会计学院知识库

    股权激励作为企业实现持续稳定发展的一种中长期激励机制，一方面，可以与企业发展战略匹配，稳定和激励人才，促进企业业绩持续增长和长期目标的实现；另一方面，可以缓解委托代理冲突，实现员工和股东互利共赢。自2005年起，我国股权激励相关法规相继出台并不断完善，股权激励机制在各类企业管理中的运用也日趋常态化。近年来，我国建材行业市场竞争的加剧，对人力资本的需求愈加强烈，于是一些企业相继推出股权激励计划以实现创新性管理、达到稳定和吸引人才的目的。

    本文选取建材行业中排名靠前且连续实施三期股权激励的东方雨虹作为研究对象。首先，对股权激励计划相关文献及研究运用的理论进行整理和概述。其次，对东方雨虹股权激励实施的动因及关键契约要素设计的合理性进行分析；并在此基础上，从市场反应、财务业绩、研发创新以及人力资源流动性四个层面对激励计划实施效果进行评价。通过研究得出，东方雨虹股权激励除个别要素设计需要优化外，方案整体上较为合理，符合激励计划实施当期企业的发展状况。激励效果方面，股权激励计划的颁布，短期内可以提高东方雨虹的个股收益率，且第二期股权激励市场效应最佳、持续时间较长；长期来看，股权激励对公司的盈利能力的提升效果较为显著，对营运能力、成长能力有一定的改善；在降低风险方面，首期股权激励效果更佳。同时，股权激励实施后，东方雨虹的研发投入和产出均有提升；人员流动相对稳定，员工结构得以改善。最后，总结东方雨虹股权激励的相关经验，以供有意愿推行股权激励的同类企业借鉴和参考。

    Equity incentive is a medium and long-term incentive mechanism for enterprises to achieve sustainable and stable development. On the one hand,it can match the development strategy of the enterprise,stabilize and motivate talents,and promote the continuous growth of enterprise performance and the realization of long-term goals; on the other hand, it can ease the commission-agent Conflicts and achieve mutual benefit and win-win for employees and shareholders. Since 2005, the relevant laws and regulations on equity incentives in my country have been successively promulgated and continuously improved, and the application of equity incentive mechanisms in the management of various enterprises has become increasingly normalized. In recent years, the market competition in my country's building materials industry has intensified, and the demand for human capital has become more and more intense, so some companies have successively launched equity incentive plans to achieve innovative management, achieve stability and attract talents.

    This paper selects Oriental Yuhong as the research object,which ranks high in the building materials industry and has implemented three equity incentives. First of all, the related literature and research theory of equity incentive plan are sorted and summarized. Secondly, analyze the reasons and the rationality of key contract elements of Oriental Yuhong's equity incentives;and on this basis, analyze the implementation effects of the incentive plan from four aspects: market response, financial performance, R&D innovation, and human resource mobility. Through the research, it is concluded that the Oriental Yuhong equity incentive plan is relatively reasonable as a whole,except that the design of individual elements needs to be optimized. In terms of incentive effect, the promulgation of the equity incentive plan can increase the rate of return of individual stocks of Oriental Yuhong in the short term, and the market effect of the second phase of equity incentives is the best and lasts for a long time. In the long run, equity incentives can significantly improve the company's profitability and can improve operating and growth capabilities to a certain extent. In terms of risk reduction, the first phase of equity incentives is more effective. At the same time, after the implementation of equity incentives, Oriental Yuhong's R&D investment and output have both increased; personnel flow has been relatively stable, and employee structure has been improved. Finally, summarize the relevant experience of Oriental Yuhong's equity incentives for reference and reference by similar companies that are willing to implement equity incentives.