股权激励作为一种长期激励方式,是公司治理机制中的重要组成部分,是通过让经

营者或公司员工获得公司股权的形式,或给予其享有相应经济收益的权利,使他们能够

以股东的身份参与企业决策、分享利润、承担风险,从而勤勉尽责地为公司的长期发展

服务。股权激励越来越受到资本市场和上市公司的重视,成为企业核心管理层薪酬契约

的重要组成部分。

自2005年12月31日,中国证监会《上市公司股权激励管理办法(试行)》出台以

来,我国A股市场2526家上市公司中,有593家已公告实施股权激励计划。在梳理了

国内外针对股权激励的主要研究观点和股权激励的基本概念后,本文在593家已公告股

权激励计划的上市公司中选择了几家具有代表性的样本公司,分析其成功与失败的原因

并总结出目前我国资本市场股权激励实施的现状与启示。

DFL公司是A股创业板一家民企上市公司,具有一定的代表性。DFL公司目前正

在实施限制性股权激励计划,通过对DFL公司股权激励计划的方案设计、考核目标、

实施方式、激励效果进行深入的研究和论证,发现股权激励设计方案与市场环境、时间

节点、授予价格、考核目标、税收缴纳等因素具有很大的关系。同时,公司要做好与激

励对象的良好沟通、并制定具有连贯性、可持续的股权激励计划,才能真正提升公司经

营业绩,实现长期健康发展。通过对几家样本公司和DFL公司股权激励计划的深度研

究,也发现目前我国上市公司股权激励相关法规和配套制度还有待完善,对其存在的不

合理之处提出了 一些个人见解。

最后,基于本文的研究结论,认为上市公司实施股权激励是大势所趋,加强相关政

策法规配套,积极开展股权激励与员工持股计划,有利于我国资本市场的建设与完善,

有利于A股上市公司的整体治理水平的提升。

关键词:股权激励;上市公司;DFL公司;设计与优化

第II页
华东理工大学硕士学位论文

Design and Optimization of Restricted Stock Incentive Program: Take DFL

for Example

Abstract

As a long term incentive, equity incentive plays an important role in corporate

governance mechanism. It makes operators or employees participate in business decision,

profit-sharing and risk-taking like stockholders and devote themselves into the company's

long term development by empowering them to acquire company's stock or corresponding

economic benefits. Equity incentive is getting more and more attentions from capital markets

and public companies and becomes an important part of enterprise's core management

compensation.

593 public companies in 2526 which IPO in China's A-share market have announced the

implementation of equity incentive plans since China Securities Regulatory Commission

promulgated Public Companies Incentive Management Measures (Trial).This paper selected

several representative samples from these 593 companies after studied the basic concepts and

viewpoints on equity incentive from home and abroad. It analyzed the reasons for success or

failure in their equity incentive plans and summarized the implementation status and

inspiration of equity incentive in China's capital market.

DFL is a representative compMiy which IPO in GEM of China's A-share market and its

equity incentive is in process. I found that the design of equity incentive plans had a great

relationship with the market condition, time node, grant price, performance goals and taxes

etc through doing research on the program design,assessment objective,implementation and

incentive effect of DFL's equity incentive plan. And only with good communications with

incentive personnel and a coherent and sustainable equity incentive plan could companies

enhance their operating performance and achieve long-term healthy development. After

studied equity incentive plans of several sample companies and DFL, I thought some

improvements need to be done in laws and supporting systems about China's public

companies' equity incentive plans and I made some personal advices in this issue.

In conclusion, I found that the implementation of equity incentive plans in public

companies had become a trend based on the research of this paper. Strengthening related

policies and implementing equity incentive and employee stock ownership plans could be

beneficial to the construction of China's capital market and improving the management ability

of China's A-share public companies.

Key words : Equity Incentive; Public Company; DFL; Design and Optimization