论文总字数：17265字

摘 要

作为一项长期激励机制，二十世纪八十年代股权激励起源于美国，该机制可以提高公司股东的管理能力，激发经营者的工作热情，增强企业的行业竞争力等。自中国股权分置改革以来，大多数研究人员，公司和地方政府已开始重视股权激励，然而我国缺少完善的市场制度，启动时间太晚，因此出现了一些问题，需要对发展过程进行深入研究。苏宁易购作为一家综合能力强，较早引入股权激励的电子商务企业，在股权激励计划的实施上具有较强的代表性。本文分析了苏宁易购的六次股权激励计划，以研究股权激励计划的实施与公司绩效之间的有效联系。除此之外，本文还讨论了激励计划中应采用或避免的要素的状况，期望为后来进入行业的企业提供一些经验与启发。

关键词：电子商务 股权激励 苏宁易购 有效性

A Study on the Equity Incentive Model of E-commerce Industry——Taking Suning Tesco as an Example

Abstract

As a long-term incentive tool, stock incentives were imported from the America in the 1980s. The objective of this mechanism was to encourage business leaders to work harder, to motivate teams of management and to increase the market value of the programs. Since the improvement of the partnership with China, many investigators, companies and local governments have started to increase shareholder motivation, and many listed companies have implemented incentive policies based on successful international cases. Although the Chinese economy is not progressing enough and the start is too late, certain problems arise which require a thorough study of the development process. As an e-commerce company with strong potential and timely incentive innovation proposals, Sunny.com has a strong presence in implementing incentive policies. This article analyzes Suning Tesco's six equity incentive plans to study the effective connection between the implementation of equity incentive plans and company performance.Apart from this, this article also consults the status of the elements that should be adopted or avoided in the incentive plan, and hopes to provide some experience and inspiration for companies who enter the industry later.

Key Words: electronic commerce; Just motivation; Suning Tesco; Effective

目 录

摘要…………………………………………………………………………………I

ABSTRACT………………………………………………………………………II

第一章 绪论………………………………………………………………………1

1.1 研究背景……………………………………………………………………1

1.2 研究意义……………………………………………………………………1

1.3 文献综述……………………………………………………………………2

1.4 研究内容与方法……………………………………………………………3

第二章 股权激励理论基础……………………………………………………5

2.1 股权激励的涵义……………………………………………………………5

2.2 相关理论基础………………………………………………………………5

2.2.1 委托代理理论………………………………………………………5

2.2.2 双因素理论…………………………………………………………5

2.2.3 人力资本理论………………………………………………………5

2.3 股权激励的主要实施模式…………………………………………………6

第三章 苏宁易购股权激励案例分析………………………………………7

3.1 苏宁易购基本情况…………………………………………………………7

3.2 苏宁易购股权激励实施方案介绍…………………………………………7

3.2.1 2007年股权激励方案………………………………………………7

3.2.2 2008年股权激励方案………………………………………………7

3.2.3 2010年股权激励方案………………………………………………7

3.2.4 2014年股权激励方案………………………………………………8

3.2.5 2015年股权激励方案………………………………………………8

3.2.6 2018年股权激励方案………………………………………………9

第四章 苏宁易购股权激励实施效果分析………………………………10

4.1 财务角度分析……………………………………………………………10

4.1.1 盈利能力分析………………………………………………………10

4.1.2 偿债能力分析………………………………………………………11

4.1.3 发展能力分析………………………………………………………13

4.1.4 营运能力分析………………………………………………………14

4.2 非财务角度分析…………………………………………………………16

4.2.1 市场占有率…………………………………………………………16

4.2.2 人员流动性…………………………………………………………17

第五章 结论与建议……………………………………………………………18

5.1 研究结论…………………………………………………………………18

5.2 对策与建议………………………………………………………………18

5.2.1 优化激励对象………………………………………………………18

5.2.2 系统化行权条件……………………………………………………19

5.2.3 多元化激励模式……………………………………………………19

参考文献…………………………………………………………………………20

致谢………………………………………………………………………………21

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