【作者】 方华；

【导师】 夏新平；

【作者基本信息】 华中科技大学 ， 工商管理， 2009， 硕士

【摘要】 股权激励制度作为现代公司的一种重要激励机制,在西方发达国家已经得到了广泛的运用,近年来我国上市公司也开始引入了股权激励制度。研究股权激励制度,对于建立高层经理人员的激励约束机制,完善上市公司经营者报酬制度,激发经理人员的工作积极性和主动性,提高上市公司的经营业绩和促进其持续发展具有重要的现实意义。在简要讨论股权激励理论,总结国内外股权激励的发展历程及特点的基础上,本文结合我国107家A股上市公司数据,对已提出或已实施的股权激励模式及股权激励现状进行了详细的统计和分析。根据最近3年H公司的财务状况,以企业的净资产收益率及净利润增长率分析为基础,提出了H公司的股权激励方案。通过制定详细的业绩考核指标及五年内逐步认购的方式,使得激励对象的目标长期化。本方案旨在解决H公司所面临的长远稳定发展的动力问题,使得股东与员工的长期利益趋于一致,公司治理更优化,业绩更上一层楼。与国内上市公司已经推出的股权激励方案相比,本方案具有覆盖面广、单个高级管理人员所获得的期权数量不多的特点。这既反映激光行业高素质人力密集的特征,也体现公司决策者一贯坚持的均衡发展的原则。公司的骨干员工通过资本的方式分享经营成果,承担经营风险。本文的工作主要在于在激励指标的设定上,摒弃了企业规模指标,转而使用加权平均净资产收益率与净利润增长率相结合的办法,在收益得到保证的前提下,并以此规划企业的利润分配,使得增量资产在股东和激励对象之间得到合理分配,妥善解决了公司股东与经营层、员工之间的利益共享问题。更多还原

【Abstract】 As an important incentive mechanism of modern corporate, stock incentives have been widely used in the western developed countries, and also began to be introduced to listed companies in China in recent years. It is of important practical significance to the research on stock incentive system, in terms of establishing incentive and restraint mechanisms of top management, improving executive compensation of listed companies, stimulating their enthusiasm and initiative of working, increasing the operating performance of listed companies, and promoting their sustainable development.After simply discussing the theory of stock incentives and summarizing the course of and characteristics of domestic and international development , we in detail analyze the patterns and present situation of stock incentive programs which have been proposed or already implemented using a sample of 107 A-share listed companies . According to H Corporation’recent 3-years financial reports and the analysis of H Corporation’ROE and net profit growth rate, we propose a stock incentive scheme for H Corporation. Through formulating detailed performance indicators and a five-year subscribe year by year, the plans make incentive targets have a long-term goal. The scheme is designed to keep H Corporation’s dynamic energy in the course of the long-term stable development and to make stockholders keep long-term interests with employees in line, to optimize corporate governance of the company and to drive the corporate to get better business performance.Compared with the stock incentives schemes that domestic listed companies have proposed, our scheme has many advantages, such as the wide coverage, the distribution of a small share of options for each single top management. It not only reflects the characteristics of intensive high-tech labors in the laser industry, but also displays the principle of balanced development that decision-makers have consistently adhered to. Under the mode of capital, the company’s core employees share labor fruits and burden the operational risks. Our work mainly focus on setting new incentive indicators, abandoning the firm size as indicator, and turning to combine weighted average earnings of net assets with net profit growth rate. Under the promise of guaranteeing earnings, the scheme designs the distribution of enterprises profits to rationally allocate incremental assets between shareholders and incentive objects, solves the problem of how to share profits between shareholders, management and employee.更多还原