摘 要

股权激励制度最早诞生于20世纪50年代，其旨在解决企业经营权与所有权分离带来的弊端。20世纪80年代，以美国为首的西方发达国家的上市公司率先采用股权激励制度，在公司蓬勃发展的初期取得了良好的效果。2005年12月31号，我国证监会正式颁布《上市公司股权激励管理办法（试行）》后，国务院国资委和财务部分别于2006年1月27日和2006年9月20日颁布了《国有控股上市公司（境外）实施股权激励试行方法》、《国有控股上市公司（境内）实施股权激励试行办法》，对国有上市公司建立股权激励做出了进一步的规定，至此，中国上市公司的股权激励进入快速发展阶段。随着近些年股权激励制度日趋完善，中国上市公司的股权激励也进入快速发展阶段。本文以德尔未来为例，研究2013年11月28日开始为期三年的资产负债率变化，分析比较股权激励与绩效水平的关系。研究结果表明，股权激励与公司的绩效大体呈正相关，在一定时间内，实施股权激励对公司产生积极的作用，但从长时间来看，影响并不大。

关键词：股权激励；德尔未来；绩效

ABSTRACT

The equity incentive system was first born in 1950s.It aims to solve the drawbacks caused by the separation of ownership.In 1980s,the listed companies of the developed western countries,led by the United States,took the lead in adopting the equity incentive system,and achieved good results in the early stage of the company’s flourishing development.In December 31,2015,China Securities Regulatory Commission formally promulgated the management method of equity incentive for listed companies (after trial implementation),and equity incentive was applied in listed companies.In January 27,2006 and September 20,2006,the SASAC and financial part of the State Council promulgated the Trial Measures for the implementation of equity incentives for state-owned listed companies (Overseas) and the implementation of equity incentives for state-owned listed companies (domestic) ,which further stipulates the establishment of equity incentive for state-owned listed companies.Taking Del's future as an example , this paper studies the change of asset liability ratio in November 28,2013 for a period of three years ,and analyzes the relationship between equity incentive and performance level .The results of this show that equity incentive is positively related to the stock price and performance of the company . In a certain time , the implementation of equity incentive has a positive effect on the company , but in a long time , the impact is not significant.

Keywords: Equity incentive；Del future； Achievements

目录

1 前言---------------------------------------------------------------------------------------------------------------------1

1.1 研究背景-------------------------------------------------------------------------------------------------------1

1.2 研究目的及意义---------------------------------------------------------------------------------------------1

1.3 研究现状-------------------------------------------------------------------------------------------------------2

1.4 研究内容-------------------------------------------------------------------------------------------------------2

2 相关基础理论--------------------------------------------------------------------------------------------------------3

2.1 股权激励的概念----------------------------------------------------------------------------------------------3

2.2 股权激励要素-------------------------------------------------------------------------------------------------3

2.2.1 激励方式------------------------------------------------------------------------------------------------3

2.2.2 激励标的------------------------------------------------------------------------------------------------4

2.2. 3 激励对象-----------------------------------------------------------------------------------------------4

2.2.4 激励额度------------------------------------------------------------------------------------------------4

2.2.6 行权条件------------------------------------------------------------------------------------------------4

2.2.7 激励期限------------------------------------------------------------------------------------------------4

2.3 基础理论-------------------------------------------------------------------------------------------------------5

2.3.1 人力资本理论-----------------------------------------------------------------------------------------5

2.3.2 委托代理理论-----------------------------------------------------------------------------------------5

2.3.3 马斯洛需求层次理论--------------------------------------------------------------------------------5

2.3.4 博弈论---------------------------------------------------------------------------------------------------5

3 股权激励的政策法规及实施现状------------------------------------------------------------------------------6

3.1 政策法规-------------------------------------------------------------------------------------------------------6

3.2 实施现状-------------------------------------------------------------------------------------------------------9