摘 要

股权激励政策主要是通过附条件给予员工部分股东权益，使其具有主人翁意识，从而与企业形成利益共同体，促进企业与员工共同成长，从而帮助企业实现稳定发展的长期目标。而这部分员工大多数情况下是管理者，在这种情况下他们也变成了所有者，而且拥有着经营权和对公司利润的享有权，同时也要承担责任。随着在国际上的不断运用以及在我们国家的不断发展，随之而来也产生了各种各样的问题。一些管理者进行了各种各样的盈余管理行为来得到更高更多的个人利益是最明显最关键的问题。股权激励是企业拿出部分股权用来激励企业高级管理人员或优秀员工的一种方法，即管理者在完成规定的绩效指标，他们就可以获得属于自己的那一部分利益，实现这一目标的一般情况下，无论是对管理者还是对企业自身而言都是有好处的，对公司长远发展也是有益处的。然而现实却不一定是如此，在公司经营中，有些管理者为了达到这个绩效考核指标，在诸多因素的考虑下大多数情况会去进行盈余管理行为，以至于可以完成目标获得股权利益。当一家公司有了股权激励的政策，出于获取高额的个人利益以及达成公司业绩，经营人员会使用盈余管理，鼓励股东权益的权利行使条件，从而顺利地提高公司盈余管理公司的股价，鼓励股东权益超过自身的收益。因此盈余管理是激励经营者股东权益的方式。在这种情况下，本文计划通过对光明乳业上市公司的分析，研究其股权激励的政策，并分析其盈余管理行为，以便于找到我国上市公司在股权激励的政策下的盈余管理问题，分析其不利影响，并根据研究分析的内容与结论提出对我国上市公司股权激励政策的如何规范化做出政府与公司层面的对策与建议。

此篇文章，我研究了许多过去的前辈做的学术论文研究，根据他们的成果，加上对各种知识理论的学习运用，使用了各种方法对光明乳业这家上市公司的股权激励政策进行了研究，并且从交易时点和盈利分析等方面对盈余管理的这个行为进行探索分析。在对光明乳业的分析中也同时可以得到许多经验，这也可以利用在同行业治理，防范这些盈余管理问题。另外，在本篇文章的案例分析部分，也从实际数据出发，通过各种计算对比，同时根据光明乳业的股权激励政策做依据，来分析它的盈余管理。通过对光明乳业的各种相关数据研究，也确实发现光明乳业的经营中具有这个盈余管理的行为，对企业的长远发展产生了不利影响。通过结论从政府和企业自身来提出方案：从政府层面来讲应该对相关的政策进行完善，并制定合理的法律还有规章制度；对我国的市场环境要进行完善，加大披露力度，提高风险意识，并对有异常的不合理财务行为做出惩戒。在公司层面的角度来看，应该注意对自身的监督，可以考虑建立一个部门或者建立一个监理机制；管理者往往是因为业绩考核而做出盈余管理，所以企业不应该注重短期利益，眼光要放长远，不给管理层设置太大的压力，指标要合理合规；有一件事是不可以轻易变动的，那就是在股权激励政策下的行权价格；要避免公司经营者的短视行为，通过这种方式包括延长股权激励的等待期以及在合理合法的情况下去延长限售期等，通过对光明乳业股权激励政策的研究，并以此为依据通过分析各种数据去对研究盈余管理的行为，从政府层面和公司自身层面分别给出合理的意见。

关键词：管理层；股权激励；盈余管理；光明乳业

Abstract

The equity incentive policy mainly gives part of the shareholders' rights and interests to employees by attaching conditions, so that they have the sense of ownership, thus forming a community of interests with the enterprise, promoting the common growth of the enterprise and employees, so as to help the enterprise achieve the long-term goal of stable development. Most of these employees are managers, in which case they also become owners, and they have the right to operate and enjoy the company's profits, but also have to bear the responsibility. With the continuous application in the world and the continuous development in our country, there are also a variety of problems. Some managers have carried out a variety of earnings management behaviors to get higher and more personal interests is the most obvious and key issue. Equity incentive is a method that an enterprise gives out part of its equity to motivate senior managers or excellent employees. That is to say, when managers complete the specified performance indicators, they can obtain their own part of the benefits. In general, to achieve this goal, it is beneficial for both managers and the enterprise itself, as well as for the long-term development of the company It's good. However, the reality is not necessarily so. In the company's operation, some managers, in order to achieve this performance evaluation index, will carry out earnings management behavior in most cases under the consideration of many factors, so that they can achieve the goal to obtain equity interests. When a company has an equity incentive policy, in order to obtain high personal benefits and achieve the company's performance, the managers will use earnings management to encourage the exercise of shareholders' rights and interests, so as to smoothly improve the stock price of the company's earnings management company, and encourage shareholders' rights and interests to exceed their own earnings. Therefore, earnings management is a way to encourage the shareholders' rights and interests of managers. In this case, this paper plans to study the equity incentive policies of Guangming dairy listed companies and analyze their earnings management behaviors, so as to find out the earnings management problems of Listed Companies in China under the equity incentive policies, analyze their adverse effects, and put forward how to regulate the equity incentive policies of Listed Companies in China according to the contents and conclusions of the research and analysis To standardize and make government and company level countermeasures and suggestions.

In this paper, I have studied many academic papers done by predecessors in the past. According to their achievements, combined with the learning and application of various knowledge theories, I have used various methods to study the equity incentive policies of Guangming dairy, a listed company, and explored and analyzed the behavior of earnings management from the aspects of transaction time and profit analysis. In the analysis of bright dairy industry, we can also get a lot of experience, which can also be used in the same industry governance to prevent these earnings management problems. In addition, in the case analysis part of this article, we also start from the actual data, through various calculations and comparisons, and according to the equity incentive policy of Guangming dairy, to analyze its earnings management. Through the study of various relevant data of Guangming dairy, it is also found that the behavior of earnings management in Guangming dairy has a negative impact on the long-term development of enterprises. Through the conclusion, the paper puts forward the plan from the government and the enterprise itself: from the government level, we should perfect the relevant policies, and make reasonable laws and regulations; improve the market environment of our country, increase the disclosure strength, improve the risk awareness, and punish the abnormal and unreasonable financial behavior. From the perspective of the company, we should pay attention to our own supervision, and consider to establish a department or a supervision mechanism; managers often make earnings management because of performance appraisal, so enterprises should not pay attention to short-term interests, take a long-term view, do not put too much pressure on the management, and the indicators should be reasonable and compliant; one thing is that it can not be easily changed Dynamic, that is, the exercise price under the equity incentive policy; to avoid the short-sighted behavior of the company's managers, this way includes extending the waiting period of equity incentive and extending the limited sale period under the reasonable and legal circumstances, etc., through the research on the equity incentive policy of Guangming dairy industry, and based on this, through the analysis of various data to study the behavior of earnings management, from politics The government level and the company level respectively give reasonable opinions.

Keywords: Management; Equity incentive; Earnings management; Bright Dairy

目 录

摘 要 I

Abstract IIII

第1章 绪论 1

1.1 研究目的与意义 1

1.1.1 研究目的 1