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论文编号：	9742
作者编号：	2120152957
上传时间：	2017/12/9 21:52:33
中文题目：	美邦服饰股权激励方案研究
英文题目：	Research on Equity Incentive Structure of Shanghai Metersbonwe Fashion&Accessories Co.,Ltd.
指导老师：	黄福广
中文关键字：	股权激励; 股票期权; 美邦服饰
英文关键字：	Equity Incentive; Stock Option; Metersbonwe
中文摘要：	股权激励作为一种激励业绩增长、留拢人才的创新型激励方式，具有成本较低、周期较长的特点，已经被公认为消除委托—代理问题的高效工具。股权激励通过向激励对象树立“主人翁意识”，使激励对象与股东的利益得以在一定程度上捆绑趋同，管理层亦会为了“股东价值最大化”而勤恳尽职，从而有效地改善公司业绩和内部治理。自2006年证监会的《上市公司股权激励管理办法》出台后，A股上市公司中曾披露过股权激励计划的数量飞速增长，大有潮流之势。然而追踪其实施效果，却是几家欢喜几家愁，这种差异背后的原因引人深思。 上海美特斯邦威服饰股份有限公司是我国纺织服装行业的翘楚，门店遍布全国，享有极高的知名度。同时，美邦服饰也是较早尝试股权激励的上市公司之一，上市九年间共推出了两个不同的激励计划，最终均以失败而告终，其股权激励方案的设计和失败原因具有较大的研究价值和趣味。 2010年美邦服饰首次实施了股票期权激励计划，在第一、第二个行权期业绩指标大好，却因为行权价始终低于二级市场股价导，导致187名激励对象在两年内无一人行权，200余万份到手的股票期权份额白白作废；第三、第四个行权期内公司业绩远不达计划设定的业绩考核指标，激励计划以失败而告终。期间，7名获受激励份额的高管陆续离职，最终仅剩一人留在美邦。可见，股权激励计划若想要取得股东预期的效果并非易事，如何设计出适合上市公司自身特殊需求的完善有效的股权激励方案值得我们深入研究。分析美邦服饰股权激励计划及实施过程中出现的问题，对于今后美邦服饰的股权激励方案设计具有一定的参考价值。 本文以案例研究方法为依托，以美邦服饰股票期权方案中的现象和结果为内容基础，深入分析其股票期权计划的激励背景和激励方案的要素设计，从激励时机、激励方式、股票来源、行权条件、行权价格几个方面进行分析，查找问题并给出合理改进建议，例如采用多元化的股权激励方式，选择多种股票来源渠道；向行权条件引入行业比较指标来衡量服装行业整体的景气度下降对公司业绩的拖累；向授予份额引入乘数浮动机制来合理兑付管理层的经营业绩；向行权条件引入乘数浮动机制来消除由市场波动对行权价格产生的不利影响等。
英文摘要：	Equity incentive has been recognized as an efficient tool to eliminate the principal-agent problem which can incentive growth of revenue and gather talents to the company. Equity incentive is also an innovative financial instrument with low cost and long cycle. It gives the incentive objects a "belonging consciousness which to some extent helps bound the incentive objects to the shareholders’ interests and encourage the incentive objects to work hard for the realization of maximization of the “Surplus value”. The effect effectively improved the company's operating performance and internal corporate governance. After the coming out of “Administration of Equity Incentive Measures of Listed Companies” in 2006, the numbers of disclosure of using equity incentive plans among the domestic listed companies grows so fast that has become a trend. However, after tracking effects of their equity incentive plans, we find out that numbers of the plans ended in failure. The reasons of the phenomenon are worth pursuing further. Shanghai Metersbonwe Fashion&Accessories Co.,Ltd. is the leader corporate of domestic textile and clothing industry, which has stores all over the country and is widely known among customers. Metersbonwe is also one of those who apply the equity incentive very early among the domestic listed companies. The company designed two incentive plans in nine years and both of them ended in failure. The design of the equity incentive plans and the reason of the failure have great research value and interestingness. The first implementation of equity incentive plans of Metersbonwe in 2010 took the form of stock option incentive. In the first and the second phase of exercise schedule, nobody of the 187 incentive objects exercised because the price had been lower than the stock prices in secondary market while the performance indicators is excellent. In the third and fourth phase of exercise schedule, the company's performance indicators were far from threshold of the incentive plan. Finally, the whole stock option incentive plans ended in failure. Furthermore, among these seven executives who got the motivated shares, six of them left the company and only one executive stayed. Equity incentive plan is visibly not that easy to take effect. Therefore, how to design the suitable characteristics of listed companies improve the effective equity incentive plan is worth our further study. The design of equity incentive plans and the problems arising from the implementation process of Metersbonwe have great reference value in the design of equity incentive plan in the future. The article mainly adopts case analyzing method to analyze the stock option incentive plan of Metersbonwe via the background and the elements design of the whole plan. We will mainly talk about several aspects: the source of motivation timing, incentive pattern, the source of incentives stock, condition of exercise, exercise price. The article will find the problem and provide reasonable suggestions for improvement, such as the diversification of forms of equity incentive, introducing a variety of stock sources, the introduction of vesting conditions relative index of industry, the introduction of awarded shares vesting multiplier, the introduction of the float line power pricing mechanism, I hope that my discuss on the design of equity incentive plans and the problems arising from the implementation process of Metersbonwe will inspire the scheme design of the equity incentive plans in the future.
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