摘要
摘要
股权激励作为企业降低委托代理成本和提高员工凝聚力的重要工具，已经广
泛应用于我国上市企业中。A股上市企业根据自身的欧亿·体育（中国）有限公司特性采用多元化的股权
激励模式和多层次的激励比例等综合制定股权激励计划，而企业实施股权激励的
目标是降低委托代理成本，健全人力资源体系建设能力，保证人才队伍的高质量
供给，进而提高企业的价值和绩效。因此企业须根据自身的经营情况和欧亿·体育（中国）有限公司性质
制定股权激励计划，进而使得股权激励效应达到最大化。
本文选取我国医药零售欧亿·体育（中国）有限公司中的一心堂作为案例分析对象，在阐述股权激励
的概念及设计要素和相关理论，并且梳理国内外文献的基础上，统计我国证监会
出台的股权激励政策，分析A股上市企业实施股权激励的总体情况，并统计企业
采用的激励模式和激励比例数量；针对一心堂的股权激励计划从激励动因、激励
计划设计与实施和激励效果三个维度进行全方位的分析。激励动因方面，详细分
析一心堂实施股权激励前后销售费用占营业总收入的比例和管理费用占营业总
收入的比例情况以及其在实施前的经营困境，同时综合分析公司实施股权激励前
后的员工结构变化情况。激励计划设计与实施方面，从激励模式、激励数量和激
励对象、授予价格、业绩考核指标和有效期五个方面进行了系统的分析。激励效
果分析方面，运用事件研究法分析一心堂实施股权激励前后的股价短期波动情
况；财务绩效纵向分析一心堂实施股权激励计划前后的季度变化情况，选取与一
心堂类似主营业务的五家最近实施股权激励的上市企业进行财务绩效横向季度
对比分析；分析一心堂实施股权激励计划前后的运营效果，同时总结一心堂实施
股权激励存在的问题。最后依据前文的分析作出本文的结论和相关启示。
本文在分析过程中发现我国有关股权激励政策越来越完善以及A股上市企
业实施股权激励的数量呈现逐年增长趋势；实施股权激励的上市企业选择单一限
制性股票的较多，激励比例小于等于3%的比重较大，与证监会规定的10%的比例
差距较大。一心堂可利用股权激励工具来降低委托代理成本，本质上稳定企业管
理层和吸引人才，企业的人力资源供给得到保障；设计业绩考核指标的主要目标
是将企业、股东与激励对象的三者利益趋于统一，并结合企业的内外部环境合理
I

摘要
制定激励计划，但业绩考核指标的单一将会导致激励对象的短视行为；市场价值
长期处于低估状态的上市企业可以采用限制性股票激励模式打开股价的增长空
间，进而提高企业的整体价值；高管持股比例较高很容易导致高管的高离职率以
及忠诚度的降低，但是股权激励比例偏小会使得激励效应达不到期望效果，同样
的选择对外公告的时点有失偏颇会导致股票授予（行权）价格的不公平，将会减
弱股权激励效应；实施股权激励后，一心堂的股价波动异常且累计超额收益率增
加，并且企业运营效果良好；财务绩效部分指标比实施前得到提高，但仍有些财
务指标未得到改善；因此本文基于案例公司的分析作出了结论并从股权激励方案
设计和企业管理角度两个方面给出了启示，期望本文的研究可以给其他类似的企
业带来一定的借鉴。
关键词：股权激励；一心堂；限制性股票；激励计划；
II

Abstract
Abstract
Equity incentive is an important tool for enterprises to reduce principal-agent
costs and improve employee cohesion, China's quoted enterprises have been diffusely
in the use.A-share listed companies according to their own profession characteristic
USES the proportion of diversified and multi-level equity incentive mode integrated
equity incentive plan, The goal of enterprises to implement equity incentives is to
debase agency cost, improve the construction capacity of human resources system,
ensure the high-quality supply of talents, and then improve the value and performance
of enterprises.Therefore, enterprises should make equity incentive plans according to
their own operating conditions and the nature of the industry, so as to maximize the
equity incentive effect.
This paper selects Yixintang in China's pharmaceutical retail industry as the case
analysis object, expounds the notion and plan elements and relevant theories of stock
ownership incentive, combs through domestic and foreign literature, counts the
relevant policies on equity incentives issued by China's Securities Regulatory
Commission, analyzes the totality condition of the stock ownership incentives by
listed enterprises in China, and counts the incentive models and incentive ratios used
by A-share listed enterprises;The restricted stock incentive plan made by Yixintang is
analyzed from three dimensions: motivation, design and implementation of incentive
plan and incentive effect. In terms of incentive motivation, a detailed analysis of the
proportion of sales expenses to total operating income and total management expenses
before and after the implementation of restricted stock incentive and the operating
troubles facing the company before stock ownership incentive, comprehensively
analyzes the changes in the employee structure before and after the implementation of
the equity incentive.In terms of incentive mechanism design and actualization, the
excitation pattern, incentive quantity and incentive object, grant price, performance
assessment index and validity period are systematically analyzed.In terms of incentive
effect analysis, analyze the stock price fluctuation after equity incentive through the
financial performance, select five listed companies with stock ownership incentive to
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