摘要
股权激励机制对改善公司高管与股东之间利益分歧、促进两者各自之间的利益逐
渐达到趋同起着很重要的作用。然而，由于我国市场经济发展存在特殊性，使得我国
上市公司股权激励机制所起到的作用大打折扣，甚至起到负面的作用。怎么使股权激
励制度益处的最大化并提高其有效性，帮助企业赢得长远的发展都是我国股权激励制
度需要改善及解决的难题？
深万科是我国主板市场的领军企业同时也是我国最早开始试用股权激励制度的公
司在公司管理、领导、治理等方面被国内许多企业膜拜及效仿。深万科的股权激励机
制具有较强的代表性，能够在一定程度上反映出我国社会主义市场经济环境下上市公
司的股权激励现状。因此，本文以深万科作为研究对象，采用委托代理理论、激励理
论、人力资本理论，分析其三次股权激励的实施方案和实施效果，总结其成功和失败
经验，以图窥视符合中国特色的上市公司股权激励的机制，为我国企业提供参考
论文首先采用文献调查和网络调查法，分析了当前我国上市公司股权激励的理论与
实践现状。第二章详细介绍了国内外对股权激励机制研究的相关理论基础，探讨了股
权激励机制对公司的影响作用；第三章重点以深万科的股权激励方案为案例，探讨了
深万科股权激励机制实施的背景和主要内容；第四章重点研究了深万科股权激励方案
存在的问题，并对此提出一系列改进措施，以此对我国上市公司的股权激励机制提出
具有启示性的意见。第五章主要说明了万科股权激励给我们的启示和建议；第六章对
全文做出总结，并对我国股权激励机制的实施和发展做出展望
关键词：股权激励；上市公司；股价效应；业绩效应；效果分析
研究类型：应用研究；案例分析
ABSTRACT
The equity incentive mechanism plays an important role in improving the interest
differences between the company's top executives and shareholders and in promoting the
gradual convergence of their respective interests. However, due to the particularity of the
development of our country's market economy, the role played by the equity incentive
mechanism of our country's listed companies has been greatly reduced and even played a
negative role. How to maximize the benefits of the equity incentive system and improve its
effectiveness to help enterprises win long-term development is a difficult problem that needs
to be improved and solved in our country's equity incentive system
Shenzhen Vanke is the leading enterprise in our country's main board market, and it is
also the earliest company in our country to begin to use the equity incentive system. it has
been worshipped and emulated by many domestic enterprises in the aspects of company
management, leadership and governance.Shenzhen Vanke's equity incentive mechanism is
representative and can reflect the current situation of listed companies' equity incentive to a
certain extent under the socialist market economy environment in our country. Therefore,
this paper takes Shenzhen Vanke as the research object, uses principal-agent theory,
incentive theory and human capital theory to analyze the implementation plan and effect of
its three equity incentive schemes, summarizes its success and failure experiences, and tries
to peep into the equity incentive mechanism of listed companies with Chinese characteristics,
so as to provide references for our country's enterprises.
Firstly, the thesis uses the methods of literature survey and network survey to analyze
the current theoretical and practical status of equity incentive of listed companies in our
country. The second chapter introduces in detail the relevant theoretical basis for the study of
equity incentive mechanism at home and abroad, and discusses the impact of equity
incentive mechanism on the company. The third chapter focuses on Shenzhen Vanke's equity
incentive scheme as a case, and discusses the background and main contents of the
implementation of Shenzhen Vanke's equity incentive mechanism. The fourth chapter
focuses on the problems existing in Shenzhen Vanke's equity incentive scheme and puts
forward a series of improvement measures in order to provide inspirational suggestions for
the equity incentive mechanism of listed companies in our country. The fifth chapter mainly
explains the enlightenment and suggestions given to us by Vanke's equity incentive.The
sixth chapter summarizes the full text and prospects the implementation and development of
China's equity incentive mechanism.
Key words: Equity incentive; Listed companies; Stock price effect; Performance effects;
Effect analysis
Thesis: Application Research；Case Analysis
I
目录
1 绪论 ...... 1
1.1研究背景及意义 ....... 1
1.2国内外文献综述 ....... 2
1.3研究内容与方法 ....... 5
2相关理论基础 ......... 6
2.1股权激励的内涵 ....... 6
2.2股权激励的相关理论 ... 8
2.3股权激励理论应用现状 . 9
2.4股权激励的影响效应 .. 14
3深万科的股权激励方案 .. 16
3.1深万科概况 .......... 16
3.2深万科实施股权激励的背景及动因 .. 17
3.3深万科股权激励实施的主要内容 .... 19
3.4深万科股权激励实施的结果 ........ 21
4万科股权激励存在的问题及改进措施 .. 24
4.1.深万科第二期股权激励实施存在的问题 ......... 24
4.2深万科第三轮股权激励实施存在的问题 .......... 25
4.3 万科股权激励方案的改进措施 ..... 25
5 万科股权激励给我们的启示及建议 ... 27
5.1万科股权激励给我们的启示 ........ 27
5.2完善我国上市公司股权激励建议 .... 30
6 结论 ..... 35
6.1 研究结论 ........... 35
6.2 论文的不足与展望 ... 35
参考文献 ... 37
致谢 ..... 41。