金融学院知识库

股权激励作为一种长效激励机制，被广泛认为能够减少代理成本、提升公司绩效和价值。股权激励以委托代理理论为基础，作为公司治理中的重要内容，能够完善公司法人治理结构。股权激励制度通过授予公司管理层及核心研发人员股票的方式，使授予对象具有股东权益，从而共享公司利润、共担公司风险，充分调动公司管理层及核心技术人员的积极性，将股东利益、公司利益和经营者个人利益有效结合起来，实现利益趋同的目的。

本文首先对股权激励的相关理论和现状进行了梳理，然后通过对亿纬锂能实施股权激励计划的动因、两次股权激励计划的方案设计和完成情况进行阐述，并对亿纬锂能股权激励方案进行了一定的分析；通过使用事件研究法对股权激励后的短期市场反应进行了实证研究，同时也对亿纬锂能股价和行业指数在股权激励后四个年度的变化进行了对比；最后从财务绩效和EVA数据的角度研究了亿纬锂能股权激励后财务绩效和EVA的变化。从而得出以下主要结论：（1）从亿纬锂能股权激励方案分析中得出：在激励模式的选择上，要根据公司自身特性制定合理的激励模式；在公司股价低迷或者资本市场低迷时选择激励时机，能更好稳定股价；在激励量的选择上，统计数据显示5%以内的股权激励强度会正向影响收益率，超过5%的激励数量反而会降低收益率。（2）在股票市场中，股权激励的短期效应并不明显，但长期存在超额收益。（3）实施股权激励后对于公司绩效存在正向的促进作用。

本文从亿纬锂能股权激励计划方案的设计和激励效果中得到一定的启示。实施股权激励的上市公司能使中长线投资者获得超额收益，为二级市场的投资者选股提供一项重要的参考依据；实施科学合理的股权激励方案能够显著提高公司的绩效水平。本文期望通过对亿纬锂能股权激励案例的研究，能够为公司未来的发展提供有用的借鉴之处，同时期望为其他公司提供一份可供参考的股权激励方案样本。

As a long-term incentive mechanism, equity incentives are widely believed to reduce agency costs and improve company performance and value. Equity incentive is based on the principal-agent theory, and as an important part of corporate governance, it can improve the corporate governance structure of the company. The equity incentive system grants the company's management and core R&D personnel shares, so that the grantees have shareholder rights, so as to share the company's profits, share the company's risks, fully mobilize the enthusiasm of the company's management and core technical personnel, and combine the interests of shareholders and the company. The interests and the personal interests of the operators are effectively combined to achieve the purpose of convergence of interests.

This paper firstly sorts out the relevant theories and status quo of equity incentives, and then elaborates on the motivation of Yiwei Lithium Energy's implementation of equity incentive plans, the design and completion of the two equity incentive plans, and the equity incentives for Yiwei Lithium Energy. The plan has been analyzed to a certain extent; the short-term market response after equity incentives has been empirically studied by using the event research method, and the changes of Yiwei Lithium's stock price and industry index in the four years after equity incentives have been compared; finally From the perspective of financial performance and EVA data, this paper studies the changes of financial performance and EVA after the equity incentive of Yiwei Lithium Energy. The following main conclusions are drawn: (1) From the analysis of Yiwei Lithium's equity incentive plan: in the selection of incentive models, a reasonable incentive model should be formulated according to the company's own characteristics; when the company's stock price is low or the capital market is low Choosing the incentive timing can better stabilize the stock price; in the selection of incentive amount, statistics show that the equity incentive intensity within 5% will positively affect the rate of return, and the number of incentives exceeding 5% will reduce the rate of return. (2) In the stock market, the short-term effect of equity incentives is not obvious, but there are long-term excess returns. (3) The implementation of equity incentives has a positive effect on corporate performance.

This paper draws some inspiration from the design and incentive effect of the Yiwei Lithium Energy Equity Incentive Plan. Listed companies that implement equity incentives can enable medium and long-term investors to obtain excess returns and provide an important reference for investors in the secondary market to select stocks; the implementation of scientific and reasonable equity incentive plans can significantly improve the company's performance level. This paper hopes that through the study of the equity incentive case of Yiwei Lithium Energy, it can provide a useful reference for the future development of the company, and at the same time, it is expected to provide a sample of equity incentive plans for other companies for reference.