I 摘要 所有权和经营权分离产生了委托代理问题，股权激励应运而生，知识经济的发展 使激励从管理层扩充到核心人员，我国2006年正式建立股权激励制度，政策逐步完善 的同时，驱动股权激励常态化发展，在上市公司的众多实践中，效果却不一样,值得研 究。人工智能时代，对语音智能引领者科大讯飞股权激励对公司绩效影响的研究，以 期为人工智能高科技企业提供借鉴。 本文梳理了股权激励理论基础、股权激励与公司绩效关系、股权激励效果影响因 素相关文献后，对科大讯飞的三次股权激励按照动因-方案-实施的框架进行了整理分 析，并从财务绩效、市场绩效、人力绩效、创新绩效四个维度对实施绩效深入分析： 通过财务指标法结合行业均值对盈利、营运、发展、偿债四方面的财务指标作横纵向 比较和采用“双差分”方法与可比企业对比以评价财务绩效；通过事件研究法CAR法 考查股权激励公告前后短期市场反应，而用BHAR法考查股权激励公告后的长期市场反 应；通过激励对象离职率和员工学历结构变化的纵向对比以及激励对象获得股权激励 收益来评价稳定和吸引人才效果；通过研发人员和费用投入、研发产出的专利申请数 和研发人均创收的纵向对比以评价创新绩效。最后根据绩效分析结果探讨股权激励方 案优缺点以及针对性建议。 研究结果表明：第一、三次股权激励提升了财务绩效、人力绩效、创新绩效， 而第二次股权激励没有起到相应作用，对于市场绩效，第一次股权激励因控制权不稳 的隐患带来了短期市场反应的负效应，但随着战略投资者的引入得以解决，获得了良 好的长期市场反应，第二次股权激励长短期市场反应较小，第三次股权激励长短期市 场反应良好。从案例分析中为人工智能高科技企业股权激励提供几点启示：（1）激励 模式选择应适合当时的企业特征、发展战略、财务状况和外部环境；（2）分期授予行 权的常态化股权激励机制是对于成长快速企业既兼顾新进员工激励问题又降低高管自 利行为的长效激励机制；（3）激励对象范围和力度在兼顾管理层的同时向核心技术人 员倾斜，同时应结合企业成长性和规模实行动态调整；（4）采用多维度的综合业绩考 核指标体系，综合指标结合多维度指标可以弱化单个业绩指标标准设置不合理问题， 结合非财务指标使用可以考虑使用研发创新指标，设置业绩考核标准应使用行业比较 的纵向指标并考虑企业自身历史发展状况和未来发展战略；（5）完善公司内部治理机 制是是股权激励实施效果良好的保障。 广东工业大学硕士学位论文 II 关键词：股权激励；财务绩效；市场绩效 ABSTRACT III ABSTRACT The separation of ownership and management rights created the problem of agency and agency. Equity incentives have emerged as the times require. The development of the knowledge economy has expanded incentives from management to core personnel. China has officially established the equity incentive system in 2006. Until now, policies have continued to improve, and equity incentives have become normal. In the era, In many practices of listed companies, the effect is different, it is worth studying. In the era of artificial intelligence, the research on the impact of the voice intelligence leader iFLYTEK's equity incentive on company performance is expected to provide a reference for artificial intelligence high-tech companies. This article combed the literature on the theoretical basis of equity incentives, the relationship between equity incentives and company performance, and the factors affecting the effects of equity incentives. After that, the three equity incentives of iFLYTEK were sorted and analyzed in accordance with the framework of motivation-scheme-implementation. In-depth analysis of implementation performance from four dimensions: financial performance, market performance, human performance, and innovation performance: Use the financial indicator method to combine industry averages to make horizontal and vertical comparisons of the financial indicators of profit, operation, development, and debt service. And then comparison of "double difference" method with comparable companies to evaluate financial performance; The CAR method was used to examine the short-term market response before and after the equity incentive announcement, and the BHAR method was used to examine the long-term market response after the equity incentive announcement; Evaluate the effects of stability and attracting talents through the vertical comparison of the turnover rate of the incentive objects and the changes in the educational structure of the employees and the equity incentive income of the incentive objects. Evaluate innovation performance through vertical comparison of R & D personnel and cost input, patent applications for R & D output, and R & D per capita income. Finally, based on the results of the performance analysis, the points of reference and shortcomings of the equity incentive plans and targeted suggestions are discussed. The research results show that the first and third equity incentives have improved financial performance, human performance, and innovation performance, while the second equity incentives have not played a corresponding role. Regarding market performance, the 广东工业大学硕士学位论文 IV first equity incentives caused the negative effects of short-term market response due to hidden dangers of instability in control, but with the introduction of strategic investors, they have been resolved and have obtained a good long-term market response，the second short-term and long-term market response to equity incentives was relatively small, and the third short-term and long-term market response to equity incentives was good. Provide some enlightenments for the equity incentive of artificial intelligence high-tech enterprises from the case analysis: (1) the choice of incentive mode should be suitable for the characteristics, development strategy, financial situation and external environment of the company at that time; (2) the normalization of equity granted in phases Incentive mechanism is a long-term incentive mechanism for fast-growing companies that takes into account the incentives of new employees and reduces the self-interest behavior of senior executives; (3) the scope and intensity of incentive targets are given to core technical personnel while taking into account management, and should be combined with Dynamic growth and scale adjustment of the enterprise; (4) Adopt a multi-dimensional comprehensive performance evaluation indicator system. Comprehensive indicators combined with multi-dimensional indicators can weaken the problem of unreasonable standard setting of a single performance indicator. In combination with non-financial indicators, consider using R & D innovation indicators. Setting performance evaluation standards should use vertical indicators for industry comparison. And consider the company's own historical development status and future development strategies; (5) The improvement of the company's internal governance mechanism is a guarantee for the effective implementation of equity incentives. Key words: Equity Incentives; Financial Performance; Market Performance 目录 V 目 录 摘要 ................................................................... I ABSTRACT .............................................................. III 目 录 ................................................................... V CONTENTS ............................................................. VIII 第一章 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 .................................................. 2 1.2 研宄思路与方法 .................................................. 2 1.2.1 研究思路 .................................................. 2 1.2.2 研究方法 .................................................. 3 1.3 本文结构 ........................................................ 4 第二章 理论基础和文献综述 ............................................... 6 2.1股权激励理论基础 ................................................. 6 2.1.1 委托代理理论 .............................................. 6 2.1.2 人力资本理论 .............................................. 6 2.1.3双因素激励理论 ............................................. 7 2.2文献综述 ......................................................... 7 2.2.1股权激励与公司绩效关系 .......