分类号： F 密级：公开
学校代码：11065学号：2019025530
专业硕士学位论文
（统招非全日制）
BY 公司股权激励方案优化研究
作者姓名郭瑞
指导教师王海宁
专业领域 工商管理
培养单位 商学院
答辩日期 2022 年 5 月 28 日
I BY 公司股权激励方案优化研究
摘 要
随着我国资本市场和金融市场秩序的不断改善，如何有效利用以管理人员和
核心技术人员为核心的人才，便成为上市公司可持续发展的重要抓手。为了有效
地增强上市公司人力资源的核心竞争能力，我国众多的上市企业采用以股权激励
为代表的手段。
自 20 世纪 90 年代开始，我国在借鉴西方主流股权激励策略的基础上，结合
我国上市企业的实际情况，在对其进行针对性优化的基础上进行应用。但是由于
我国的宏观经济环境和资本市场与国外存在一定的差异，因此在应用的初期，我
国上市企业的股权激励效果并未得到充分的发挥。随着我国进一步建立健全资本
市场的管理制度，上市企业越来越倾向于采用股权激励方式增强人才的竞争优
势。据不完全统计，数据截止到 2020 年，我国 A 股市场中有超过 60%的上市企
业均采用了股权激励方案。从长远来看，科学的采用股权激励手段有助于上市企
业提高委托代理效率以增强公司治理效果。
本文借鉴目前国内外学者围绕股权激励方案的设计和股权激励效果相关的
研究的成果，结合经典激励理论，以 BY 公司为案例研究对象，对其股权激励方
案进行系统化研究。
第一，从宏观角度梳理现阶段 BY 公司股权激励的现实情况。在介绍 BY 公司
的基本情况基础上，从股权激励法律制度背景、公司所在的欧亿·体育（中国）有限公司环境、公司的经
营发展环境以及我国上市公司股权激励数量和欧亿·体育（中国）有限公司分布的情况等维度，对 BY 公
司股权激励方案的环境背景进行分析。
第二，将 BY 公司股权激励的方式方法与预期效果进行分析，据此针对性挖
掘 BY 公司股权激励方案存在问题。而后本文结合目前国内外学者的典型研究成
果并依据 BY 公司股权激励的实际情况，针对性设计了BY 公司股权激励方案的优
化框架，重点从股权激励方案设计的思路、股权激励实施的主要流程与预期目标
等方面进行针对性的梳理。
第三，提出兼具针对性与可行性的 BY 公司股权激励优化方案及保障策略。
本文的创新之处表现在研究思路和研究方法上面。从研究思路的角度来，本
文遵循提出问题、分析问题和解决问题的研究思路，在科学的分析BY 公司股权
激励现状的基础上，全方位的梳理 BY 公司股权激励方案的具体环境背景，并从
财务角度和非财务角度来科学的分析目前BY 公司股权激励的实际效果。而后，
本文从问题成因分析以及优化方案制定、保障策略等方面科学分析了BY 公司股
权激励方案的具体实施手段；从研究方法角度看，本文综合利用定性与定量相结
合的研究方法针对 BY 公司股权激励方案存在的问题、成因以及相关的策略建议
II针对性的分析和梳理，并重点围绕经典的股权激励理论，从股权激励的模式、股
权激励的对象、股权激励的时间、股权激励的考核和股权激励计划激励规模等多
个方面，科学设计兼具可行性与可操作性的 BY 公司股权激励方案体系。
在未来的研究中，本文拟进一步扩大研究样本范围，灵活的运用实证分析方
法来量化研究影响我国上市公司股权激励方案设计的关键因素，并科学的评价股
权激励方案的实施效果。
关键词：股权激励；方案优化；激励策略
IIIResearch on optimization of equity Incentive scheme of BY Company
Abstract
With the continuous improvement of the order of China;s capital market and
financial market, how to make effective use of business talents with managers and
core technicians as the core has become an important starting point for the sustainable
development of listed companies. In order to effectively enhance the core
competitiveness of human resources of listed companies, many listed enterprises in
China adopt the means represented by equity incentive.
Since the 1990s, on the basis of learning from the mainstream equity incentive
strategy in the West and combined with the actual situation of listed enterprises in
China, China has applied it on the basis of targeted optimization. However, due to the
certain differences between China;s macroeconomic environment and capital market
and foreign countries, the equity incentive effect of China;s listed enterprises has not
been brought into full play in the early stage of application. With China;s further
establishment and improvement of the management system of the capital market,
listed enterprises are more and more inclined to adopt equity incentive to enhance the
competitive advantage of talents. According to incomplete statistics, by 2020, more
than 60% of listed enterprises in China;s A-share market have adopted equity
incentive schemes. In the long run, the scientific use of equity incentives will help
listed enterprises improve the principal-agent efficiency and enhance the effect of
corporate governance.
Based on the current domestic and foreign scholars; research literature on the
design of equity incentive scheme and the effect of equity incentive, combined with
principal-agent theory, optimal contract theory, incentive theory and human capital
theory, this paper makes a systematic study on the equity incentive scheme of by
company.
First, sort out the reality of equity incentive of by company at this stage from a
macro perspective. On the basis of introducing the basic situation of by company, this
paper analyzes the environmental background of by company;s equity incentive
scheme from the aspects of the legal system background of equity incentive, the
industry environment of the company, the operation and development environment of
by company, as well as the number and industry distribution of listed equity incentive
of Listed Companies in China.
IV Second, analyze the ways, methods and expected effects of equity incentive of
by company, and tap the problems existing in the equity incentive scheme of by
company. Then, combined with the typical research results of scholars at home and
abroad and according to the actual situation of equity incentive of by company, this
paper designs the optimization framework of equity incentive scheme of by company,
focusing on the design ideas of equity incentive scheme, the main process and
expected objectives of equity incentive implementation, and the management
guarantee of equity incentive.
Thirdly, it proposes a targeted and feasible equity incentive optimization scheme
and security strategy for BY Company.
The innovation of this paper lies in the research ideas and methods. Follow from
the perspective of research ideas, this article puts forward problems, analyzing
problems and the research train of thought, to solve the problem in scientific analysis
BY company equity incentive status quo, on the basis of a comprehensive range of
comb BY company equity incentive plan of the specific environment background,
from the perspective of financial and non-financial perspective to scientific analysis
of the current BY the company equity incentive effect. And then based on the cause
analysis and optimization plan formulation, security strategy and so on scientific
analysis of the company BY means of the specific implementation of equity incentive
plan, from the perspective of the research methods in this paper, comprehensive
utilization of the combination of qualitative and quantitative research methods aiming
at the problems BY the company equity incentive plan, causes and related policy
Suggestions targeted analysis and comb, pay equal attention to Based on the classical
theory of equity incentive, a feasible and operable equity incentive scheme system of
BY company is designed scientifically from the aspects of equity incentive mode,
object, time, assessment and scale of equity incentive plan.
In the future research, this paper intends to further expand the research sample
range, flexibly use empirical analysis method to quantify the key factors affecting the
design of equity incentive plan of listed companies in China, and scientifically
evaluate the implementation effect of equity incentive plan.
Keywords: Equity incentives; plan optimization; Incentive strategy
V