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论文编号：	8599
作者编号：	2220120509
上传时间：	2016/11/26 10:47:39
中文题目：	深圳YBT公司的股权激励机制研究
英文题目：	Research on the Mechanism of Equity Incentive of Shenzhen YBT company
指导老师：	李建标
中文关键字：	非上市 小企业 股权激励 激励机制
英文关键字：	Unlisted， Small Enterprises， Equity Incentive， Incentive Mechanism
中文摘要：	伴随着中小企业的快速成长，公司治理结构不断完善，而股东作为企业的资本所有者，所面临的困境也越来越明显。在中小企业的经营业绩达到一定的程度时，公司发展往往呈现出止步不前的状况。很明显，中小企业的快速成长及顺利转型，离不开核心技术员工、高级经营管理人员的全心参与。由于公司股东和经营者之间存在信息不对称的情况，在不能充分调动员工积极性的情况下，即使采取加强对经营者监督的措施，并不能有效解决快速提升中小企业经营绩效的问题。在这种情况下，需要将经营管理者及核心技术员工的个人利益与公司的利益进行绑定，从而实现经营者和股东的目标一致，实现公司对经营者的充分激励，避免经营者为了追求个人利益而发生的短期行为或道德风险问题。 股权激励作为一种长效激励机制，在上个世纪末开始逐步得到国内企业的重视，有效解决了股东和经营者的委托代理问题，对促进企业的发展具有积极的意义。股权激励是基于对公司的核心人员的激励而产生的一种机制。所谓核心人员通常包括高层管理人员、核心技术研发人员和给公司创造经营业绩的营销人员。为了留住人才，或加强核心人员与企业发展目标的一致性和密切度，公司要求其在完成一定任务或目标的情况下，会对其发放一定的奖励，包括公司股票、期权等方式，由此可以让核心人员获得相应的收益，并对公司更加忠诚。 本文对国内外有关股权激励的效果研究、股权激励与企业绩效关系的研究进行文献综述。通过对股权激励理论及文献的综述，为深圳YBT公司案例研究提供理论依据。企业发展到一定的程度，需要通过实施股权激励的方式，来实现对核心人员的激励，一方面留住关键人才，另一方面可以提升企业的经营业绩。股权激励是进行公司治理的一种有效的手段，对于减少公司的委托代理成本和风险有益，同时有助于减少经营管理者的道德风险和短期行为。国内关于股权激励的研究探索还不完善，企业进行股权激励机制设计，需要结合企业的外部环境，同时结合企业的经营状况和人力资源状况来完成。对于非上市、治理结构简单、快速成长阶段的中小企业来说，选择易操作、低成本的长期激励是比较适合的，有利于实现股东和经营者的目标一致。 深圳YBT公司是一家以手板加工为主营业务的中小企业，经过十余年的稳步运营，当前已经进入快速成长期。当前公司面临着产品技术研发、细分市场开拓、服务质量提升等若干问题，归根结底是解决人力资本的激励问题。基于此，本文将深圳YBT公司作为研究案例，对公司的股权激励问题进行研究。整体来看，本文按照从理论到实践、从提出问题、到分析问题、再到解决问题的思路展开研究，其中应用了文献阅读法、调查分析法、综合分析法等工具。在对深圳YBT公司发展概况及内部员工进行调研的基础上，本文分析了案例公司在管理结构、治理结构、退出机制、约束机制、内部沟通、奖金分配等方面存在的问题。据此制定了股权激励的目标设置，即根据深圳YBT公司的情况，至少需要达成四个方面的目标，分别建立股东与经营者的利益共同体、实现经营者业绩激励、约束经营者行为、留住和吸引人才。为了更好地达成深圳YBT公司实施股权激励的目标，在进行股权激励机制设计的过程中，需要结合深圳YBT公司的具体状况，同时坚持共同受益原则、着眼战略原则、分层分级原则、奖罚对称原则等股权激励计划的设计原则。深圳YBT公司进行股权激励对象的选择，需要把握三个价值最大化的原则，分别为岗位价值、个人价值和战略价值，以便实现股权激励机制的最大价值。 为了满足深圳YBT公司作为非上市公司没有股票来源的问题需要，同时为了满足中小企业现金压力大的问题需要，深圳YBT公司可以采取虚拟股票+延期支付相结合的股权激励模式，实现优势互补，发挥更强大的效果。虚拟股票是股权激励的常见形式，而延期支付也是比较常用的股权激励形式。两种形式，都具备自身的优势，同时存在各自的不足。结合深圳YBT公司的具体情况，将两者进行综合应用，有利于发挥各自的优势，实现优势互补。然后，本文从股权激励对象、模式、虚拟股票分红来源、绩效考核、终止和退出、分红批准程序、虚股转实股、税收问题等方面制定了具体的激励方案。深圳YBT公司实施“虚拟股票+延期支付”相结合的股权激励，作为一种长期的激励手段，对公司未来的发展提供了坚实的保障。股权激励的实施，需要有良好的环境和条件作为前提，才能得到更好的执行，并发挥更有效的效果。由于深圳YBT公司的股权激励主要针对的是核心骨干人员，并不是针对全体员工，为了不影响大多数人的失落心理，所以在执行前的环境营造上需要一定的铺垫，充分体现出股权激励的公平性、激励性和有效性。最后，本文从建立完善的管理制度（建立详实、具体、有效的薪酬制度，建立严谨科学的考核管理制度体系，完善其他板块的管理制度）、营造良好的企业文化（构建充足的物质文化氛围、构建富足的精神文化氛围、构建严谨的制度文化氛围）、提升公司人力资源管理（加强人力资源入口的把关、加强人力资源过程的把关）等三个方面提出股权激励方案实施的措施保障。 通过本文的研究，将股权激励的理论成果在中小型非上市企业进行了有益的尝试，对解决深圳YBT公司的业绩提升及快速成长转型具有积极的作用。
英文摘要：	With the rapid growth of small and medium-sized enterprises, the corporate governance structure has improved, and the shareholders as the capital owner of the enterprise, the difficulties faced by more and more obvious. In the small and medium-sized enterprise's operating performance to a certain degree, the development of the company often presents a stop not before the situation. It is obvious that the rapid growth of SMEs and the smooth transition, can not be separated from the core technical staff, senior management personnel involved in the whole. Due to the information asymmetry between shareholders and managers, and fully mobilize the enthusiasm of the staff is not in the case, even if taken to strengthen supervision on management measures can not effectively solve the rapid promotion of small and medium-sized enterprises business performance issues. In this case, personal interests and the company will need managers and key technical staff of the interests of managers and shareholders binding, so as to achieve the goal, achieve the company sufficient incentive, avoid operators in the pursuit of personal interests and the short-term behavior or moral hazard problem. Equity incentive as a long-term incentive mechanism, at the beginning of the end of last century and gradually get the attention of domestic enterprises, effectively solve the principal-agent problem of shareholders and managers, has the positive significance to promote the development of enterprises. Equity incentive is based on the core staff of the company's incentive to produce a mechanism. The so-called core personnel usually include senior management, core technology research and development personnel and to create business performance of the company's marketing staff. In order to retain talent, or strengthen the consistency with the development objectives of the enterprise core staff and close degree, the company requires the completion of a certain task or goal situation, on the issue of certain incentives, including stock options, etc., which can make the core staff to obtain the corresponding revenue, and the company more loyal. In this paper, the research on the effect of equity incentive, equity incentive and corporate performance in the domestic and foreign literature review. Based on the theory of equity incentive and literature review, this paper provides a theoretical basis for the case study of Shenzhen YBT company. Enterprise development to a certain extent, the need to implement the equity incentive approach, to achieve the core staff incentive, on the one hand to retain key personnel, on the other hand can enhance the operating results of the enterprise. Equity incentive is an effective means of corporate governance, which is beneficial to reduce the agency cost and risk of the company, and also helps to reduce the moral hazard and short-term behavior of managers. Domestic research on the equity incentive is not perfect, the enterprise equity incentive mechanism design, the need to combine the external environment of the enterprise, the combination of enterprise management and human resources to complete the situation. For non listed, governance structure is simple, the rapid growth of small and medium enterprises, selection of easy operation, low cost and long-term incentive is more suitable, conducive to the realization of the goals of shareholders and managers. Shenzhen YBT company is a board processing for the main business of small and medium-sized enterprises, after more than ten years of steady operation, the current has entered a rapid growth. At present, the company is faced with several problems, such as product technology research and development, market segmentation, service quality promotion, etc., in the final analysis is to solve the problem of human capital incentive. Based on this, this article will Shenzhen YBT company as a case study, the company's equity incentive issues. Overall, in accordance with this article from theory to practice and from the questions, to analyze problems, to solve the problem of the idea of a study, which applied the methods of literature reading, investigation analysis method, comprehensive analysis method etc.. Based on the investigation of development situation and internal staff of Shenzhen YBT company, this paper analyzes the cases existing in the management structure, governance structure, exit mechanism, restriction mechanism, internal communication, bonus distribution and other aspects of the problem. The basis for equity incentive goal setting, according to the Shenzhen YBT company, at least need to reach four goals, the interests of the community, to achieve the operator performance were established between shareholders and Operators Incentive and restrain the behavior of manager, retain and attract talent. In order to reach the Shenzhen YBT companies in the implementation of equity incentive targets in the process of equity incentive mechanism design, according to specific conditions of Shenzhen YBT company, at the same time, adhere to the design principle of common benefit principle, focus principle, strategic incentive plan hierarchical principle, the principle of equity reward symmetry. Shenzhen YBT company to choose the equity incentive target, need to grasp the principle of the three value maximization, respectively, position value, individual value and strategic value, in order to realize the maximum value of equity incentive mechanism. In order to meet the needs of Shenzhen YBT company as a non-listed company without the source of stock issue, at the same time in order to meet the problems of small and medium sized enterprises cash pressure to Shenzhen YBT company can take virtual stock + deferred payment of a combination of equity incentive model, complementary advantages, play a more powerful effect. Virtual stock is a common form of equity incentive, and deferred payment is a common form of equity incentive. Two forms, all have their own advantages, but also have their own shortcomings. Combined with the specific situation of YBT company in Shenzhen, the two will be integrated application, which is conducive to play their respective advantages, to achieve complementary advantages. Then, from the aspects of equity incentive object, mode, virtual stock dividends source, performance appraisal, termination and exit, approval procedures, stock dividends, stock tax problems to real incentive to develop specific programs. Shenzhen YBT company to implement the "virtual stock + deferred payment" combined with equity incentive, as a long-term incentive means to provide a solid guarantee for the future development of the company. The implementation of equity incentive, need to have a good environment and conditions as the premise, can get better implementation, and play a more effective effect. Because of the equity incentive of YBT company in Shenzhen is mainly in the core backbone, and not for all employees, in order not to affect the majority of people lost psychology, so in the building before the execution environment requires a certain way, fully embodies the equity incentive fairness, incentive and effectiveness. Finally, this article from the establishment of a sound management system (a detailed, specific and effective salary system, establish the system of evaluation management system, strict and scientific management system to improve the other plate), to create a good corporate culture (construction of adequate material culture, construct the rich spiritual and cultural atmosphere, cultural atmosphere construction system rigorous) improve the human resources management company (entrance to strengthen human resources quality, strengthen human resources process control) proposed the implementation of equity incentive plan measures three aspects. Through this research, the theory of equity incentive in small and medium-sized non listed enterprises attempt to solve the Shenzhen YBT company to enhance the performance and rapid growth has a positive role in transition.
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