创业期企业的核心成员股权激励特征——基于高新技术企业的案例研究-会计学专业论文.docxVIP

摘要 高新技术公司是一种知识密集型企业，其发展在很大程度上依赖于员工的投 入，同时股权激励可以作为企业留住人才和提升业绩的工具。但很多高新技术企 业的有着自身的特点与诸多不健全。 通过综合考虑委托代理理论、人力资本产权理论和剩余索取权理论，文章分 析了中国高新技术企业股权激励的特点和现状，并应用案例研究法，选取了沃森 生物、网宿科技和中兴通讯三家高新技术企业的首次股权激励案例，是分别代表 激励计划失败、激励计划成功和成熟的激励计划三类典型案例，进行深入分析， 总结了各个激励计划的特征、存在的问题或可借鉴的成功之处。 处于创业期的高新技术企业相对于发展较为成熟的企业而言，其股权激励政 策较为单一和不完善，但通过深入分析，可以发现一些高新技术企业在创业期的 股权激励特征，它们恰恰影响着股权激励的最终效果。这些特征包含内部因素（公 司战略、股权激励对象和企业成长性）和外部因素（行业因素和法律环境）两方 面，并针对各要点做出了深入分析，并提出了应对当前问题的解决办法。 笔者发现，目前处于创业期的高新技术企业的薪资构成较为单一，激励政策 不够成熟，并提出解决办法认为企业应更多地结合实际，并参考同类成熟企业的 激励计划运作经验，选择与公司所处行业和发展阶段相适应的股权激励模式，采 取多样化的薪资组合，并对不同职务、不同职位的员工采取不同的激励措施，确 定与其努力相适应的评价指标。同时，还应关注禁售期的长短，选择较长的解锁 期和禁售期，使得股权激励政策发挥长期激励的作用。分析发现，中国当前的股 权激励相关立法和监管仍有不足，应对新情况、新问题出台引导性文件，帮助处 于创业期的企业能够更成熟地实施股权激励方案，使其股权激励计划能够发挥良 好的效果。 关键词：高新技术企业，股权激励，创业期，核心成员 Abstract High-tech companies are a kind of knowledge-intensive enterprises, their development is largely dependent on their employees effort, while equity incentive can serve as a tool for companies to retain talent and enhance performance. However, many high-tech companies have their own characteristics with many unsound. Considering the Principal-agent theory, Human Capital theory and the Residual Claim Property Rights theory, this paper analyzes the characteristics and the status of Chinas high-tech corporate equity incentive, uses case study method and selects three typical cases. In these three cases, this paper sums up the characteristics, problems, and some advantages others can learn from these various incentive plans. In the start-up period, compared to the companies more mature, the high-tech enterprises equity incentives are more simple and imperfect, but through in-depth analysis, some features of high-tech companies equity incentive can be found. They just affect the ultimate effect of equity incentive. These features include internal factors (corporate strategy, incentive target and corporate growth) and external factors (industry factors and legal environment). It is found that the current legislation and regul