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| 论文编号： | 8786 | |
| 作者编号： | 2120142571 | |
| 上传时间： | 2016/12/8 15:11:27 | |
| 中文题目： | 中国华融实施股权激励方案研究 | |
| 英文题目： | A Research of Implementing Equity Incentives Program in China Huarong AMC | |
| 指导老师： | 张玉利 | |
| 中文关键字： | 股权激励；市值管理；建议；解决方案 | |
| 英文关键字： | Equity Incentives, Market Value Management, Suggestions, and Solutions | |
| 中文摘要： | 现代公司制度的基本特征之一是所有权与经营权的分离，这一特点在促进公司发展的同时，也为公司治理带来了一些新的问题，即所谓的委托代理难题。由于股东追求的是公司价值最大化，而经营管理层的追求却可能是多样化的，从而导致公司股东与公司经营管理的追求产生偏差，对公司的未来发展产生不利的影响。为了解决这一问题，就必须将经营管理层的利益进行绑定，目前比较盛行的方式是股权激励计划。 对于上市公司来说，公司价值最大化直接体现为市值最大化，因此，市值管理是上市公司的一项重要工作。良好的市值管理不仅能够实现股东收益最大化，同时也能向市场传递积极的信号，树立投资者对于上市公司的信心。市值最大化的基础是公司的经营业绩最大化和内在治理结构的最优化，股权激励模式在上市公司的市值管理工作中扮演了重要的角色，是上市公司市值管理的重要工具。 本文回顾了国内外学者关于股权激励计划在市值管理中作用的研究，探讨股权激励计划在国有大型金融企业中实施的意义及可 行性。作者以中国华融作为实施载体，结合中国华融在H股上市的实际案例及其未来准备回归A股市场的计划，研究如何做好市值管理这一长期工作。本文通过分析H股和A股市场上股权激励的法规和制度，比较现有股权激励的实施方案和实施效果，并结合公司未来回归A股的预期，以及公司的治理结构、薪酬结构，提出公司加快实施A股股权激励计划的建议，并做出具体的解决方案，为公司加强市值管理，实现国有资本保值增值，维护国家、股东、客户、职工等相关利益主体的利益提供借鉴和参考。图8幅，表8个，参考文献21篇。 | |
| 英文摘要： | One of the basic characteristics of the modern corporate system is the separation of ownership and management. This characteristic, while promoting the development of the company, brings some new problems to the corporate governance, namely the so-called principal-agent problem. As shareholders pursue the maximization of the value of the company, the pursuit of management may be diversified, leading to deviations in the pursuit of the shareholders and the management of the company, which will adversely affect the future development of the company. In order to solve this problem, it is necessary to bind the interests of the management. For listed companies, the maximum value of the company equals maximizing the market value. It is very important for a listed company to manage its market value well, which will not only maximize shareholder returns, but also convey a positive signal to the market and investors. The market value is based on excellent operating performance and internal governance. The equity incentive program plays an important role in the management of listed companies' market value and is an major tool for the market value management of listed companies. This paper reviews domestic and foreign scholars’ research on the role of equity incentive plan in market value management, and discusses the feasibility of the implementation of equity incentive plan in large state-owned financial enterprises. We discussed how to manage the market value of a financial company, based on the example of China Huarong AMC. We suggest China Huarong AMC to implement equity incentive plan in A share market and gives proposal in detail through analyzing the laws of equity incentives in H share and A share stock market. This proposal is based on China Huarong’s management structure and salary structure, leads to preservation and appreciation of stated-owned assets, gives consultation to protect the interest of state, shareholders, and employees. | |
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