限制性股票激励计划的实施效果分析_大学生毕业设计论文.docVIP

题目：限制性股票激励计划的实施效果分析 ----以光明乳业为例 课程名称 企业业绩评价与激励机制 研究生姓名 研究生学号 研究生专业 会计硕士 所在院系 经管学院 类别: A.博士 B.硕士√ C.进修生 日期: 2014 年 11 月 15 日 摘 要 限制性股票是现行股权激励的主要手段之一，其出现源自于协调公司治理的委托代理问题，其重要作用也体现于在经济低迷期能更好的保障激励对象的利益，减少企业在危机时刻核心员工的流失，从而实现企业的战略目标。自2008年金融危机之后，许多公司对以股票期权为主流的长期激励模式提出质疑，此时，限制性股票受到越来越多公司的关注与青睐，许多公司开始探索如何有效实施该激励模式。那么，限制性股票如何能起到应有的激励作用、相较于股票期权激励方案其优越性如何体现，以及其实施过程中可能存在的问题将是本文探讨的核心内容。 本文以光明乳业发布实施的限制性股票激励方案为研究对象，通过对其两次股权激励方案的关键要素对比分析、股权激励模式选择的价值模拟以及对实施限制性股权激励过程中所存在问题进行分析探索，最后得出研究结论。本文认为，限制性股票激励方案要素的设计应当符合特定公司现实的情况，限制性股票相较于股票期权具有更好的稳定性和务实性，应当构建多样化的指标评价体系来衡量激励效果。 关键词:限制性股票 股权激励 公司业绩 ABSTRACT As an important incentive mechanism,restricted stock is designed to coordinate the contradiction between commissioned and agent for improving the long-term economic benefits.With the widely application in the modern enterprise,the important role of restricted stock is also reflected in retaining key employees for laying the foundation for the strategic target at the time of economic downturn.Many companies questioned about some long-term incentive model including stock options under the influence of 2008 financial crisis, At this point,restricted stock has received more and more attention,many companies began to explore the implementation of this incentive mode.Whether the restricted stock can play a stimulating role?How to show its superiority compared with Stock option incentive?And what problem will come out during the implementation process?Those were the core contents which are discussed in this thesis. Based on the incentive theory and related to Bright Diary Company as background,we should make a comparison between two restricted equity incentive schemes key factors firstly.Secondly,we should simulate the choice of equity incentive mode by value guidance,