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上市公司股权激励问题研究,13200字自己的原创毕业论文，仅在本站独家提交，大家放心使用摘要现代企业中“两权分离”导致“道德风险”和“逆向选择”等委托代理问题相继产生，为避免这类问题的产生，上市公司需要对企业的经营者进行激励和约束，股权激励因此产生。股权激励最早起源于美国，是解决上市公司股东和经营者利益不一致而产生委托代...
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上市公司股权激励问题研究
13200字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘要
现代企业中“两权分离”导致“道德风险”和“逆向选择”等委托代理问题相继产生，为避免这类问题的产生，上市公司需要对企业的经营者进行激励和约束，股权激励因此产生。股权激励最早起源于美国，是解决上市公司股东和经营者利益不一致而产生委托代理矛盾的有效方法，目前在很多西方国家得到广泛运用。在股权激励机制中，公司会将一部分股权通过某种方式转让给经营者，使经营者具备委托人和代理人的双重身份，以此来刺激经营者创造更好的业绩，从而实现股东财富最大化的目标。从国外的经验和实践来看，股权激励是一种适合现代企业发展的激励手段，有利于促进企业的长远发展与股东价值的增值。
本文从股权激励的基本理论入手，简要介绍了我国上市公司己有的股权激励实践情况，分析了我国实行股权激励的上市公司在地域、行业、方案选择等方面的差异，并对上市公司股权激励效果进行了简要探索。以期找出我国在实行股权激励机制中存在的问题，并提出相关建议，希望对中国特色的股权激励的推进有所帮助。
关键词：经营者股权激励中国实践
ABSTRACT
Modern enterprise "separation of ownership" leads to the generation of "moral hazard" and "adverse selection" and the principal-agent problem.In order to avoid such problems, it is necessary to conduct business operators the incentive and restraint, equity incentive whereby produced. Equity incentive originated in the United States, currently in many western countries as an effective pay model widely used, is the agency to resolve conflicts of interest between inconsistency and shareholders of listed companies is generated by its core objectives. A stake in the company in some way will be transferred to the operator, so that the operators of both principal and agent of dual identity, in order to stimulate operators to create more excellent performance and achieve goals of maximizing shareholder wealth. From experience and practice situations abroad, equity incentive is an incentive for the modern enterprise long-term development, and promoting value-added business development and shareholder value.
In this paper, the basic theory of incentive stock options to start, briefly introduced the situation of China's listed companies have some equity incentive practices, analyze the difference between listed companies in China's implementation of equity incentive geography, industry, and other aspects of program choice, and with representatives of some shares of listed companies the incentive effects are briefly explored. To identify problems arising in the implementation of equity incentive mechanism and put forward relevant proposals in the hope of promoting Chinese characteristics incentive stock options help.
Key words：OperatorsEquity incentive Practice in China
目录
前言 1
1股权激励概述 1
1.1股权激励的概念 1
1.2股权激励的理论基础 2
1.2.1委托代理理论 2
1.2.2人力资本理论 3
1.3股权激励的对象 3
1.4股权激励的常用模式 3
1.4.1股票期权 3
1.4.2虚拟股票 4
1.4.3限制性股票 4
1.4.4业绩股票 4
1.4.5股票增值权 5
2我国上市公司股权激励现状 5
2.1实施的总体情况 5
2.2实施的特点 5
2.2.1 年代分布 6
2.2.2地区分布 7
2.2.3行业分布 8
2.2.4激励有效期 9
2.2.5激励模式分布 10
2.2.6激励水平分布 11
2.3实施效果分析 11
3我国上市公司股权激励存在的问题 13
3.1内部因素 14
3.1.1缺乏对股权激励长期效应深刻认识 14
3.1.2缺乏科学合理的业绩考核指标 14
3.1.3公司治理结构不完善 15
3.2外部因素 15
3.2.1证券市场有效性不足 15
3.2.2缺乏完善的经理人市场 15
3.2.3国家政策法规不完善 16
4完善我国上市公司股权激励的对策 16
4.1严格股权激励计划中行权价格 16
4.2完善业绩指标考核体系 16
4.3优化上市公司治理结构 17
4.4提高证券市场有效性 17
4.5健全经理人市场 17
4.6健全法律法规体系 18
参考文献 22
致谢 24
13200字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘要
现代企业中“两权分离”导致“道德风险”和“逆向选择”等委托代理问题相继产生，为避免这类问题的产生，上市公司需要对企业的经营者进行激励和约束，股权激励因此产生。股权激励最早起源于美国，是解决上市公司股东和经营者利益不一致而产生委托代理矛盾的有效方法，目前在很多西方国家得到广泛运用。在股权激励机制中，公司会将一部分股权通过某种方式转让给经营者，使经营者具备委托人和代理人的双重身份，以此来刺激经营者创造更好的业绩，从而实现股东财富最大化的目标。从国外的经验和实践来看，股权激励是一种适合现代企业发展的激励手段，有利于促进企业的长远发展与股东价值的增值。
本文从股权激励的基本理论入手，简要介绍了我国上市公司己有的股权激励实践情况，分析了我国实行股权激励的上市公司在地域、行业、方案选择等方面的差异，并对上市公司股权激励效果进行了简要探索。以期找出我国在实行股权激励机制中存在的问题，并提出相关建议，希望对中国特色的股权激励的推进有所帮助。
关键词：经营者股权激励中国实践
ABSTRACT
Modern enterprise "separation of ownership" leads to the generation of "moral hazard" and "adverse selection" and the principal-agent problem.In order to avoid such problems, it is necessary to conduct business operators the incentive and restraint, equity incentive whereby produced. Equity incentive originated in the United States, currently in many western countries as an effective pay model widely used, is the agency to resolve conflicts of interest between inconsistency and shareholders of listed companies is generated by its core objectives. A stake in the company in some way will be transferred to the operator, so that the operators of both principal and agent of dual identity, in order to stimulate operators to create more excellent performance and achieve goals of maximizing shareholder wealth. From experience and practice situations abroad, equity incentive is an incentive for the modern enterprise long-term development, and promoting value-added business development and shareholder value.
In this paper, the basic theory of incentive stock options to start, briefly introduced the situation of China's listed companies have some equity incentive practices, analyze the difference between listed companies in China's implementation of equity incentive geography, industry, and other aspects of program choice, and with representatives of some shares of listed companies the incentive effects are briefly explored. To identify problems arising in the implementation of equity incentive mechanism and put forward relevant proposals in the hope of promoting Chinese characteristics incentive stock options help.
Key words：OperatorsEquity incentive Practice in China
目录
前言 1
1股权激励概述 1
1.1股权激励的概念 1
1.2股权激励的理论基础 2
1.2.1委托代理理论 2
1.2.2人力资本理论 3
1.3股权激励的对象 3
1.4股权激励的常用模式 3
1.4.1股票期权 3
1.4.2虚拟股票 4
1.4.3限制性股票 4
1.4.4业绩股票 4
1.4.5股票增值权 5
2我国上市公司股权激励现状 5
2.1实施的总体情况 5
2.2实施的特点 5
2.2.1 年代分布 6
2.2.2地区分布 7
2.2.3行业分布 8
2.2.4激励有效期 9
2.2.5激励模式分布 10
2.2.6激励水平分布 11
2.3实施效果分析 11
3我国上市公司股权激励存在的问题 13
3.1内部因素 14
3.1.1缺乏对股权激励长期效应深刻认识 14
3.1.2缺乏科学合理的业绩考核指标 14
3.1.3公司治理结构不完善 15
3.2外部因素 15
3.2.1证券市场有效性不足 15
3.2.2缺乏完善的经理人市场 15
3.2.3国家政策法规不完善 16
4完善我国上市公司股权激励的对策 16
4.1严格股权激励计划中行权价格 16
4.2完善业绩指标考核体系 16
4.3优化上市公司治理结构 17
4.4提高证券市场有效性 17
4.5健全经理人市场 17
4.6健全法律法规体系 18
参考文献 22
致谢 24
