格力电器股权激励的动因及效果研究

论文总字数：23948字

摘 要

目前，为提高我国高新技术企业的竞争力，科技创新投入正逐步加大。一大批高新技术企业通过股权激励促进其研发投入，提高经济效益。股利政策是上市公司重要的财务决策，而现金股利政策是大多数学者关注的焦点。本文将以格力电器为例，通过分其股权激励方案动因以及实施效果，总结格力电器股权激励方案问题，提出完善格力电器股权激励的建议并能对国企制定股权激励方案时进行一些启发。

本文选取了格力电器作为此次研究对象，首先介绍格力电器股权激励方案的具体内容，接着结合代理理论、信号传递理论从内外两方面对格力电器股权激励方案分析。研究结果显示，在内部因素中公司治理、投资机会，外部因素中宏观经济环境、行业周期这些都是影响格力电器股权激励的重要因素。最后股权激励效果受到市场反应、财务指标、非财务指标的影响。

文章认为格力电器内部制度环境有待改善，企业各职能部门要相互制衡，做好企业内部控制工作，从而对股权激励计划实施的每一个关键环节起到监督作用。在股权激励对象多元化的同时，对于新技术员工也要进行股权激励，因为留住人才是关键。

关键词：格力电器；股权激励；公司治理；投资机会；市场反应

A Study on the Motivation and Effectiveness of GREE"s Equity Incentive

Abstract

In order to improve their competitiveness, high-tech enterprises in China are gradually investing more and more in technological innovation. A large number of high-tech enterprises are using equity incentives to promote their Ramp;D investment and improve their economic efficiency. Dividend policy is a major financial decision for listed companies, and cash dividend distribution policy is the focus of the majority of scholars to study dividend policy. This paper will take GREE as an example and summarize the problems of GREE"s equity incentive scheme by dividing the motivation and implementation effect of its equity incentive scheme, and put forward suggestions to improve GREE"s equity incentive scheme and to inspire state-owned enterprises in formulating their equity incentive scheme.

This paper selects Gree Electric as the object of this study. Firstly, it introduces the specific content of Gree"s equity incentive scheme, and then analyses Gree"s equity incentive scheme from both internal and external aspects by combining agency theory and signaling theory. The results of the study show that internal factors such as corporate governance and investment opportunities, and external factors such as macroeconomic environment and industry cycle are all important factors affecting the equity incentive scheme of Gree Electric. Finally the effect of equity incentive is influenced by market reaction, financial indicators and non-financial indicators.

The article concludes that the internal institutional environment of Gree Electric needs to be improved to require mutual checks and balances between the various functional departments of the enterprise, and to do a good job of internal control links of the enterprise to play a supervisory role in every key point of the implementation of the equity incentive plan. As well as the diversification of equity incentive targets, we should also provide equity incentives for newly promoted technical employees, so that retention of talents is the key.

Keywords: Gree Electric; Share incentive; Corporate governance; Investment opportunity; Market reaction

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究的目的意义 1

1.2.1 研究目的........................................................................................................................................1

1.2.2 研究意义........................................................................................................................................1

1.3 研究内容及方法...................................................................................................................................2

1.3.1 研究内容........................................................................................................................................2

1.3.2 研究方法........................................................................................................................................2

第二章 理论基础和文献综述 3

2.1 基础理论...............................................................................................................................................3

2.1.1 委托代理理论................................................................................................................................3

2.1.2 信息传递理论................................................................................................................................3

2.2 文献综述.............................................................................................................................................. 4

2.2.1大环境下股权激励研究.................................................................................................................4

2.2.2以格力电器为例的股权激励方案研究.........................................................................................4

2.2.3美的集团与海尔股权激励案例分析.............................................................................................4

2.2.4文献述评.........................................................................................................................................5

第三章 格力电器股权激励方案介绍..........................................................................................................6

3.1格力电器基本情况 6

3.1.1 公司概况........................................................................................................................................6

3.1.2 主营业务........................................................................................................................................6

3.2 格力电器股权激励方案 6

3.2.1 股权激励方案 6

3.2.2 股权激励对象 8

第四章 格力电器股权激励实施动因分析 9

4.1 格力电器股权激励外部因素 9

4.1.1 宏观环境分析 9

4.1.2 行业环境分析 9

4.2 格力电器股权激励内部因素 9

4.2.1 公司治理视角分析 9

4.2.2 投资机会视角分析 10

第五章 格力电器股权激励实施效果及问题分析 11

5.1 市场反应分析 11

5.2 财务指标分析 12

5.3 非财务指标分析 14

第六章 优化格力电器股权激励的建议 15

6.1 市场环境建设 15

6.2 内部环境有待改善 15

6.3 股权激励对象多元化 16

6.4 股权激励的有效期应延长.................................................................................................................16

6.5 完善与股权激励相关的法规政策.....................................................................................................16

参考文献........................................................................................................................................................17

致 谢 18

第一章 绪 论

1.1 研究背景

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