光明乳业股权激励案例分析-企业管理专业论文.docxVIP

华中科技大学硕士学位论文 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract As a long-term incentive mechanism，equity incentives has been in use in the west for a long time, which has a profound theoretical basis and practical basis. On the regard of theoretical research, equity incentive has the principal-agent theory, human capital theory, incentive theory, property rights incentive theory as the support;On the regard of empirical research, some scholars hold the point that management equity and corporate performance are related , some scholars hold the point that management equity and corporate performance are not related, but most of scholars agree that management equity plays a strong role in promoting enterprises’ performance improvement . In recent years, equity incentive has been gradually payed attention to and applied in China. Most domestic scholars agree that management equity plays a strong role in promoting enterprises’ performance improvement.Enterprise and the government also gradually recognized the importance and necessity of the implementation of equity incentive.Since the reform of state-owned enterprises, executive pay in state-owned enterprises has always been controversial. Equity incentive for state-owned enterprises is an important step in deepening the reform of state-owned enterprises, and is of great significance in improving the performance of state-owned enterprises,as well as the implementation of state-owned assets value . But there are many obstacles in the implementation of equity incentive in state-owned enterprises, including defects on governance structure , laws and regulations, capital market, performance indicators, , etc. As the first single equity incentive pilot of Shanghai State Assets Administration Committee， Bright dairy has chosen the restricted stock as equity incentive mode, and set up reasonable performance indicators and unlock conditions, but on the other hand, it had right price and the assessment index design defects in Shanghai, but