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论文编号：	9933
作者编号：	2220150597
上传时间：	2018/5/31 15:53:50
中文题目：	上海康达新材股份有限公司股权激励研究
英文题目：	The Research on Stock Option Incentives of Shanghai Kangda New Materials Co., Ltd.
指导老师：	周建
中文关键字：	股权激励；中小企业上市公司；高管；康达新材
英文关键字：	Stock option incentives；Public listed enterprises of small and medium scale；Senior executive；Kangda New Material
中文摘要：	随着中国市场经济不断深入发展以及在新一代国家领导人力推的经济转型战略背景下，以一大批中小企业为主的新生力量对推动我国经济稳步发展起着举足轻重的作用。然而，经过十几年的高速发展，这些中小企业的第一代创始人由于年龄的原因逐渐从台前走向幕后，而创始初期的中小企业在规模上愈发庞大。家族的第二代往往面临着更为复杂的企业内外部环境。大多数受过良好教育的家族第二代会聘用职业经理人进行管理从而代替过去的家族式管理。然后，这样就不可避免地产生了一个新的问题，即企业所有者和经营者分离。20世纪末，在市场经济发展更为完全的西方发达国家，“股权激励”作为解决这一问题的有效方式应运而生。股权激励已经成为现代企业管理中企业股东和经营者共同认可的长效激励方式，不仅可以让所有者能够较为放心地把企业交给职业经理人打理，同时具有经营权的管理者也能在获得自身较高利益的基础上展现自己的才能让企业得到发展，有效避免管理层因追逐短期利益而给企业带来的长期经营风险。 本文前半部分梳理了国内外股权激励的基本概念和研究观点，从2006年至2014年776家已公告股权激励计划的上市公司中选取三家典型的样本公司，采用对实例定性分析的方法，通过公开数据分析这些上市公司股权激励计划成功或失败的原因，进一步总结出当下我国实施股权激励计划的状况与启示：公司要想提高股权激励实施的效果，需要确保在选择、设计、实施这三方面的合理性和有效性。本文进一步对康达新材股份有限公司实施股权激励的内外部条件进行了详细的分析，进而归结出康达新材股份有限公司实施股权激励的优势和劣势、所面临的机会和威胁等。在此基础上，本文又进一步根据现有典型案例的分析结果，设计了两类适合康达新材股份有限公司实施的股权激励方案。 通过对比所确定的股权激励方案的优势和劣势，本文最终确定了康达新材股份有限公司应该实施的股权激励方案。在此基础上，本文又进一步对康达新材实施所选择的股权激励方案时，应该采取何种措施进行了详细的分析，主要从组织机制保障措施和控制机制保障措施两个角度进行了分析，使得所选择的股权激励方案可以得到更好地落实。本论文的研究结论用于指引康达新材公司实行具有连贯性、有效性的股权激励计划,从而提升公司经营业绩,实现长期健康发展。
英文摘要：	With the continuous development of China’s market economy and the economic transformation strategy under the leadership of the new generation of countries’ leaders, a large number of freshmen, mainly SMEs, have played a pivotal role in promoting the steady development of China’s economy. However, after more than ten years of rapid development, the first generation founders of these SMEs gradually moved from the stage to the behind-the-scenes due to their age, and the SMEs in the early days of their creation grew in size. The second generation of families often face more complex internal and external corporate environments. Most well-educated family second generations employ professional managers to supervise past family management. Then, this inevitably produced a new problem, that is, the separation of business owners and operators. At the end of the 20th century, in the Western developed countries where the development of the market economy is more complete, "equity incentives" have emerged as an effective solution to this problem. Equity incentives have become a long-term incentive method approved by corporate shareholders and managers in modern enterprise management. Not only do they allow owners to more confidently manage the company to professional managers, but managers with operational rights can also By developing their own talents based on their own higher interests, the company can develop and effectively avoid the long-term management risks that the management brings to the company due to chasing short-term interests. The first half of this article reviews the basic concepts and research perspectives of equity incentives at home and abroad, and selects three typical sample companies from 776 listed companies that have announced an equity incentive plan from 2006 to 2014, adopting qualitative analysis of examples, and through public disclosure. The data analyses the reasons for the success or failure of these listed companies' equity incentive plans and further summarizes the current situation and implications of China's implementation of equity incentive plans: The company needs to ensure the effectiveness of the implementation of equity incentives in the three aspects of selection, design, and implementation. Rationality and effectiveness. This article further analyzes the internal and external conditions of the implementation of equity incentives in Kangda New Materials Co., Ltd., and concludes that Kangda New Materials Co., Ltd. has implemented the advantages and disadvantages of equity incentives, the opportunities and threats faced by them. On this basis, this paper further designs two types of equity incentive plans for Kangda New Material Co., Ltd. based on the analysis results of the existing typical cases. By comparing the strengths and weaknesses of the identified equity incentive plans, this article finally determines the equity incentive plans that Kangda New Materials Co., Ltd. should implement. Based on this, this article further analyzes what measures should be taken when implementing the selected equity incentive plan for Kangda New Materials, which is mainly analyzed from two perspectives: organizational mechanism safeguards and control mechanism safeguards. The selected equity incentive plan can be better implemented. The research conclusions of this paper are used to guide Condak New Materials Co., Ltd. to implement a coherent and effective equity incentive plan, so as to enhance the company's operating performance and realize long-term healthy development.
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