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MBA硕士毕业论文_房地产公司股权激励问题研究PDF

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I 摘要 在公司制度下,股权激励存在许多弊端,并且存在管理层自我奖励和福利的 现象。实际上,更多的房地产公司试图将合伙人制度嵌入公司制度之下,然后进 行股权激励,以达到更好的激励效果。但是,以现有理论研究的角度来看,国内 外专家对该模型的运作机理和方案优化的研究还不够。因此,迫切需要基于经典 理论在公司制度下设计一套股权激励方案。 本文采用了案例研究方法、定量与定性组合分析方法,问卷分析法和文献研 究法。首先,分析G地产公司股权激励的现状,从激励对象、激励标的来源、 激励模式、激励条件和激励退出方式这五个构成要素,对股权激励现状进行剖 析。其次,根据已有的激励现状,对激励实施的效果进行问卷调查,明确G房 地产公司工作人员对于股权激励现状的评价和认知以及公司现有措施存在的问 题。最后,为解决上述股权激励的不足,针对G房地产公司股权激励方案的缺 陷,结合G房地产公司的实际情况,进行优化设计,提出了五个修正:以产品 链上利益相关者为激励对象、设计权责匹配的激励标的、基于企业发展战略选择 激励模式、设置动态化多维度的激励条件以及根据激励对象的层级提供多种激励 退出方式。最后,总结了公司制度下股权激励方案的设计原则,并将其推广到其 他企业:集团公司股权层面保持控股股东的控制力不变;激励标的选择应与激励 对象的职责权限相对应;利用集团公司股权激励解决第一类委托代理问题;利用 项目公司股权激励解决第二、三类委托代理问题。 传统的股权激励机制只能解决第一类委托代理问题,而对第二类委托代理问 题和第三类委托代理问题缺乏思考。本文试图利用股权激励同时解决三种委托代 理问题。通过研究股权激励计划和运行机制,旨在以中国现行法律制度为背景, 在考虑股东控制权分配的基础上,应寻求一种更适合中国房地产企业借鉴和应用 的股权激励方案。 关 键 词:委托代理问题;方案优化;股权激励 论文类型:应用研究 选题来源:其他 ABSTRACT II ABSTRACT Under the corporate system, there are many shortcomings in equity incentives, and there are phenomena of management self-reward and welfare. In fact, more real estate companies try to embed the partner system under the company system, and then carry out equity incentives to achieve better incentives. However, from the perspective of current theoretical research, domestic and foreign experts are not enough research on the operation mechanism and scheme optimization of the model. Therefore, it is urgent to design a set of equity incentive schemes under the corporate system based on classical theory. This paper uses case study method, quantitative and qualitative combination analysis method, questionnaire analysis method and literature research method. First, analyze the current situation of equity incentives of G Real Estate Company, and analyze the current situation of equity incentives from the five constituent elements: the incentive object, the source of the incentive target, the incentive model, the incentive conditions, and the incentive exit method. Second, according to the existing incentive status, a questionnaire survey on the effect of the incentive implementation was conducted to clarify the staff's evaluation and cognition of the current status of equity incentives and the existing problems of the company's existing measures. Finally, in order to solve the above-mentioned shortcomings of equity incentives, in view of the shortcomings of the G real estate company's equity incentive plan, combined with the actual situation of the G real estate company, the design was optimized, and five amendments were proposed: the stakeholders in the product chain were used as incentive objects and the design Right-response matching incentive targets, selection of incentive modes based on corporate development strategies, setting dynamic multi-dimensional incentive conditions, and providing multiple incentive exit methods based on the level of incentive objects. Finally, the design principles of the equity incentive scheme under the company system are summarized and extended to other enterprises: the controlling power of the controlling shareholder remains unchanged at the equity level of the group company; the choice of incentive targets should correspond to the duties and powers of the incentive objects; The company's equity incentives solve the first type of agency problems; the project company's equity incentives are used to solve the second and third types of agency ABSTRACT III problems. The traditional equity incentive mechanism can only solve the first type of principal-agent problem, but lacks thinking about the second type of principal-agent problem and the third type of principal-agent problem. This article attempts to use equity incentives to solve three principal-agent problems simultaneously. By studying the equity incentive plan and operating mechanism, the purpose is to take China's current legal system as the background, and on the basis of considering the distribution of shareholder control rights, it should seek a equity incentive plan that is more suitable for reference and application by Chinese real estate companies. KEY WORDS: Principal agent problem ; Program optimization ; Equity incentive Dissertation Type: Applied research Subject Source: Others 目录 V 目 录 第一章 绪论 ................................................ 1 第一节 选题背景、目的与意义 .................................................................................... 1 一、选题背景 .............................................................................................................. 1 二、选题目的与意义 .................................................................................................. 1 第二节 国内外研究综述 ................................................................................................ 2 一、国外研究现状 ...................................................................................................... 2 二、国内研究现状 ...................................................................................................... 3 第三节 研究内容、方法 ................................................................................................ 4 一、研究内容 .............................................................................................................. 4 二、研究方法 .............................................................................................................. 4 第二章 相关理论 ............................................ 7 第一节 激励体系的核心理念 ........................................................................................ 7 一、激励以及激励机制的定义 .................................................................................. 7 二、激励过程 .............................................................................................................. 8 第二节 股权激励 ............................................................................................................ 8 一、股权激励概念论述 .............................................................................................. 8 二、股权激励构成要素 .............................................................................................. 8 第三节 委托代理理论 .................................................................................................. 10 一、委托代理理论的概念 ........................................................................................ 10 二、委托代理理论的分类 ........................................................................................ 10 第三章 G房地产公司股权激励现状 ........................... 13 第一节 G房地产公司发展历程 .................................................................................. 13 第二节 G房地产公司股权激励现状 .......................................................................... 13 一、激励对象 ............................................................................................................ 14 二、激励标的来源 .................................................................................................... 15 三、激励模式 ............................................................................................................ 15 四、激励条件 .......................................................................