文本描述
国有企业作为中国经济不可或缺的重要组成部分,其低下的经营效率却为经 济学家们所诟病。与私有经济的迅猛发展相对比,不难发现,企业产权的归属是 问题的关键。纯粹国有产权的状态下,一方面政府无法深入到企业管理的诸多细 节,另一方面在企业内部也没有真正意义上的直接产权受益者。这就导致了无论 通过何种方式选拔的管理团队,都倾向于仅仅保持国企现有局面,而无意将其真 正做强。在政府不能无限扩张其对经济活动的控制的前提下,解决问题最可行的 办法莫过于对公司产权重新划分,使用员工股权激励的方式让管理层拥有产权— —将责权利进行更加深度的统一,从而提高管理团队改进经营效率的积极性。 本文将就一家典型的市属国有企业——北京城建设计发展集团股份有限公 司(后文简称 A 公司)的实际情况以资料研究法、实际案例分析法、报表分析法 等方法分析企业员工股权激励的必要性及可操作性,设计两套激励方案:公司层 面的员工持股计划及项目层面的股权激励计划。员工持股计划作为一种传统的利 润分配解决方案,可以在一定程度上解决公司层面管理者及技术人才的激励问题。 同时由于 A 公司所在行业具有一定特殊性——新时代赋予工程行业的新建设模 式又开辟了项目股权激励的道路。项目层面员工股权激励计划的核心在于对采取 PPP、BOT 等模式的重大(或重点)项目的项目主要人员,进行基于项目层面的 虚拟股票的股权激励安排——由于激励的重点在于具体业务,且激励具有不可交 易及长期性,该方案能够在不改变项目股权结构的前提下,对项目层面核心人员 定点定向的产生全项目周期的激励效果。 综上,A 公司所遇到的公司层面员工股权激励问题在国有企业改革中具有普 遍性,研究和解决将为同类公司提供一种改善公司经营效率的良好思路。同时, 项目层面的员工股权激励方案也是对新型建设模式项目激励的一种创新性尝试。 关键词:员工股权激励,员工持股计划,PPP 项目,虚拟股票4 Abstract As an indispensable part of China's economy, state-owned enterprises have been criticized by economists for their low operating efficiency. Compared with the rapid development of private economy, it is not difficult to find that the ownership of enterprise property is the key to the problem. In the state of pure state-owned property rights, on the one hand, the government cannot go deep into many details of enterprise management, and on the other hand, there are no real direct beneficiaries of property rights in the enterprise. As a result, the management team selected by any means tends to just keep the current situation of the state-owned enterprise, and has no intention of making it truly strong. Given the government's inability to expand its control over economic activity indefinitely, the most feasible solution to the problem is to redivide the company's property rights and use employee equity incentives to allow management to own the property rights -- a deeper unification of responsibilities that will motivate management teams to improve operating efficiency. This article will discuss A typical city state-owned enterprises - Beijing urban construction design and development group co., LTD. (hereinafter referred to as A company) after the actual situation in research method and actual case analysis, report analysis methods to analyze the necessity of enterprise employee equity incentive and maneuverability, designed two sets of incentive schemes: corporate level of employee stock ownership plan and project level of equity incentive plan. As a traditional profit distribution solution, ESOP can solve the incentive problem of managers and technical personnel at the company level to some extent. At the same time, due to the particularity of the industry in which company A is located -- the new construction mode endowed by the new era opens up the road of project equity incentive. The core of project level employee equity incentive plan is significant to adopt the PPP, BOT mode (or key) project project personnel, for virtual stock equity incentive arrangements based on project level, due to the incentive is focused on the specific business, and they have not trading and long-term incentive, the scheme can without changing the project under the premise of equity structure, core personnel designated orientation of project level of the whole project cycle incentive effect. In conclusion, the problem of employee equity incentive at the company level encountered by company A is common in the reform of state-owned enterprises. The study and solution will provide A good way for similar companies to improve their5 operating efficiency. At the same time, the employee equity incentive plan at the project level is also an innovative attempt to motivate the new construction mode project. Keywords: Employee equity incentive, employee stock ownership plan, PPP project, virtual stock6 目录 第 1 章 绪论.....................................................................................................................................1 1.1 研究背景与意义................................................................................................................1 1.1.1 研究背景.................................................................................................................1 1.1.2 研究意义.................................................................................................................1 1.2 国内外研究现状分析........................................................................................................2 1.2.1 国外研究现状.........................................................................................................2 1.2.2 国内研究现状.........................................................................................................3 1.3 研究内容............................................................................................................................5 1.4 研究方法............................................................................................................................5 1.4.1 资料研究法.............................................................................................................5 1.5 技术路线............................................................................................................................6 第 2 章 员工股权激励的相关理论、实践与 PPP 相关概念.........................................................8 2.1 员工股权激励相关理论....................................................................................................8 2.1.1 双因素理论.............................................................................................................8 2.1.2 合作经济理论和民主自治理论.............................................................................8 2.1.3 主流经济学的解释.................................................................................................9 2.2 中国员工股权激励的发展历史......................................................................................10 2.3 PPP 模式相关概念 ........................................................................................................... 11 第 3 章 A 公司公司层面员工股权激励方案研究........................................................................13 3.1 A 公司概况. ......................................................................................................................13 3.1.1 A 公司的历史沿革 ................................................................................................13 3.1.2 A 公司的主营业务 ................................................................................................14 3.1.3 A 公司的人员构成 ................................................................................................15 3.2 A 公司的职工持股会 .......................................................................................................17 3.2.1 A 公司职工持股会的“昙花一现” ....................................................................17 3.2.2 A 公司再次成立职工持股会的必要性 ................................................................18 3.3 A 公司公司层面员工股权激励方案设计 .......................................................................21 3.3.1 公司层面员工股权激励的路径选择...................................................................21 3.3.2 公司层面员工股权激励的具体方案...................................................................25 第 4 章 A 公司项目层面员工股权激励方案研究........................................................................33 4.1 PPP 的中国模式及城市轨道交通 PPP 模式分析...........................................................33 4.1.1 中国的 PPP 模式分析 ..........................................................................................337 4.1.2 城市轨道交通 PPP 模式分析 ..............................................................................34 4.2 A 公司项目层面员工股权激励的必要性及可行性分析 ...............................................37 4.2.1 A 公司项目层面员工股权激励的必要性分析 ....................................................37 4.2.2 A 公司项目层面员工股权激励的可行性分析 ....................................................40 4.3 A 公司项目层面员工股权激励方案设计 .......................................................................45 4.3.1 项目层面员工股权激励的模式选择...................................................................45 4.3.2 虚拟股票的基本操作方式与设计时的关注重点 ................................................46 4.3.3 激励对象的选择及时间安排的设计....................................................................47 4.3.4 虚拟股票的价格评估............................................................................................48 4.3.5 虚拟股票价激励资金的来源设计........................................................................51 结论.................................................................................................................................................54 致谢.................................................................................................................................................55