论文总字数：26986字

摘 要

随着经济不断发展，股权激励成为现代公司普遍使用的激励机制，由于其在改善公司治理结构、提高激励对象工作效率与积极性、促进公司长远健康发展上具有的独特作用，使之成为具有开创意义的激励方式，其模式与机制也在逐步的规范化，成为经济学、管理学等诸多学科研究的重点。本文在经过对中外不同学者针对股权激励方案的相关文献的研究与分析后，总结了股权激励方案的几大影响因素，并对这些因素提出相关建议，为公司优化股权激励方案、增强方案效用提供参考意见。

本文共有四个部分，第一部分主要对研究背景、目的和内容等进行概括，对国内外有关股权激励的理论进行介绍，以及评述相关文献。在本文的第二部分，主要分析了股权激励方案的五个要素组成。第三部分从三个方面讨论了股权激励方案的影响因素。第四部分针对影响因素提出政策建议，并进行全文的总结。经过研究，本文认为公司治理结构、公司特征和市场环境都会对公司制定、实施股权激励产生影响。其中公司治理结构越完善，实施激励的效果越好，公司规模与方案实施呈正相关关系，处于朝阳行业的公司对股权激励方案各要素要求较宽，处于成长期或成熟期的公司更适合使用股权激励。而资本市场与产品市场环境是否健康完善对股权激励方案的实施也产生很大影响。本文经过影响因素讨论结果，提出如下建议：第一，完善公司治理结构，提高股权激励方案实施有效性；第二，制定合理的行权价格和行权条件，充分发挥方案的激励作用；第三，方案制定应与公司战略和具体情况相结合；第四，完善资本市场建设，健全相关法律法规，进一步完善上市公司股权激励制度。

关键词：股权激励 公司结构 市场环境 影响因素

Research on the Influencing Factors of Equity Incentive Scheme

Abstract

With the continuous development of the economy, equity incentives have become the incentive mechanism commonly used by modern companies. Because of its unique role in improving corporate governance structure, improving the efficiency and enthusiasm of incentive targets, and promoting the long-term healthy development of the company, it has become a pioneering significance. The mode of encouragement, its mode and mechanism are also gradually standardized, and become the focus of many disciplines such as economics and management. After researching and analyzing the relevant literatures of different Chinese and foreign scholars on equity incentive schemes, this paper summarizes several major influencing factors of equity incentive schemes, and puts forward relevant suggestions for these factors, which provides the company with optimized equity incentive schemes and enhanced program utility. Reference comments.

This paper has four parts. The first part mainly summarizes the research background, purpose and content, introduces the theory of equity incentives at home and abroad, and reviews relevant literature. In the second part of this paper, the five elements of the equity incentive plan are mainly analyzed. The third part discusses the influencing factors of the equity incentive plan from three aspects. The fourth part proposes policy recommendations for the influencing factors and summarizes the full text. After research, this paper believes that corporate governance structure, company characteristics and market environment will have an impact on the company's development and implementation of equity incentives. The more perfect the corporate governance structure, the better the effect of implementing incentives, and the company's scale is positively related to the implementation of the plan. The companies in the sunrise industry have wider requirements for the equity incentive plan, and the companies in the growth or mature period are more suitable to use the equity. excitation. Whether the capital market and the product market environment are healthy and perfect will have a great impact on the implementation of the equity incentive plan. Based on the discussion results of influencing factors, this paper puts forward the following suggestions: First, improve the corporate governance structure and improve the effectiveness of the implementation of equity incentive plan; second, formulate reasonable exercise price and exercise conditions, and give full play to the incentive effect of the program; Third，the formulation of the plan should be combined with the company's strategy and specific conditions. Fourth, improve the capital market construction, improve relevant laws and regulations, and further improve the equity incentive system for listed companies.

Keywords: equity incentives； corporate structure；market environment；influencing factor

目录

摘要 I

Abstract II

第一章 绪论 1

1.1 研究背景和意义 1

1.2 研究目的和方法 2

1.3研究内容和框架 3

第二章 文献综述 6

2.1 理论基础 6

2.1.1委托-代理理论 6

2.1.2交易费用理论 7

2.1.3人力资本理论 7

2.2 国内外相关文献综述 8

2.2.1 国内文献综述 8

2.2.2 国外文献综述 9

第三章 股权激励方案的要素 12

3.1 激励对象 12

3.2 授予价格 13

3.3 授予数量 13

3.4 业绩条件 14

3.5 激励期限 14

第四章 股权激励方案的影响因素 16

4.1 公司治理结构 16

4.1.1 股权结构 16

4.1.2 董事会结构 16

4.1.3 高管特征 17

4.2 公司特征 18

4.2.1公司所处行业 18

4.2.2 公司规模 18

4.2.3 公司生命周期 19

4.3 市场环境 20

4.3.1 资本市场环境 20

4.3.2 产品市场环境 20

第五章 建议与结论 22

5.1建议 22

5.1.1 加强公司内部治理，提高激励方案有效性 22

5.1.2 设置适当的行权价格和行权条件 22

5.1.3方案制定与公司发展战略相结合 23

5.1.4 完善资本市场建设，健全相关法律法规 23

5.2 结论 24

参考文献 25

致谢 28

第一章 绪论

本章在大体描述了股权激励制度产生的背景后，针对股权激励方案在现代公司中的使用，深入探讨了研究股权激励方案影响因素的意义。本章同时从多个层面上分析了进行本次研究的目的，以阅读文献、比较差别和描述性研究的方法作为本次论文的主要研究方法。最后概括了本文的主要内容，并大致描画了整体框架，以便读者阅读。

1.1 研究背景和意义

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