摘要
在国外,股权激励已经成为激励高管的主要手段,而股权激励在我国仍处于刚刚起步阶段,学者对于我国市场高管股权激励有效性的现状和衡量指标多有讨论。本文认为高管股权激励有效性的衡量指标应当是公司股东价值和企业价值是否得到了有效提升,基于此,笔者通过公司经营情况、市场反应、企业价值、市场占有率及高管留任情况对青岛海尔股权激励计划有效性进行了分析。分析结果显示,青岛海尔股权激励计划具备激励作用,但作用不明显。导致该结果的主要因素是外部环境和契约设计。青岛海尔受行业变化冲击大、可用于股权激励的股本小、激励计划考核方式单一、行权价格苛刻等。通过对青岛海尔案例的分析,本文提出,其他上市公司可以合理避免青岛海尔股权激励计划设计不当的部分,借鉴其资本运作方式,促进高管股权激励有效性。
In foreign countries,equity incentive has become the main means to motivate executives.However,it is still at its fledgling stage in our country. Many scholars have debates on the effectiveness of executive equity incentive,including the present situation and the measures. This paper argues that executive equity incentive effectiveness should be measured by whether the company shareholder's value and the enterprise value have been effectively promoted. Based on this,this paper uses the company's business situation,market reaction,enterprise value added,market share,and demission of its executives to analyze the effectiveness of its equity incentive plan. The results show that Qingdao Haier's equity incentive plan can inspire executives,but the effect is not that obvious. The main factors that lead to this result are the external environment and the contract design. Qingdao Haier was impacted by the industry changes a lot. Also,the amount of equity used in equity incentive is small,the assessment of executives' performance is too simple and the demanding is too high.Through the analysis of Qingdao Haier case,we can gain suggestions for other listed companies,helping them welly avoid unreasonable part in Qingdao Haier's equity incentive plan and learn from its means of capital operation,at last,promote the effectiveness of executive equity incentive.
出处
《中山大学研究生学刊（社会科学版）》
2015年第4期75-92,共18页
Journal of the Graduates Sun YAT-SEN University(Social Sciences)
关键词
高管股权激励
青岛海尔
有效性
资本运作
Executive equity Incentives
Qingdao Haier
Effectiveness
Capital operation
