股权激励-以恒大地产为例.pdfVIP

摘 要 中国在 19 世纪末代，引入了国外的一种特殊的治理方法股权激励。在通过翻 阅了各种各样的研究报告可以得出一个结论，即，股权激励是当代一种有效的治理模 式,并且，股权激励对于企业发展是具有促进作用，并关系到企业的成长。我国目前对 股权激励已经得到了很好的发展，许多企业跃跃欲试，并拥有了一套属于自己的股权 激励政策。本文选取恒大地产作为研究对象，作为最在开展股权激励的第一批企业， 他的股权激励模式是现金股利和有一定条件制约的股票，而且设立了将业绩指标当成 考察系统的解锁前提，整体性的股权激励方式比较科学。论文通过财务分析主要旨在 研究和分析上市房地产企业股权激励的有效性，激励程度，并且进一步结合公司的股 利分配政策，探讨股权激励对公司的股利分配是否存在影响。并在此基础上，借助杜 邦分析法、标准比较法、比率和比较分析法，分析股权激励对恒大运营能力是否有推 动作用。并且探究在股权激励中，作为股权激励对象、又参与股利分配决策高层管理 人员是否有可能为了获取更多的利益，制定股利分配的政策，从而得到自身想要的， 但同时这种鼓励政策也会导致股东利益的受损，从而产生各种代理问题，导致企业管 理不当，产生风险。 关键词：股权激励；股权激励的有效性；股利分配政策；代理问题 Abstract At the end of the 20th century, China introduced a stock incentive system to learn from foreign excellent management experience. Judging from the empirical research findings, most scholars believe that the management shareholding and corporate performance have a positive effect. Chinas current equity incentives have begun to actively explore and practice. This article selects Evergrande Real Estate, which is the earliest state-owned enterprise in Shanghai, as its research object. Its equity incentive model is restricted stock, and it sets the unlocking conditions based on performance indicators as the evaluation system, and the overall equity incentive plan is more reasonable. The main purpose of the dissertation through financial analysis is to study and analyze the effectiveness of equity incentives for listed real estate companies and the impact of equity incentives on the companys dividend distribution. Based on this, using the Dupont analysis method, standard comparison method, ratio, and comparative analysis method, it is analyzed whether equity incentives can promote the operation ability of Evergrande. Relying on the relevant theory of dividend distribution and the internal mechanism of equity incentives