会计学院知识库

  本文从混改背景出发，选取国有企业华鲁恒升为案例企业，探究股权激励计划能否给国企带来积极作用，从而促进混和所有制改革。首先，针对研究主题，对国内外在此方向的研究现状、相关概念和理论做了整理总结。其次，分析了华鲁恒升的经营发展状况和其混改背景下实施股权激励的动因，在此基础上，介绍了华鲁恒升引入股权激励的具体过程。再者，从财务绩效、市场绩效以及非财务绩效三方面对华鲁恒升实施的两期激励计划对企业绩效的影响进行了较为全面的分析。其中，通过对传统财务指标和EVA值的计算分析，量化了激励方案对企业财务绩效的影响，通过事件研究法对华鲁恒升短期财富效应进行了定性分析。结果表明这两期股权激励总体上给华鲁恒升的上述方面带来了积极的影响。但是，其股权激励方案也存在不足，因而针对其设计方案的不足进一步提出了改进措施。

  通过对华鲁恒升股权激励的实施效果进行分析，发现该计划的实施对华鲁恒升财务绩效的提升有一定的促进作用。其中，华鲁恒升首期股权激励的财务效果更为明显，华鲁恒升的第二期股权激励对企业的偿债能力、盈利能力、营运能力以及EVA也有着明显的促进作用，但对发展能力的正向激励不太明显。华鲁恒升股权激励计划对企业的市场绩效、非财务绩效方面的提升也较为明显。基于此，本文总结了华鲁恒升成功经验：激励时机选择恰当、激励对象聚焦核心员工、激励模式选择恰当等，但与此同时股权激励计划存在考核体系不够全面、激励规模较小等问题，不利于发挥其长期激励效用。最后，对想要实施股权激励的国企提出了以下建议：国企在改革的过程中，需根据自身的实际情况选择混改模式，制定符合其发展模式的激励方案，才能使混和所有制改革发挥最大的效用。

  The status of state-owned enterprises in China's economic market has always maintained an irreplaceable role. However, compared with private enterprises with a higher degree of marketization, many state-owned enterprises have problems such as low management efficiency and weak staff enthusiasm. The reform of ownership of state-owned enterprises came into being in order to solve the problems encountered in the operation of state-owned enterprises. In order to better implement the reform of mixed ownership, "equity incentive" was put forward and applied in the process of mixed reform of state-owned enterprises, which is very important to promote the deepening reform of state-owned enterprises, which also confirmed the practical significance of the research topic of this paper.

  Based on the background of mixed ownership reform, this paper selects Hualu Hengsheng, a state-owned enterprise, as a case enterprise to explore whether the equity incentive plan can bring positive effects to state-owned enterprises, thus promoting the reform of mixed ownership. Firstly, according to the research topic, the research status, related concepts and theories in this direction at home and abroad are summarized. Secondly, it analyzes the business development of Hualu Hengsheng and its motivation of implementing equity incentive, and then introduces the specific process of introducing equity incentive into Hualu Hengsheng. Furthermore, from three aspects of financial performance, market performance and non-financial performance, this paper makes a comprehensive analysis of the impact of the two incentive plans implemented by Hualu Hengsheng on enterprise performance. Among them, through the calculation and analysis of traditional financial indicators and EVA value, the influence of incentive scheme on enterprise financial performance is quantified, and the short-term wealth effect of Hualu Hengsheng is qualitatively analyzed by event research method. The results show that these two periods of equity incentives have brought a positive impact on the above aspects of Hualu Hengsheng. However, its equity incentive scheme also has some shortcomings, so some improvement measures are put forward in view of the shortcomings of its design scheme.

  Through the analysis of the implementation effect of Hualu Hengsheng's equity incentive, it is found that the implementation of this plan can promote the financial performance of Hualu Hengsheng. Among them, the financial effect of Hualu Hengsheng's first equity incentive is more obvious, and Hualu Hengsheng's second equity incentive can obviously promote the solvency, profitability, operation ability and EVA of enterprises, but the positive incentive for development ability is not obvious. Hualu Hengsheng Equity Incentive Plan also significantly improves the market performance and non-financial performance of enterprises. Based on this, this paper summarizes the successful experience of Hualu Hengsheng: choosing the right incentive opportunity, focusing on the core employees and choosing the right incentive mode, but at the same time, there are some problems in the equity incentive plan, such as incomplete assessment system and small incentive scale, which is not conducive to exerting its long-term incentive effect. Finally, the following suggestions are put forward for state-owned enterprises that want to implement equity incentive: in the process of reform, state-owned enterprises should choose the mixed reform mode according to their actual situation and formulate incentive schemes that conform to their development mode, so as to make the mixed ownership reform play the most effective role.