- I - 摘要 股权激励制度作为一种有效的企业管理制度，将传统的薪酬激励与期权激励相 结合，统一了企业所有者和经营者的利益。它可以有效地避免运营者在企业实际运 营中的短期行为，促进企业的长期稳定发展。随着环渤海各港口建设和经营规模的 不断扩大，港口运营者数量不断增加，港口之间的竞争也呈现出日趋激烈的态势。 传统港口物流企业面临着如何充分发挥员工积极性，鼓励核心人员履行职责的问题。 秦皇岛港股份有限公司以百年老港秦皇岛港为依托，已实现在环渤海区域跨港发展。 它既是一家传统港口物流企业，也是一家国有的A+H股上市公司，具有重要的代表性。 本文旨在遵照国家关于股权激励相关法律、法规等监管规则下，通过对秦港股份激 励现状分析，发现现有激励缺陷以及员工的激励期望，建立起以股权激励为核心的 长期激励机制，助力企业实现其长期业绩增长及战略目标。 首先，本文根据本课题的研究背景和研究意义，对国内外的研究现状进行了梳 理，了解了目前的研究趋势和股权激励的不足。在此基础上，根据公司的基本情况， 建立了本文的研究内容和研究方法； 其次，利用产权理论、人力资本理论以及不完全契约理论等观点，确立了通过 实现利益绑定，发挥人力资本效用最大化的思路，消除委托-代理理论中股东与经营 者之间存在的“道德风险”，然后借助管理激励理论建立激励计划中的绩效条件设定； 再次，通过对秦港股份薪酬激励现状和激励期望的分析研究，发现公司现有薪 酬激励效果存在缺陷的原因，利用公平约束企业主和经营者的利益，增强对员工的 激励作用。本文主要采用问卷调查和访谈的形式，理论与现实相结合。从激励模式、 激励对象范围、股票性质、股票来源、股票数量、分配原则以及行权条件等方面建 立了一套完整的股权激励方案，并对实施全流程进行了系统性规划； 最后，通过理顺组织结构及职责、制定完善的管理及考核机制、畅通信息沟通 渠道以及专业化培训等方式来保障股权激励方案的实施。秦港股份股权激励研究有 利于秦港股份完善激励方式，提升公司业绩，实现公司的长期稳定发展。 关键词，港口企业；股权激励；道德风险；股票期权燕山大学工商管理硕士学位论文 - II - Abstract As an effective enterprise management system, equity incentive can unify the interests of owners and operators, preventing the operators short-term behavior in the course of business operation and making corporations to keep far-existed and fixed advancement. With the expanding scale of ports in Bohai rim and the increasing number of port operators, competition among ports is becoming increasingly fierce. Traditional port logistics enterprises are faced with how to give full play to the enthusiasm of employees and to motivate core personnel to fulfill their duties and responsibilities. Qinhuangdao Co., Ltd. which is surported by the over a hundred years’old Qinhuangdao Port has achieved the goal of oporating beyound port districts in Bohai-rim. It is not only a traditional logistic enterprise but also a state-owned A&H share listing company, so the representativeness is significant. This article aims to find the incentive disadvantages and the employees’wishes to incentive by analysing the incentive situation of Qinhuangdao Port Co., Ltd. Then the company will build a long-term incentive system with the equity incentive core, under the relevant law and principles. Firstly, on the basis of explaining the background and importance of the topic, this paper studies the main attitude in-land and over-seas, understands the current research trends and shortcomings of equity incentives, and then establishes the content and research methods of this paper according to the basic situation of QHDP. Secondly, by expounding the relevant theoretical basis of equity incentive, we find that the core of realizing the value of equity incentive lies in eliminating the moral hazard between shareholders and managers in the principal-agent system. With the help of property rights theory, human capital theory and incomplete contract theory, we establish the idea of binding the interests of the two parties to play a role. The idea of maximizing the utility of human capital, and then through the management incentive theory to establish the incentive scheme in the design of performance conditions. Thirdly, Find the reasons for the defects of the company's current compensation incentive effect, through the analysis and study of the status quo and expectation of share-Abstract - III - based compensation incentive in QHDP. Using equity to bind the interests between the owner and the operator of the enterprise to strengthen the incentive role for employees. This paper mainly adopts the form of questionnaire and interview, combining theory with practice, and establishes a complete set of equity incentive scheme from the aspects of incentive mode, incentive object scope, stock nature, stock source, stock quantity, distribution principle and exercise conditions Finally, by straightening out the organizational structure and responsibilities, formulate a sound management and assessment mechanism, smooth communication channels and professional training, etc. to ensure the equity incentive plan is guaranteed. The design of equity incentive scheme is of guiding significance to QHDP, which is conducive to the improvement of incentive mechanism, the promotion of company performance and the realization of long-term stable development of the company. Keywords: port enterprise; equity incentive; moral risk; stock options目 录 - V - 目 录 摘要...................................................................................................................................I ABSTRACT.........................................................................................................................II 第 1 章 绪 论....................................................................................................................1 1.1 选题背景及研究意义............................................................................................1 1.1.1 选题背景............................................................................................................1 1.1.2 研究意义............................................................................................................2 1.2 国内外研究现状....................................................................................................3 1.2.1 国外研究现状....................................................................................................3 1.2.2 国内研究现状....................................................................................................4 1.2.3 国内外研究评述................................................................................................6 1.3 研究内容及研究方法............................................................................................6 1.3.1 研究内容............................................................................................................6 1.3.2 研究方法............................................................................................................7 第 2 章 股权激励概述及相关理论基础 ...........................................................................8 2.1 股权激励概述........................................................................................................8 2.1.1 股权激励的概念及原理....................................................................................8 2.1.2 股权激励的基本要素........................................................................................8 2.1.3 股权激励相关法律、法规及政策 ...................................................................9 2.2 股权激励的理论基础..........................................................................................10 2.2.1 人力资本理论..................................................................................................10 2.2.2 委托-代理理论 ................................................................................................10 2.2.3 产权理论.......................................................................................................... 11 2.2.4 管理激励理论.................................................................................................. 11 2.2.5 不完全契约理论................................................................................