摘要 随着经济的腾飞，企业经营者和企业所有者的利益冲突日益加剧，使得代理问题越来越突出，大部分企业为了实现价值最大化，开始实行股权激励计划使得两者利益趋同化。在保证管理者利益得到提升的同时，企业所有者利益也能够得到长远发展的保障。本文为了进一步解释企业实施股权激励计化对企业发展的效果，采用理论论证和实例分析的方法，介绍了有关股权激励计化的相关概念，从理论上对股权激励计划做出了一定的诠释，接着对股权激励计化实行的效果进行了研究，包括如何实施股权激励计化、如何确定激励计化的规模激励方式激励条件，做出更加详细的阐述。从第三章开始针对格力电器公司实施的股权激励计划的效果进行评价，并通过格力电器公司的案例得出了股权激励实施的成功必须选择合理的激励方式，确定恰当的激励规模和激励手段。最终得出结论是股权激励计划的实施可以很好地缓解股东和经营者的代理问题，通过调动员工的积极性，使得企业最大利益的实现得到进一步的保障。 关键字：激励计划 激励规模 激励方式 激励条件 Abstract With the rapid development of the economy, the conflict of interests between business owners and business owners is becoming more and more serious. The problem of agency becomes more and more serious. In order to achieve maximum value, most enterprises begin to implement equity incentive plan to make their interests assimilated. While guaranteeing the promotion of managers'interests, the interests of enterprise owners can also be guaranteed for long-term development. in order to further explain the effect of the implementation of equity incentives on the development of enterprises, this paper introduces the related concepts of equity incentives and methods, and theoretically explains the equity incentive plan in a theoretical way., makes a theoretical interpretation of equity incentive planning, and then studies the effect of the implementation of equity incentive accounting, including how to implement equity incentive accounting and how to confirm it. The incentive conditions of scale incentive mode with fixed incentive plan are elaborated in more detail. Starting from the third chapter, the paper evaluates the effect of equity incentive plan implemented by Gree Electric Appliances Company. Through the case of Gree Electric Appliances Company, it is concluded that the success of equity incentive implementation must choose reasonable incentive mode, determine the appropriate incentive scale and incentive means. The final conclusion is that the implementation of equity incentive plan can well alleviate the agency problems of 1
shareholders and operators, and further guarantee the realization of the best interests of enterprises by mobilizing the enthusiasm of employees. Key words: incentive plan； incentive scale； incentive mode； incentive conditions 目录 第一章 股权激励计划基础 ............................................................................................... 4
1.1概念界定 ............................................................................................................... 4
1.1.1股权激励 ................................................................................................... 4 1.1.2公司绩效 ................................................................................................... 5 1.2股权激励的理论基础 .......................................................................................... 5
1.2.1委托代理理论以及方法 .......................................................................... 5 1.2.2人力资本理论 ........................................................................................... 5
第二章 股权激励计划的决策内容及其效果评价方法 ................................................. 6
2.1实施股权激励计划的合理性分析 ..................................................................... 6
2.1.1行业竞争及政策环境因素的影响 .......................................................... 6 2.1.2 公司治理结构及特征因素影响 ............................................................. 6 2.2股权激励计划的方案制定 .................................................................................. 8
2.2.1确定激励的规模 ....................................................................................... 8 2.2.2选择激励的方式 ..................................................................................... 8 2.2.3设置激励的条件 ..................................................................................... 8 2.2.4设定激励的对象及价格 .......................................................................... 9 2.3股权激励计划的效果评价方法 .......................................................................... 9
2.3.1股权激励计划对公司绩效的影响 ........................................................ 9 2.3.2股权激励计划对现金流量的影响 ........................................................ 9
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2.3.3股权激励计划产生的市场反应 ........................................................... 10
第三章格力电器股权激励计划的实施背景、过程及效果评价 ................................ 10
3.1格力电器股权激励计划的实施背景 .............................................................. 10
3.1.1格力电器的经营状况 ........................................................................... 10 3.1.2 格力电器的财务状况 .......................................................................... 11 3.2格力电器实施股权激励计划的合理性分析 .................................................. 12
3.2.1行业竞争及政策环境的影响 ............................................................... 12 3.2.2 格力电器公司治理结构及特征的影响 ............................................. 13 3.3格力电器股权激励计划的方案介绍 .............................................................. 13
3.3.1格力电器股权激励计划的股份数量及相关条款 .............................. 13 3.3.2格力电器股权激励计划的实施过程及结果 ...................................... 13 3.4格力电器股权激励计划的效果评价 .............................................................. 14
3.4.1格力电器实施股权激励计划对企业绩效的影响 .............................. 14 3.4.2格力电器实施股权激励计划对企业现金流量的影响 ..................... 15 3.4.3格力电器实施股权激励计划对市场反应的影响 .............................. 15
第四章 股权激励计划构成要素的具体分析 ............................................................... 15
4.1格力电器股权激励计划的激励规模 .............................................................. 15
4.1.1格力电器产权结构因素的影响 ........................................................... 15 4.1.2格力电器员工薪酬体系因素的影响 .................................................. 16 4.2格力电器股权激励计划的激励方式 .............................................................. 16
4.2.1限制性股票和股票期权的比较 ........................................................... 16 4.2.2限制性股票和虚拟性股票的比较 ....................................................... 17
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格力电器公司股权激励计划研究
