高新技术企业基于bsc的股权激励实施效果研究——以诺普信公司为例-research on the implementation effect of bsc - based equity incentive in high-tech enterprises - a case study of northtrust company.docxVIP

摘要股权激励是一种通过给予管理者公司股权形式而使他们获得一定的经济权利，能够以企业所有者的身份参与公司决策﹑共享利润﹑担负风险，从而恪尽职守地为公司的长远目标服务的一种激励方法。特别在高新技术企业，知识和人才是企业生存和发展的根本要素，股权激励有利于留住核心人才，提升企业价值。然而，目前我国上市公司的股权激励方案设计过于偏重财务业绩考核条件，一方面由于财务指标短期内容易被操纵，会使股权激励成为高管自谋福利的工具，另一方面考核指标的不全面会引发高管的短视化行为，通过减少研发支出和长期化项目的投资来换取短期业绩提升，最终不利于企业长远战略目标的实现。为此，理论界提出运用平衡计分卡考核指标来改进方案设计，其实践效果有待检验。诺普信公司作为实行基于BSC的股权激励的践行者和领头羊，具有典型的案例研究价值。本文通过对诺普信基于BSC的股权激励实施前后的财务和非财务维度各项指标变化进行纵向对比，以及与竞争对手和行业平均的经营情况进行横向对比，分析其股权激励实施的积极效应和存在问题，并且针对问题找出原因和提出改进建议，从而获得基于平衡计分卡的股权激励实施的经验和教训，为其他高新技术企业实行股权激励、实现战略目标提供参考和启示。关键词：高新技术企业，平衡计分卡，股权激励，诺普信公司IAbstractEquityincentiveisakindofmethodthatmakesmanagersdiligentlyandconscientiouslyserveforcompany’slongtimedevelopmentbygivingthemequityandeconomicrights,allowingthemtoparticipateinthedecisionofenterprises,shareprofitsandundertakerisksintheidentityofshareholders.Especiallyinhigh-techenterprises,knowledgeandtalentsarethefundamentalofenterprises’liveanddevelopment,andtheequityincentiveisgoodforretaincoretalentssothattoimproveenterprises’values.However,sofartheequityincentiveplansoflistedcompaniesinourcountryareheavilyorientedtowardsfinancialperformanceassessmentindex,whichcausessomeproblems.Ontheonehand,asthefinancialindexcanbeeasilymanipulated,equityincentivewillbecomemanagers’toolsofseekingforpersonalbenefits.Ontheotherhand,theincompleteassessmentindexwillcausemanagers’shortsightedbehaviorsthattheyreduceRDexpensesandinvestmentsforlong-termprojectstoimproveshort-termperformance,butatlastitwillbeharmfulforrealizationofenterprises’long-termstrategicgoals.Therefore,theoristsadvisecompaniestoimprovethedesignofplanbyaddingBSCassessmentindex,butthepracticeeffectistobetested.AndNoposionCompanyisthepioneerofimprovingequityincentiveplan,whichmakesittobeatypicalcaseforresearch.Thispaperlongitudinallycomparesfinancialandnon-financialindexes’changesbeforeandafterNoposionCompanyimplementedequityincentiveplanbasedonBSC,meanwhilehorizontallycomparestheoperationofNoposionanditscompetitors,toanalysepositiveeffectsandtheproblemsthatequityincentivebring