上市公司股权激励模式及其利弊

摘要股权激励作为长期激励的一种创新机制，有助于抑制经营者的短期行为，有效缓解委托代理产生的道德风险问题，激励其制定符合公司长远发展的战略。本文论述了股权激励的相关概念及五种主要模式，探讨了各自的优缺点以及适用条件。以新疆特变电工股份有限公司（以下简称：特变电工）为例，阐述其股权激励方案及实施效果。特变电工，作为我国重大装备制造业中的一个核心骨干企业，同时又是为数不多的采用股权激励员工行为的西部上市公司之一。本文试图对其股权激励措施进行探讨，具体包括：论述该公司实施股权激励的动因，采用限制性股票激励模式的具体方案及完成情况，并从四个方面分析评价实施效果。最后，针对特变电工股权激励存在的不足，提出相应的改进建议。通过了解实施的成功及不足之处，以期能够为我国其他类似上市公司在制定股权激励方案时提供一些借鉴和启示。81966

毕业论文关键词：上市公司；股权激励；限制性股票

Equity incentive pattern of listed company and its advantages and disadvantages: taking TBEA Co。, Ltd as an example

Abstract Equity incentive, being a long-term incentive of innovation mechanism, help to prevent the operators' short-term behavior, incentive management to make strategies for the long-term development of the company, which the interests of the shareholders and managers will consistent can effectively alleviate the principal-agent relationship。

This paper describes the concept of equity incentive and the five main types, and discusses their respective advantages and disadvantages and their applicability。 On the basis of analysis the Xinjiang TBEA electric apparatus stock incentive plan, specific include: introduction to the implementation of equity incentive plan and performance, and from four aspects and analysis of TBEA implementation of the implementation of equity incentive effect, the equity incentives and evaluation。 Finally, taking TBEA mapping out the problems summarize the drawbacks of the equity incentive plan, and puts forward some countermeasures and suggestions。 Listing company in the implementation of equity incentive plan before the need to develop a sound program report, the company must be based on its own operating conditions in line with the actual situation of the company's equity incentive program。 Set a reasonable performance evaluation indicators, strengthen incentives to attract foreign talent, in order to enhance the development potential of the listing company。

Keywords: listed company; equity incentive; restricted stock;

0 引言 1

1相关概念、模式及作用 1

1。1 股权激励的概念 1

1。2 股权激励的主要模式 2

1。2。1 股票期权 2

1。2。2 限制性股票 3

1。2。3 股票增值权 4

1。2。4 业绩股票 5

1。2。5 虚拟股票 5

1。3 股权激励在现代上市公司中的作用 5

2 特变电工股权激励模式案例分析 6

2。1 特变电工实施股权激励的基本情况 6

2。1。1 特变电工简介 6

2。1。2 特变电工实施股权激励的动因 7

2。1。3 特变电工股权激励方案简介上市公司股权激励模式及其利弊:http://www.youerw.com/kuaiji/lunwen_96034.html