权激励方案的案例分析，对H公司股权激励计划的制定提出具有操作性的体系文件。 　　总体来说，本文通过对股权激励的由来、理论依据及其在国内国外的实际应用的阐述，说明了股权激励对于企业的长远发展所具有的促进作用。尤其是较为系统地梳理和归纳了我国上市公司股权激励的最新发展和趋势特征，提出股权激励对于我国上市公司特别是高科技上市公司推进战略实施、实现共同发展具有非常重要的现实意义。认为应进一步推动股权激励在我国企业特别是快速发展企业的推广和实施。文由于基于实例研究，文章所提出的方案设计总体思路和框架安排具有较强的针对性和可操作性。文章的研究成果可为各类上市公司特别是高科技上市企业制定中长期激励计划提供有益的借鉴，相关内容对于非上市企业也具有一定的参考作用。 　　由于文章的写作过程都是作者利用工作之余的时间来完成，因此难免有仓促 之感。主要的不足之处在于：选择的案例范围过窄，数量较少，特别是对股权激励方案实施过程的动态跟踪和效果分析不够深入；定性分析的内容较多，定量研究内容较少；对于国内外近期关于股权激励方面的文献调研也不够全面。由于本人作为企业高级管理人员，一定程度上承担这方面的工作，因此将今后在工作中继续加以关注和研究。笔者认为，股权激励作为现代企业行之有效的管理思想和激励方式，将会随着我国社会主义市场经济的发展，更加发挥其应有的积极作用，因此，将会在这一领域出现更多的实践探索和理论创新。
英文摘要：	H Company is the first enterprise that solely engaged in the cryopreservation of human biological resources (cord blood, umbilical cord, placenta, stem cell, etc.) in China. It is also the only listed company in China’s domestic stock market so far. In the year of 2013, the company set out its five-year strategic plan, indicating that with the mission of decoding life and serving for people health, the company will focus on two core businesses: cryopreservation of human bio-resource and gene test for human beings. The aim of such a plan is to develop itself into a leading company in China in the field of life science. 　　The business that H Company engages in is widely regarded as new high-tech industry in the 21st century. It is also strategically important and then gains strong support from China’s government. For enterprises in such a knowledge-intensive industry with vast potential and bright future, human resource is the key element for business success, especial those who master technical know-how and professional specialty. Facing the facts of fast development of technology, the increasingly intensive market competition and even more frequent turnover of talented people, H company realizes that within three significant factors for keeping advantage in competition, people is of vitally importance as compared with technology and management mechanism. For that reason, H Company has made it clear that besides building up a vocational and cultural-friendly environment for its personnel, remuneration is equally important for keeping talents. In order to secure the realization of its strategic goals, the company starts to map up a medium and long term incentive scheme based on the concept of profit sharing, including: making good use of the capital platform for a listed company, putting forward a stock incentive scheme in time and building up an interest community among the company and its people with shared undertaking. 　　The research of this article is centered at the incentive scheme design for H Company. For this purpose, the article begins with the following approaches: a relatively systematic elaboration of the origination and theories, including principal-agent theory, theory of transaction cost and property right, human capital theory; major types and positive effects of incentive stock option; an overall introduction of the practice of stock option application in enterprises in USA, Asian countries, as well as a comprehensive updates of those practices in China since the reform and open-up policy was adopted. The article argues that the positive functions of stock incentive scheme reflects in 4 aspects: weakening agent cost and operational risk and helping building up interest community within the company; stimulating continuous value creation and promoting business achievement; establishing restrain scheme and reducing short-term behavior; attracting and retaining talented personnel. 　　As we know, H Company is a listed company in China’s A share market, thus the design of its stock incentive plan has to abide by the laws and regulations related to China’s public companies. It is also necessary for the company to refer to both the success and failure of other listed companies in carrying out their stock incentive plans so as to avoid mistakes, risks and incorrect options and thus secure the smooth implement of such a plan. In this regard, the article has done a systematic research in the overall situation of stock incentive operations in China’s listed companies as well as their typical characteristics, digesting a clear clue to the national laws and relative regulations for the very subject. Moreover, the article selects five listed companies in the biotech industry for sample studies, analyzing the good and bad in the implementation of their stock incentive plans, based on which the article continues to make a comparison between H company and the samples ones. All these studies form good reference for the design of H Company’s incentive scheme. 　　The footing point of this article is the scheme design of the incentive stock option for H Company. This article explains the necessity and possibility of the adoption of such a plan, presents the principles to be abided by for the designing of the plan, maps out the core contents of the scheme and raises questions and issues to be noted. 　　In detail, after analyzing the basis and conditions for H Company’s stock incentive plan, the article puts forward five principles for the scheme design: principle of objective, principle of benefit, principle of incentive and fairness, principle of moderation and effectiveness, principle of gradation. 　　Based on systematic elaboration and research, the article presents a framework for the scheme for H Company, the main contents of which include the followings: 　　-type of incentive plan: stock option; 　　-source of the stock: addition targeted; -persons and percentage granted: senior management and core professionals, 6% out of total payroll; 　　-amount for incentive arrangement amongst total share: 1%; -vesting conditions: two critical quotas: ROE (return on equity), growth rate on net profit; -pre-set schedule: lock within the 1st year after the grant, options to exercise from the 2nd year onto the 4th year with set percentage for each year; -timing and pricing for the grant. 　　The purpose of this article can be explained in 4 aspects: 　　-Briefly introducing the theories for stock incentive operation, combing of stock incentive practice and operation both domestically and abroad, so as to provide theoretic basis for scheme design in companies. 　　-Summarizing laws and regulations for China’s listed companies with regard to stock incentive operations, so as to help form framework and guide principles for corporate incentive plan. 　　-Analyzing the overall implementation of stock incentive operations among China’s public companies, drawing reference or lessons from both success and failure, so as to make use of the experience in the process of scheme design accordingly. 　　-Making sample studies on the incentive program design of other biotech companies and correlating them to H Company, so as to provide good reference for the scheme design of H Company in an operational manner. 　　In general, through systematic elaboration on the origination, theoretic foundation and worldwide practice of stock incentive operation, the article explains the benefit of such a method in the promotion of corporate development. Upon the research of stock incentive implementation among China’s listed companies, the article summarizes the typical characteristics and latest development of these carryout, putting that stock incentive as an effective scheme is of great importance in promoting the healthy development of China’s enterprises, particularly for high-tech companies to carry out business strategy and realize common development. The article urges a further and stronger push forward of stock incentive scheme amongst China’s enterprises. Due to the facts that the modeling for such a scheme is founded on a factual scenario, the solution thus attained is of good operational reference in this regard. The conclusion achieved from this research is worth for companies especially high-tech public companies in modeling and practicing incentive stock option plans. It is also of beneficial use for enterprises of different types as a whole. For the reason that the research and analysis undertaken in this article was carried out by the author using his spare times, there are obviously short comes and imperfect side of it, including：lack of case study in terms of scope and numbers of sample companies, inadequate follow-ups and reviews of the implementation effects of the sample companies; more qualitative analysis instead of less quantitative ones; insufficient document research relating to the latest development both nationally and internationally in this field. Given the fact that being a senior management of a listed company, the author’s job duty is closely relating to incentive scheme design and implementation, more research and follow-up will have to be conducted. To conclude, stock incentive plan is a meaningful thought and a useful instrument in corporate management, which will bring about even more benefit to relevant parties during the process of the development of China’s socialist market economy. It can be expected that theoretic innovations and practical operation will resurface in this particular field.
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