论文总字数：17379字

摘 要

随着我国经济的快速发展，以及市场环境的不断完善，企业面临如何让吸引和留住优秀人才，为企业创造更高价值的困难。正是在这种背景下，企业需要改变传统的薪酬模式转向股权激励模式，帮助企业更长久更稳健的发展。

股权激励在上市公司中的应用数不胜数，但是在占大面积的非上市公司中的应用却非常少。如果只有薪酬激励，非上市公司很难留下有用人才，因此非上市公司更必要实施股权激励，以此获取优势保证公司长远的发展。本文研究对象为非上市公司华为，分析华为公司股权激励多公司财务绩效的影响，分别从盈利能力的变化，营运能力的变化，偿债能力的变化和发展能力的变化四个方面进行个别分析。通过数据分析，发现华为公司通过实施TUP的股权激励方式，经营业绩呈上升趋势，整体向良性方向发展，因此对于华为公司股权激励方式的优化对公司财务绩效产生了正面的影响。

本文有五章。第一章是绪论，分为研究背景和意义以及国内外相关文献综述。第二章为股权激励和财务绩效的理论基础，分别介绍了股权激励和财务绩效的概念，并详细说明了股权激励和财务绩效之间的关系。第三章为华为公司概况和股权激励方式，介绍了公司简介和公司股权结构以及华为公司股权激励的方式和优缺点。第四章为华为公司实施TUP模式后财务绩效的变化情况从四个方面个别分析。第五章为华为公司实施股权激励的启示和建议，总结了华为实施股权激励对财务绩效的影响，并以此为例，给其他想要采取股权激励的非上市公司一些建议。最后为结论，是本文的总结。

关键词：非上市公司；股权激励；财务绩效；影响

The Effect of Equity Incentive on the Financial Performance of the Company

——Take Huawei as an example

Abstract

With the rapid development of China"s economy and the continuous improvement of the market environment, companies are faced with the difficulties of attracting and retaining outstanding talents and creating higher value for them. It is in this context that companies need to change the traditional compensation model to the equity incentive model to help companies grow longer and more robust.

The application of equity incentives in listed companies is numerous, but its application in large-scale non-listed companies is very small. If only salary incentives are available, it is difficult for non-listed companies to retain useful talents. Therefore, non-listed companies need to implement equity incentives in order to gain an advantage to ensure the long-term development of the company. The research object of this article is Huawei, an unlisted company. It analyzes the impact of Huawei"s equity incentives on the financial performance of multiple companies, and conducts individual analysis from four aspects: changes in profitability, changes in operational capabilities, changes in solvency, and changes in development capabilities. Through data analysis, it was found that Huawei"s equity incentives through the implementation of the TUP, business performance showed an upward trend, the overall development to a healthy direction, so for Huawei"s equity incentives to optimize the company"s financial performance has a positive impact.

This article has five chapters. The first chapter is the introduction, which is divided into research background and significance as well as literature review at home and abroad. The second chapter is about the theoretical basis of equity incentive and financial performance. It introduces the concept of equity incentive and financial performance, and details the relationship between equity incentive and financial performance. The third chapter is about Huawei"s company profile and equity incentives. It introduces the company profile and the company"s shareholding structure as well as the company"s equity incentives and their advantages and disadvantages. The fourth chapter analyzes the changes in the financial performance of Huawei after implementing the TUP model from four aspects. Chapter 5 provides inspirations and suggestions for Huawei"s implementation of equity incentives, and summarizes the impact of Huawei"s equity incentives on financial performance. As an example, it gives some suggestions to other non-listed companies that want to use equity incentives. The final conclusion is the summary of this article.

Keywords: Non-listed companies; Equity incentives; Financial performance; Impact

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究的背景和意义 1

1.2 国内外研究综述 1

1.2.1 国外研究现状 1

1.2.2 国内研究现状 2

1.3 研究的方法和主要内容 2

1.3.1 研究方法 2

1.3.2 主要研究内容 3

1.4 论文框架 4

第二章 股权激励和财务绩效的理论基础 5

2.1 相关概念及理论 5

2.1.1 股权激励的概念及理论 5

2.1.2 财务绩效的概念及理论 5

2.2 股权激励与公司财务绩效的关系 5

2.2.1 股权激励对财务绩效的正面效应 5

2.2.2 股权激励对财务绩效的负面效应 5

第三章 华为公司概况和股权激励方式 7

3.1 华为公司概况 7

3.1.1 公司简介 7

3.1.2 公司的股权结构状况 7

3.2 公司股权激励方式的发展 8

第四章 华为公司股权激励方式改变前后对公司财务绩效的影响 9

4.1 盈利能力的变化 9

4.2 营运能力的变化 10

4.3 偿债能力的变化 11

4.4 发展能力的变化 12

4.5 股权激励对财务绩效的影响总结 13

第五章 华为公司实施股权激励的启示和建议 14

5.1 选择合适的股权激励方式 14

5.2 选择恰当的激励对象 14

5.3 完善股权激励指标设计 14

结 论 16

致 谢 17

参考文献（References） 18

附 录 19

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