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论文编号：	9924
作者编号：	2220132352
上传时间：	2018/5/30 18:00:29
中文题目：	MS证券公司股权激励研究
英文题目：	Research of MS SECURITIES CO.,LTD Equity incentive
指导老师：	崔勋
中文关键字：	股权激励；分层激励；非上市公司；MS证券公司
英文关键字：	Equity incentive；stratified incentive；non-listed company；securities company
中文摘要：	由于我国资本市场起步较晚，先后历经野蛮生长、清理整顿和综合治理、规范发展三个阶段，目前已逐步进入以创新发展为主导的重要阶段。随着对混业经营和外资参与国内证券业务限制的逐步放开，混业化和国际化竞争将使国内证券公司面临前所未有的挑战，同时互联网金融服务快速渗入人们生活的方方面面，销售模式变局将打破传统金融机构的物理渠道转而延伸至虚拟渠道，借用平台优势运用大数据优势向客户精准推介包括经纪、资产管理、投资银行等在内的组合型金融产品，促使证券行业的竞争日趋激烈。行业发展的背后不仅是时代和技术的驱使，更是企业和人才的高度契合，多层次资本市场建设及各创新业务条线的不断开展，对于高素质的证券公司管理才干和业务人员需求将更加迫切。 我国证券行业是资本密集型的行业，更是人才密集型行业，高素质的人才队伍是证券公司培育竞争优势的核心力量。一方面，国内券商普遍存在从业人员素质参差不齐、人才流动频繁的现象；另一方面，证券行业中短期激励导向更趋近于注重团队与个人价值贡献的高激励模式，导致证券行业员工对企业归属感不及对团队归属感的情况，难以形成利益、事业、命运共同体。在企业发展中，股权激励作为长期薪酬激励方式之一，不仅是优化公司治理和法人结构的有效手段，更通过“价值捆绑”的方式使核心人才与公司形成利益共同体、事业共同体和命运共同体，是当前公司治理、人才发展与资本市场运作融通结合产生的创新举措，与业内上市券商广泛推行股权激励的局面相对应，非上市券商中运用股权激励的企业仍寥寥无几，在整个行业对于长期激励的需求也越发强烈，上市券商已用事实证明股权激励管理约束人才的优势，由此可见，探索和建立完善、合理的股权激励制度对于非上市券商的发展有着极为重要和迫切的现实意义。 本研究选择证券行业的一家老牌民营券商MS证券公司作为研究对象，由于其非上市和民营背景的特性，在薪酬体系设计时能够更好地体现长期激励与现有薪酬体系的联挂、非上市性质与拟上市发展进程的结合、公司整体薪酬管理体系和分层分类的股权激励方案的兼顾。本文以股权激励相关理论作为指导，深入研究和探讨了MS证券公司薪酬激励现状及其对和核心人才激励失效的原因，进而根据MS证券公司的战略与人才发展要求，帮助其设计一套科学、完善的股权激励体系，从激励对象、激励模式、股权来源、兑现条件及退出机制等方面提出具体的方案建议，以期为遇到类似问题的企业提供可供借鉴的设计案例和改进建议。
英文摘要：	Since the capital market of China started late, it has successively experienced three stages of barbaric growth, cleaning up and rectifying, comprehensive governance and standard development, and now it has gradually entered an important stage leading to innovation and development. With the gradual liberalization of mixed operation and foreign capital participation in domestic securities business, mixed and international competition will make domestic securities companies face unprecedented challenges. At the same time, the Internet financial services quickly infiltrate all aspects of people's life. The change of sales pattern will break the physical channels of the traditional financial institutions to the virtual channels, and use the advantages of the platform to accurately introduce the combined financial products including brokerage, asset management and investment banks to customers by using the advantages of large data. The competition of the securities industry is becoming more and more intense. The development of the industry is not only the driving force of the times and technology, but also the combination of enterprises and talents. The construction of multi-level capital market and the continuous development of various innovative business lines will be more urgent for the management talents of high quality securities companies and the needs of the business personnel. China's securities industry is not only a capital intensive industry, but also a talent intensive industry. High quality talent team is the core of the industry development. On the one hand, the domestic securities dealers generally have uneven quality of employees and frequent talent flow. On the other hand, the short-term incentive orientation in the securities industry is more close to the note. The high incentive model of heavy team and individual value contribution leads the staff of the securities industry to feel inferior to the sense of belonging to the team, and it is difficult to form a community of interests, cause and fate. In the development of enterprises, equity incentive is one of the long term incentive methods, which not only embodies the privileges of ownership of the company, but also an effective means of incentive for corporate governance. It is an innovative measure that combines the practice of corporate governance and the theory accepted with the operation of capital market, which is widely popular with the listed securities firms in the industry. There are few enterprises with equity incentive in the non-listed securities firms, and there are still few enterprises in the stock market, and the demand for long-term incentive is stronger in the whole industry. The development of non-listed brokerages has extremely important and urgent practical significance. In this study, a private securities firm, MS securities company, is selected as the research object. Due to its non-listed and private background, it can better reflect the combination of long-term incentive and the existing salary system, the combination of the non-listed nature and the listed development process, and the overall salary management of the company. System and hierarchical classification of equity incentive plan design should be taken into account. With the guidance of the theory of equity incentive, this paper studies and discusses the current situation of MS securities company's organization and human resources and salary incentive, and identifies the problems and defects in the company's salary system. According to the strategic development requirements and salary incentive status of MS securities company, this paper puts forward specific design scheme and implementation supporting mechanism from the aspects of incentive object, incentive mode, equity source, payment mode, cashing condition and exit mechanism, so as to help the company to build science and perfection through the design of equity incentive management system. Equity incentive system, in order to provide similar design cases and improvement suggestions for enterprises with similar problems.
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