碧水源股权激励方案的财务绩效研究 在当代公司治理体系下，基于企业所有权与经营权相分离，委托-代理关系 滋生了利益冲突和信息不对称问题，对企业的长远发展产生不良影响。股权激 励作为一种有效的激励手段，能够将企业与员工的利益统一起来，促使管理层 充分发挥其经营管理能力，在进行经营、投资或筹资决策时能够从长远的角度 出发，避免其为获取自身利益而放弃企业整体利益的行为发生，从而为企业的 良性运营贡献最大的力量。股权激励在西方发达国家已有长远的发展历史，并 且是一种较为有效的中长期激励机制。而我国股权激励的机制建设和应用起步 较晚，直到 2006 年《上市公司股权激励管理办法》的颁布，为上市公司股权激 励的推行和发展提供了政策上的支持，促进了我国股权激励的真正发展。但是， 很多企业不了解如何选择激励模式和激励范围、如何设计激励方案，导致很多 激励计划无法取得应有的效果，甚至可能成为企业向管理层输送利益的手段。 本文选取生态保护与环境治理业内的领军企业——碧水源的三次股权激励 的案例，通过对其股权激励方案的激励模式、激励对象、行权安排等具体内容 的介绍与分析，选取与企业经营相关的主要财务指标及一些非财务指标对其股 权激励对经营绩效产生的效果进行综合评价。研究发现，从财务指标的纵向和 横向对比来看，碧水源的三期股权激励方案对财务业绩产生了一定的正面影响。 实施股权激励后，碧水源的盈利能力和发展能力确实得到了一定程度上的提升， 但对于偿债能力、营运能力以及现金流量的促进作用并不明显。从非财务指标 的总体情况来看，股权激励的实施对企业潜在发展能力的提升略有帮助，但在 创新投入方面并未完全引起管理层的重视，还需管理层更多地关注公司的长远 发展，通过创新提升企业的核心竞争力。II 通过对碧水源股权激励方案的研究，针对其股权激励方案中存在的不足和 值得借鉴的方面，本文最后提出可供股权激励实施主体与监管主体参考的政策 建议。对股权激励实施主体来说，在进行股权激励方案设计时应充分考虑企业 经营的内、外部环境，建立完善的业绩考核指标体系和行权机制，并且在股权 激励实施的进程中注重对股权激励模式选择的创新，而不是一味的拘泥于现行 的主要模式，这样才能更好地促进股权激励的创新发展。同时，企业应当建立 行之有效的内部控制制度，规范内部运营与管理，建立完善的内部治理结构， 发挥治理机构的内部监督职能，使其能够站在客观独立的角度上对股权激励方 案的设置以及后续的实施进行管理和监督，使股权激励方案有效地作用于企业 的长远发展。对于股权激励监管主体来说，一方面要完善我国资本市场秩序， 为企业实施股权激励营造良好的外部环境；另一方面要加强对上市公司信息披 露的监督管理，对财务舞弊采取零容忍的态度，加大上市公司造假的违法成本， 避免其通过股权激励为管理层输送利益，真正发挥出股权激励的有效性。 关键词： 股权激励，碧水源，财务绩效III Abstract Research on the Financial Performance of OriginWater’s Equity Incentive Plan Under the modern corporate governance system, based on the separation of enterprise ownership and management rights, the conflicts of interest and information asymmetry have imposed many restrictions on the long-term development of enterprises. Equity incentive, as an effective incentive measure, can unify the interests of companies and employees, encourage the managers to give full play to their management ability, and make the greatest contribution to the benign operation of the enterprise. Equity incentive has a long history in western developed countries and has achieved good incentive effect. However, the construction and application of China's equity incentive mechanism started late, until the promulgation of the Equity Incentive Management Measures for Listed Companies in 2006, which provided policy support for the implementation of equity incentive of listed companies and promoted the development of equity incentive. For all this, many enterprises are confused about how to choose incentive methods and the incentive scope of employees. However, many enterprises don’t know how to choose the incentive mode and incentive scope, and how to design incentive plans, so that many incentive plans cannot achieve the desired effect, and may even become a means for enterprises to deliver benefits to the management. The article selects the leading enterprise of ecological protection and environmental governance industry – OriginWater’s three cases of equity incentive, through the introduction and analysis of the incentive mode, incentive objects,IV exercise arrangement and other specific contents of its equity incentive scheme, the main financial indicators and some non-financial indicators related to enterprise operation are selected to comprehensively evaluate the effect of its equity incentive on business performance. The study found that, from the vertical and horizontal comparison of financial indicators, the equity incentive plans of OriginWater had a certain positive impact on financial performance. After the implementation of equity incentive, the profitability and development ability of OriginWater have indeed been improved to a certain extent, but the promotion of solvency, operating capacity and cash flow is not obvious. From the general situation of non-financial indicators, the implementation of equity incentive is slightly helpful to the improvement of the potential development ability of enterprises, but it has not fully aroused the attention of the management in terms of innovation input. The management should pay more attention to the long-term development of the company and improve the core competitiveness. Through the study on the equity incentive plan of OriginWater, aiming at the deficiencies and aspects worthy of reference in the equity incentive plan of the case company, this paper finally puts forward specific policy Suggestions for the subject of equity incentive implementation and supervision. For the subject of equity incentive implementation, the equity incentive scheme design should fully consider the internal and external environment of enterprise management, establish and improve the performance of the evaluation index system and the mechanism of exercise, and promote the innovative development of the equity incentive. Meanwhile, enterprise should set up effective internal control system, standardize the internal operation and management, establish and improve the internal governance structure and governance mechanism of internal supervision function, insure the equity incentive plan effectively applied to the long-term development of the enterprise. For the subject ofV equity incentive supervision, on the one hand, they should improve the order of China's capital market and create a good external environment for enterprises to implement equity incentive. On the other hand, it is necessary to strengthen the supervision and management of information disclosure of listed companies, adopt a zero-tolerance attitude towards financial fraud, increase the illegal cost of listed companies' fraud, prevent them from conveying benefits to the management through equity incentive, and truly exert the effectiveness of equity incentive. Keywords: Equity Incentive; OriginWater; Financial PerformanceVI 目 录 第 1 章 绪论........................................................................................... 1 1.1 研究背景与意义............................................................................ 1 1.2 文献综述........................................................................................ 2 1.3 研究方法........................................................................................ 5 1.4 研究思路和框架............................................................................ 5 第 2 章 股权激励的理论和评价指标................................................... 7 2.1 股权激励的相关理论.................................................................... 7 2.2 股权激励的类型............................................................................ 8 2.3 评价指标........................................................................................ 9 第 3 章 碧水源股权激励方案概况......................................................11 3.1 公司背景.......................................................................................11 3.2 碧水源股权激励方案的主要内容 ............................................. 14 第 4 章 碧水源股权激励方案完成情况及财务绩效分析................. 19 4.1 碧水源股权激励方案业绩考核目标完成情况 ......................... 19 4.2 碧水源股权激励财务绩效分析 ................................................. 23 4.3 碧水源股权激励非财务绩效分析 ............................................. 36 第 5 章 碧水源股权激励方案的评价及建议..................................... 40 5.1 碧水源股权激励方案总体评价 ................................................. 40 5.2 针对实施股权激励的建议.......................................................... 44 结 论 ................................................................................................. 47