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要提高企业的经营水平，增加企业的竞争力，凝聚力，就要从企业制度的
本身着手。随着企业规模的逐渐扩大，所有权和经营权逐渐分离，形成了现代
企业的明显特征，在这种情况下只有所有者和经营者利益充分统一，才能最大
限度调动员工责任感和积极性，促进公司发展。根据权威统计，在美国五百强
企业中，有百分之九十以上的企业都采取了股权激励措施，其高管的整个薪酬
中至少百分之三十来源于股权的激励。我们国家也在八十年代开始借鉴欧美的
股权激励措施，并开始应用于国有企业，并随着经济的不断发展，将股权激励
措施逐渐推广至私营企业，并取得了良好的效果
本文通过对一系列相关理论的研究，包括代理理论，人力资本理论，激励
理论等，充分了解在上述理论基础之上形成的股权激励理论，并通过对案例的
分析总结，发现我国企业在实施股权激励过程中的经验和容易碰到的问题，此
外再结合我国社会条件，方力公司的内部条件的情况下，设计了针对其高中层
管理人员以及一线人员的限制性股票、股票增值权、虚拟股票相结合的分层股
权激励方案。方案明确了激励适用的三个层次员工比例、范围、根据三个层次
不同的需求所使用的股权激励的种类，明确了定价依据、执行时间、限制条
件、退出机制等，并解释制定该方案的理由。主要为解决方力公司目前的问
题，并给其他类似企业也提供借鉴
关键词：股权激励， 非上市公司， 股权方案设计II
Design of Ningbo Fangli Technology Co., Ltd. employee
equity incentive plan
Abstract
Ningbo Fangli Technilogy Co., Ltd- medium scale domestic plastics machinery
manufacturing enterprise, at the beginning of this century has experienced the rapid development,
but in recent years the company has entered a period of stagnation, and has gradually declining
trend, flow rate of the core staff is rising, staffs lack sense of responsibility, cohesion of the
enterprise declines, it is urgent to adjust internal mechanism of enterprise. Under the circumstances,
equity incentive will be big help to solve this problem.
To improve the management level of enterprises, increase their competitiveness and cohesion,
it is necessary to start from the enterprise system itself. With the gradual expansion of enterprise
scale, the ownership and management rights are getting separated, that formed a significant feature
of modern enterprises, in this case fully unified interests of owners and operators can only mobilize
the staff&39;s sense of responsibility and enthusiasm to the maximum, and promote the development of
the company. According to authoritative statistics, among the top 500 companies in the United
States, more than ninety percent of the enterprises have taken equity incentive, the executive has, at
least, thirty percent of remuneration came from equity incentive. Our country also began to learn
from westerns equity incentive in 80s, and has been applied in the state-owned enterprises at the
beginning, and with the development of economy, the equity incentive has been gradually
extended to the private enterprises, and achieved good results.
By research of the principal-agent theory, human capital theory and incentive theory, this
paper fully understands the formation, development and application of equity incentive theory in
modern corporate governance, through case analysis to find the often encountered problems in
implementation of equity incentive, also combined with China&39;s social conditions, the internal
conditions of company Fangli, to formulate restricted stock-stock appreciation rights-virtual stock
hierarchical equity incentive plan for senior management personnel and front-line staffs, clearing
incentive proportion for different staff levels, scope of employees, types of equity incentive to three
levels of staffs, pricing basis, execution schedule, limitation, quit mechanism and etc., and
explaining the reason of plan formulation. Thus help to solve Fangli’s problem and provide
reference for other similar enterprises.
Key Words: equity incentive, non-listed company, equity plan designIII
目 录
引 言..... 1
1 绪论 ......... 2
1.1 选题背景与意义 ........ 2
1.1.1 选题背景......... 2
1.1.2 选题意义......... 3
1.2 研究思路及方法 ........ 3
1.2.1 研究思路......... 3
1.2.2 研究方法......... 3
2 股权激励相关理论及常用模式研究 ........ 5
2.1 股权激励理论基础 .... 5
2.1.1 委托-代理理论........... 5
2.1.2 人力资本理论5
2.1.3 激励理论......... 6
2.2 常用股权激励操作模式 .... 6
2.2.1 股票期权模式7
2.2.2 限制性股票模式 ........ 7
2.2.3 股票增值权模式 ........ 7
2.2.4 虚拟股票模式8
2.3 影响股权激励的因素8
2.3.1 企业发展阶段因素 .... 8
2.3.2 企业规模因素9
2.3.3 企业所属行业因素 .... 9
3 国内外股权激励的情况研究与对比 ...... 10
3.1 外国股权激励情况 .. 10
3.1.1 国外股权激励发展过程...... 10
3.1.2 国外股权激励研究成果...... 11
3.2 我国股权激励情况 .. 12IV
3.2.1 我国股权激励发展过程...... 12
3.2.2 我国股权激励研究成果...... 14
3.3 我国相关法规研究 .. 16
3.3.1 《公司法》相关内容研究.. 16
3.3.2 《财税》相关内容研究...... 17
3.3.3 《证券法》相关内容研究.. 18
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