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论文编号：	12986
作者编号：	2320180300
上传时间：	2021/12/16 15:55:43
中文题目：	民营高新技术企业股权激励研究——以凯发电气为例
英文题目：	Research on the Stock Incentives in Private High-tech Enterprises ——Take Keyvia Electric Company as an example
指导老师：	李姝
中文关键字：	股权激励；民营高新技术企业；激励机制
英文关键字：	equity incentive; Private high-tech enterprises; excitation mechanism
中文摘要：	自改革开放以来，中国经济发展的增量部分主要来源于民营经济的贡献，而民营高新技术企业占到了民营企业数量的大多数，已经成为我国经济发展的主力军。随着民营企业逐渐专业化和规范化，发展规模越来越大，在发展过程中陆续暴露出研发力度不够，人才流动频繁的现象。随着企业的蓬勃发展，管理者和经营者之间的利益和目标出现分歧，所有权与经营权的分离日益加剧，委托代理问题逐渐显现。现代企业追求的最终目标是最大程度实现本企业的价值，为股东创造更大的利润。为了提高企业的生产能力和创新能力，留住和吸引更多的高素质人才，西方经济发达国家的知名公司创造出了股权激励这一现代化公司治理机制，而国内民营企业如雨后春笋般设立和蓬勃发展，再加之管理层通常都有上市的愿望和目标，希望将公司不断做大做强，国内的股权激励制度也渐渐实行开来，学术界将研究重点也放在了如何完善股权激励理论和相关的应用研究。因此，为了实现企业价值，需要企业管理层高屋建瓴、因地制宜地设计科学合理的设计股权激励，这也是我写下本文的初衷。 本文回顾了中外文献的大量资料，并整理归纳了股权激励的相关概念和理论。凯发电气属于高端设备制造行业，承揽了国内十几个城市的铁路基建和城市轨道交通建设。高端制造行业是实施股权激励较多的行业之一，本文选择了凯发电气作为研究对象，对其实施的首次股权激励的背景动因、具体内容及实施效果进行深入剖析，并发现凯发电气在2017年—2020年期间实施的股权激励方案中主要出现了五个方面的问题，分别是激励模式、考核指标、行权价格、激励有效期和人员选择覆盖面，并据此一一提出合理化建议和具体的改进措施，从股权激励实施后的总体效果上看，首期的限制性股票激励在解锁条件设置上过于单一和偏面，管理层实施的初衷福利性大于激励性，在完成解锁后仍有部分核心人员流失，企业业绩虽有提升，但是在后期出现了盈利能力放缓的趋势。 同时希望我国民营高新技术企业之间可以互相借鉴更多优秀企业的股权激励案例，为今后更好的实施提出参考意义和宝贵经验。
英文摘要：	Since the reform and opening up, the incremental part of China's economic development mainly comes from the contribution of private economy, while private high-tech enterprises account for the majority of private enterprises and have become the main force of China's economic development. With the gradual specialization and standardization of private enterprises, the scale of development is getting larger and larger, and in the process of development, insufficient R&D efforts and the phenomenon of frequent flow of talents are gradually exposed. With the vigorous development of enterprises, the interests and objectives between managers and operators are divided, the separation of ownership and management rights is intensifying, and the principal-agent problem is gradually emerging. The ultimate goal pursued by modern enterprises is to maximize the value of the enterprise and create greater profits for shareholders. In order to improve the production capacity and innovation ability of enterprises, retain and attract more high-quality talents, well-known companies in western developed countries have created the modern corporate governance mechanism of equity incentive, while domestic private enterprises have sprung up and flourished, and the management usually has the desire and goal of listing. It is hoped that the company will become bigger and stronger, and the domestic equity incentive system will be gradually implemented. The academic research focuses on how to improve the equity incentive theory and related applied research. Therefore, in order to realize the enterprise value, it is necessary for the enterprise management to design scientific and reasonable design equity incentives according to local conditions. This is also the original intention of my writing this article. This paper reviews a large number of Chinese and foreign literatures, and sums up the related concepts and theories of equity incentive. Keyvia Electric Co., Ltd. belongs to the high-end equipment manufacturing industry, and has undertaken railway infrastructure and urban rail transit construction in more than a dozen cities in China. High-end manufacturing industry is one of the industries that implement more equity incentives. This paper chooses Keyvia Electric as the research object. This paper makes an in-depth analysis of the background motivation, specific content and implementation effect of the first equity incentive, and finds that there are five main problems in the equity incentive scheme implemented by Keyvia Electric during 2017-2020, namely, incentive mode, assessment index, exercise price, incentive validity period and personnel selection coverage. Based on this, rationalization proposals and specific improvement measures are put forward one by one. From the overall effect after the implementation of equity incentive, the setting of unlocking conditions of the first restricted stock incentive is too single and partial. The original intention of the management is that the welfare is greater than the incentive. After the completion of unlocking, some core personnel are still lost. Although the enterprise performance has improved, However, in the later period, there was a trend of slowing profitability. At the same time, it is hoped that private high-tech enterprises in China can learn from each other more equity incentive cases of outstanding enterprises, and provide reference significance and valuable experience for better implementation in the future.
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