MBA教育中心知识库

2019 年 11 月，国务院国资委颁布了《关于进一步做好中央企业控股上市公司股权
激励工作有关事项的通知》，要求积极支持国有控股上市公司建立健全长效激励约束机制，充分调动核心骨干人才的积极性，推动企业实现高质量发展。
文章以国有资本控股企业伊利股份为研究对象，首先对现有文献进行了梳理与总
结，并介绍了相关理论，为后文分析伊利股份的股权激励实施效果提供理论支撑。其次，详细介绍了伊利股份三次股权激励方案，并对每一次股权激励开展时的背景、执行的要素和激励效果进行对比分析，论证了股权激励方案的可行性。随后采用纵向对比法从财务与非财务两方面分析伊利股份整体绩效及行业地位在股权激励实施前后的变化。最后对伊利股份股权激励的实施效果进行总结，并提出经验启示。文章采用案例研究法，研究表明伊利股份的三次股权激励，经历了我国《上市公司股权激励管理办法》颁布、实施、修订的各个阶段，通过股权激励的实施对企业在当时背景下产生的财务效果和非财务效果均有显著的正向影响。文章有利于丰富我国资本市场股权激励发展过程中不同阶段实施效果的相关研究，也有利于为国企在深化改革的背景下实施股权激励提供理论和案例指导，为进一步做好国有资本控股上市公司股权激励工作提供方式借鉴。

In November 2019, the State owned Assets Supervision and Administration
Commission of the State Council issued a notice on further improving the equity
incentive work of state-owned enterprise holding listed companies, requiring
active support for state-owned holding listed companies to establish and
improve long-term incentive and constraint mechanisms, fully mobilize the
enthusiasm of core talents, and promote high-quality development of
enterprises. The article takes the state-owned capital holding enterprise Yili Co., Ltd. as
the research object. Firstly, it reviews and summarizes existing literature, and
introduces relevant theories to provide theoretical support for the analysis of the
implementation effect of equity incentives in Yili Co., Ltd. in the following text. Secondly, a detailed introduction was given to the three equity incentive plans of
Yili Group, and a comparative analysis was conducted on the background, execution elements, and incentive effects of each equity incentive plan, demonstrating the feasibility of the equity incentive plan. Once again, a
longitudinal comparative analysis is conducted on the overall performance and
industry position changes of the listed company's financial and non-financial
aspects before and after the implementation of equity incentives for Yili Shares. Finally, summarize the implementation effect of equity incentives for Yili Shares
and propose experience and inspiration. The article adopts a case study method, and the research shows that thethree equity incentives of Yili Corporation have gone through various stages of
the promulgation, implementation, and revision of the "Management Measures
for Equity Incentives of Listed Companies" in China. The implementation of
equity incentives has a significant positive impact on the financial and
non-financial effects of the enterprise in the context of that time. The article is
conducive to enriching relevant research on the implementation effects of equity
incentives at different stages in the development process of China's capital
market. It is also conducive to providing theoretical and case guidance for
state-owned enterprises to implement equity incentives in the context of
deepening reform, and providing reference for further improving the equity
incentive work of state-owned capital holding listed companies