金融学院知识库

随着我国股权分置改革的完成，股票市场流动性越来越强，市值也逐渐成为衡量上市公司综合实力的重要指标。但我国资本市场起步较晚，相较欧美发达资本市场存在着有效性较低、完善度不足等情况，导致我国上市公司普遍存在公司实际价值与公司市值存在偏差的情况。因此我国上市公司将市值管理作为核心搭建公司管理体系已成为主流。股权激励作为一种员工激励方式，能够通过让渡给员工一部分附加完成条件的剩余价值索取权，将员工个人利益与公司整体利益相统一，从而推动公司的经营业绩与市值的增长。由于股权激励能够提高公司经营效率，激发公司市值管理活力，因此股权激励常作为市值管理的重要手段之一。

本文以股权激励对市值管理的影响作为主线，首先结合国内外文献梳理并概述了股权激励与市值管理的概念、相关性和理论基础，依此构架出股权激励分别通过影响价值创造活动和价值实现活动，进而影响市值管理的框架。其次探讨了科大讯飞通过股权激励影响市值管理的案例，分析了科大讯飞历次股权激励计划的要素设置情况，并结合科大讯飞自身市值管理需求着重分析了股权激励分别对科大讯飞价值创造活动和价值实现活动的影响及影响效果。由此得出本文的研究结论，股权激励通过影响上市公司各方面活动从而对上市公司的市值管理产生影响，符合自身发展与外部环境需求的股权激励计划能够对上市公司的市值管理产生积极的正面影响。最后，结合本文分析与结论提出对上市公司具有实践指导意义的两点启示。

With the completion of China's split share structure reform, the liquidity of the stock market is becoming stronger and stronger, and the market value has gradually become an important index to measure the comprehensive strength of listed companies. However, China's capital market started relatively late. Compared with the developed capital markets in Europe and the United States, it has low effectiveness and insufficient perfection, which leads to the deviation between the actual value of the company and the market value of the company in China's listed companies. Therefore, China's listed companies take market value management as the center, and building a company management system has become the mainstream. As a way of employee incentive, equity incentive can unify the personal interests of employees and the overall interests of the company by transferring part of the residual value claim with completion conditions to employees, so as to promote the growth of the company's business performance and market value. Because equity incentive can improve the company's operating efficiency and stimulate the vitality of the company's market value management, equity incentive is often used as one of the important means of market value management.

This paper takes the impact of equity incentive on market value management as the main line. Firstly, combined with domestic and foreign literature, this paper combs and summarizes the concept, correlation and theoretical basis of equity incentive and market value management, and constructs the framework that equity incentive affects market value management by affecting value creation activities and value realization activities respectively. Secondly, it discusses the case of iFLYTEK's influence on market value management through equity incentive, analyzes the element setting of iFLYTEK's previous equity incentive plans, and focuses on the impact and effect of equity incentive on iFLYTEK's value creation activities and value realization activities in combination with iFLYTEK's own market value management needs. Therefore, the research conclusion of this paper is that equity incentive affects the market value management of listed companies by affecting all aspects of activities of listed companies. Equity incentive plans in line with their own development and external environmental needs can have a positive impact on the market value management of listed companies. Finally, combined with the analysis and conclusion of this paper, this paper puts forward two practical implications for listed companies.