研究生签名:在导师签名f Y B期: 东南大学硕士学位论文
摘要
我国明清时期晋商东西柜股权激励机制研究
研究生:杨琯斌
导师:刘晓星
东南大学
摘要
我国明清时期晋商股权激励的精髓就是逐步从外部激励转化为员工内部的主观能
动,从制度性环境约束逐步过渡到自律性自我约束。该制度在明清时期的晋商中逐步发
展完善,是一种以经营者获得公司股权来授予企业经营者一定经济权利的形式,使他们
能够以股东的身份参与企业决策、利润分享、风险承受,从而尽职尽责地为公司的长远
发展全心全意服务的有效策略。论文研宂了中国明清时期股权激励机制策略并与现代
股权激励制度进行了比较分析

晋商大盛魁的东西柜股权激励给明清时期的晋商带来了勃勃生机,同时也给我们
带来了很大启发,通过将晋商股权激励机制与现代股权激励制度对照,可以发现晋商股
权激励制度相对于现代股权激励制度在股权激励方面的特别点。通过对两者的研宄和
比较,可以发现晋商参与身股制的员工持股期限普遍较长,以此可以达到最大的激励效
果;而且晋商股权激励受益人覆盖面较广,甚至出现了代理人之间相互监督的情况,这样
便大大降低了代理成本;而且晋商实施以及运作的条件较为简单。研究发现晋商大盛
魁的东西柜股权激励机制和现代股权激励制度一样拥有既激励又约束管理层、同时降
低代理成本的功能,还具有一些股权激励性质的独到之处。论文研究秉持取其精华,去其
糟粕的科研态度,在学习总结现代股权激励制度的同时,从我国传统民族特色的管理制
度中汲取经验。从而将中国传统的股权激励机制和现代股权激励制度有机地结合起来

股权激励有利于端正员工的工作心态,提高企业的凝聚力和战斗力。从雇员到股
东,从代理人到合伙人,这是员工身份的质变,而身份的质变必然带来工作心态的改
变。股权激励还能够规避员工的短期行为,维持企业战略的连贯性。股权激励还能吸
引外部优秀人才,为企业不断输送新鲜血液。对于员工来说,其身价不仅取决于固定
工资的高低,更取决于其所拥有的股权或期权的数量和价值。另外,拥有股权或期权
也是一种身份的象征,是满足员工自我实现需求的重要筹码。所以,吸引和保留高层
次人才,股权激励不可或缺。最后,股权激励还降低即期成本支出,为企业顺利过冬
储备能量。股权激励,作为固定薪酬支付的部分替代,能在很大程度上实现企业与员
工的双赢D
关键词:股权;激励机制;晋商
I 东南大学硕士学位论文 Abstract
The Study of Stockholder^ Rights Drive of the Shanxi Province
East and West Shopkeepers during the Ming and Qing Dynasties
Postgraduate: YAN Yan-bin Supervisor: LIU Xiaoxing
Southeast University
Abstract
In the period ming and qing dynasties the development of stock optiong incentive plan
have changed form extrinsic encouragement to the intinsical motivation of employees. The
development have experienced institutional environmental constraints to the autonomous
self-dispcipline. The stock option incentive plan is a kind of company operator obtain the
stock rights from strong stock holder. This institution will award company manager some
rights, such as business decision, profit sharing, risk bearing, and it will responsible for the
long-term development of the company&39;s effective service strategy. The progressively
elaborated development of stock rights incentive plan have oprated in the Jin merchants
during ming and qing dynasties. Our study will plan to begin with our traditional stock
option incentive plan, and combine it with modem stockholder^ rights drive, fighting for
the two complement each other and combine organically.
Shanxi Shengkui that cabinet equity incentive has brought vitality to the merchants in
the Ming and Qing Dynasties, but also brought great inspiration to us by the Shanxi equity
incentive mechanism and modem incentive system control, can be found the equity
incentive system to modem equity incentive incentive system particularly in terms of equity.
Through the research and comparison of the two, can be found in the share system of
employee shareholding period is generally longer, which can achieve the maximum
incentive effect. But the stockholder incentive beneficiary broader coverage, even the
mutual supervision between the agents, this will greatly reduce the agent cost. Jin
businessmen implementation and operation conditions is relatively simple. The above
statement can be drawn Shengkui what cabinet of stock rights incentive and equity
incentive system as modem have both stimulating and constraint management, and reduce
the agency cost function, also has the nature of stock rights incentive some originality.
Taking the modem equity incentive system as a reference, the purpose is not to evaluate
whether the two systems are superior or inferior. This study has always maintained its
essence,to its dregs,learning attitude, learning in the summary of modem equity incentive
system at the same time, learn from our traditional national characteristics in the
management system. This work will benefit to combine the traditional equity incentive
II 东南大学硕士学位论文
Abstract
mechanism with the modem equity incentive system.
Equity incentive is conducive to correct the working attitude of employees, improve
the cohesion and combat effectiveness of enterprises. From employee to shareholders, from
the agent to partner, this is the identity of the staff and the identity of the qualitative change,
qualitative change will bring about a change of work attitudes. Equity incentive can also
avoid the short-term behavior of employees and maintain the consistency of corporate
strategy. Equity incentive can attract external talent, continuous delivery of fresh blood for
the enterprise. For employees, its value depends not only on the level of fixed wages, but
also depends on the number and value of the equity or options. In addition, ownership or
option is also a symbol of identity,is to meet the needs of employees to achieve an
important bargaining chip. Therefore, to attract and retain high-level talent, equity incentive
is indispensable. Finally, the equity incentive also reduce the cost of the spot, for the smooth
winter reserve energy. Equity incentive, as part of the replacement of fixed pay, can achieve
a win-win situation between enterprises and employees to a large extent.
Key-words: Stock Right; Incentive Mechanism; JIN Entrepreneurs
m 东南大学硕士学位论文
目录
摘要 I
ABSTRACT II
m ^ i
i.i研究的现状与意义 1
1丄1研宄的现状 1
1.1.2研宄的意义 1
1.2从文献出发研宄理论 2
1.2.1经济学对激励问题的研宄1.2.2管理学对撖励问题的研宄1.2.31.3现代股权激励制度相关理论1.3.1现代股权激励制度概念界定1.3.2现代股权激励制度的运作模式第二章晋商发展分析 5
2.1晋商的发展历程 5
2.1.1晋商的概念 5
2.1.2晋商的形成及演变2.2晋商股权激励制度的发展2.2.1晋商股权激励制度的形成2.2.2晋商股权激励制度的发展形式第三章晋商股权东西柜撖励机制及其现代比较3.1明清晋商股权激励制度与现代人力资本股权化制度3.1.1股权激励制度为长期有效的激励机制3.1.2委托代理理论角度分析股权激励的优势3.1.3人力资本论角度分析股权激励的优势3.2晋商采用多种激励方式优势互补3.2.1物质激励和精神激励双管齐下3.2.2职位激励和权利激励协同并进3.1.4激励理论角度深度分析其激励相容作用
21
3.3晋商股权激励与现代激励制度的比较
21
3.3.1晋商股权激励与现代劳力股制度的比较
21
IV 东南大学硕士学位论文
3.3_2晋商股权激励与现代股票期权制度的比较
22
第四章明清晋商股权激励机制的优势及其约束
25
4.1明清晋商股权激励的优势
25
4.1.1长期有效的员工持股,达到了最长久的激励成效
25
4.1.2持股受益面广,减小了监督成本
25
4.1.3简单有效的运作模式,扩大了使用范围
26
4.2明清晋商股权激励的约束机制
27
4.2.1以伦理道德来约束
27
4.2.2以号规来约束 28
第五章明清晋商股权撖励机制的现代启示及结论
29
5.1对现代公司治理方面的启示和结论
29
5.1.1加强经理人信誉体系,强化以人为本理念
29
S.1.2确立公平合理的薪酬制度,完善利益共享的分配模式
29
S.1.3激励、约束、监督机制相辅相成
30
S.2对现代股权制度发展的启示和结论
31
5.2.1两权分离的经营模式,让股权激励受益面更广
31
5.2.2设定适当比例的股权激励对象和股份发放比例
32
5.2.3多种激励方式相结合,不断深化股权制度创新
33
WL ii 35
36
V 东南大学硕士学位论文
第一章绪论
第一章绪论
1.1研究的现状与意义
1.1.1研究的现状
对于晋商问题的研宄主要以收集和归纳关于历史为主,运用的方法也是以史学方法
为基础,在史料的基础上进行学习、整理和总结。史学界清末开始了对晋商的研究,出现
了晋商研究的热潮。因战争,乱世对晋商的研究也未能留下比较完整的资料。同期还发
表了关于山西商号的资料和论文。建国和和平后晋商研宄的论文和专著百花争鸣,对晋
商的研宄也日益完善。进一步研宄晋商打下了深厚的根基。随着晋商问题研宄的不断
深入以及西方经济史学的发展,许多学者开始运用经济学、社会学等相关学科的理论来
研宄晋商。由于新理论和新视角的引用以及理论框架和分析工具的不断出现,使晋商的
研宄得到越来越的深入,也把晋商研究提高到一个新的高度[1
。。。以上简介无排版格式，详细内容请下载查看