随着社会的进步和时代的发展，股权激励在企业中的应用越来越广泛，也被越来越 多的企业认可。股权激励体制在解决委托代理理论所产生的问题时效果也比较明显。由 于我国引入股权激励时间较晚，所以相关的经验和理论并不丰富，而西方国家经过了多 年的实践，相关理论已经比较成熟。股权激励有其自身独特的优势，可以有效地解决委 托代理模式的弊端，一方面可以激发员工的工作潜能和积极性。另一方面也可以更好实 现企业管理者和所有者利益的统一，减少两者的利益分歧。本文主要采用了案例分析法， 从多个角度分析股权激励对公司财务绩效的影响。2009 年至 2017 年海尔公司（A 股青 岛海尔，以下简称海尔公司）一共执行了 4 期股权激励方案，虽然整个过程有些小的波 动和曲折，但总体来说效果还是非常明显的。这在企业相关财务指标上是有明显反映的， 企业的价值也有了明显的上升趋势。选择海尔公司作为研究对象有两个重要的原因，首 先，海尔公司无论是在国内还是在国外都是知名企业，而且在家电行业占有十分重要的 地位，其产品也是远销海外。其次，海尔公司是国内较早执行股权激励方案的企业，其 应用股权激励方案时间较长，相关经验较丰富，所以研究价值较大，对我国其他企业未 来实施股权激励计划有很好的借鉴意义。 本文一共分为 5 大部分；第一部分是绪论，介绍了股权激励的研究背景和研究意义， 研究意义中又分为理论意义和实践意义。之后概括了国内外的研究现状，包括股权激励 的理论研究和股权激励和公司绩效关系的研究。同时进行了文献的综述。此部分最后介 绍了本文的研究内容，研究方法，以及本文的创新点，明确文章研究的主线，理清了研 究思路；第二部分主要介绍了股权激励的相关概念和理论，丰富了文章内容，夯实了理 论基础；第三部分详细介绍了海尔公司所实施的四期股权激励计划。同时也包括了海尔 公司的简介和实施股权激励计划的动因；第四部分是本文的核心内容，通过重点分析相 关的财务指标，来判断股权激励对公司绩效产生的影响。本文从经营业绩，盈利能力， 偿债能力，营运能力，发展能力五个方面进行了分析。同时也指出该方案的一些不足之 处，也提出了相应的建议；第五部分，得出了本文的结论，以及一些对未来的启示。 关键词:股权激励 绩效 海尔公司 财务分析V Abstract With the progress of society and the development of the times, the application of equity incentives in enterprises has become more and more extensive, and it has been recognized by more and more enterprises. The effect of the equity incentive system is also obvious when solving the problems arising from the principal-agent theory. Due to the late introduction of equity incentives in China, the relevant experience and conclusions are not rich, and the Western countries have been practicing for many years, and the relevant theories have been relatively mature. Equity incentives have their own unique advantages, which can effectively solve the shortcomings of the principal-agent model. On the one hand, they can stimulate the potential and enthusiasm of employees. On the other hand, it is also possible to better realize the unity of the interests of business managers and owners, and reduce the differences of interests between the two. This paper mainly uses case analysis to analyze the impact of equity incentives and corporate financial performance from multiple perspectives. From 2009 to 2017, Haier Company implemented a total of four equity incentive plans. Although the whole process has some small fluctuations and twists and turns, the overall effect is still very obvious. This is a clear response to the relevant financial indicators of the company. The value of the enterprise also has a clear upper body trend, and the related financial performance indicators have also seen significant growth. There are two important reasons for choosing Haier as the research object. First of all, Haier is a well-known enterprise both in China and abroad, and it plays an important role in the home appliance industry. Its products are also exported overseas. Secondly, Haier Company is an enterprise that implements the equity incentive plan earlier in China. Its application of equity incentive plan has a long time and rich experience, so the research value is relatively large, which has a good reference for other enterprises in China to implement the equity incentive plan in the future. This paper is divided into five parts. The first part is the introduction, which introduces the research background and significance of equity incentive, and divides it into theoretical and practical significance. Then it summarizes the research status at home and abroad, including the theoretical research of equity incentive and the relationship between equity incentive and corporate performance. At the same time, a literature review was made. ThisVI part finally introduces the research content, research methods and innovation points of this article, clarifies the main line of this article and clarifies the research ideas; the second part mainly introduces the related concepts and theories of equity incentive, enriches the content of the article and consolidates the theoretical basis; the third part introduces in detail the four stages of equity incentive plan implemented by Haier Company. At the same time, it also includes a brief introduction of Haier Company and the motivation of implementing equity incentive plan; the fourth part is the core content of this paper, through focusing on the analysis of relevant financial indicators, to judge the impact of equity incentive on corporate performance. This paper makes an analysis from five aspects: operating performance, profitability, solvency, operating capacity and development capacity. At the same time, it also points out some shortcomings of the scheme, and puts forward corresponding suggestions. The fifth part draws the conclusion of this paper, as well as some enlightenment for the future. Key Words: equity incentives performance Haier financial analysisVII 目 录 中文摘要....................................................................................................................III Abstract......................................................................................................................IV 一、绪论........................................................................................................................1 (一) 研究背景..........................................................................................................1 (二) 研究目的及意义..............................................................................................2 1. 研究目的..........................................................................................................2 2. 研究意义..........................................................................................................2 (三) 国内外研究现状..............................................................................................3 1. 国外研究现状..................................................................................................3 2. 国内研究现状..................................................................................................5 3. 文献综述..........................................................................................................7 (四) 研究内容及方法..............................................................................................8 1. 研究内容..........................................................................................................8 2. 研究方法..........................................................................................................8 (五) 创新点..............................................................................................................9 二、相关概念与理论基础..........................................................................................11 (一) 相关概念........................................................................................................11 1. 股权激励........................................................................................................11 2. 公司绩效........................................................................................................11 (二) 理论基础 ......................................................................................................12 1.