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ABSTRACT
The research and application of equity incentive has several decades of history in
foreign countries, and has been implemented in the majority of the world's top 500
enterprises. Even it introduced into China not that long, there are many state-owned
enterprises, included listed companies and unlisted companies; mature enterprises and
entrepreneurial start-up enterprises; high-tech enterprises and traditional manufacturing
enterprises, successfully implemented equity incentive and some private enterprises
tried as well. Equity incentive has become a common business incentives, and some
even call it the gold bracelet. However, it is unable to meet the incentive need of talent
under traditional salary distribution mechanism. Nowadays, the development of
enterprises attributed to the talent competition, and effective human attract and valid
incentives has become widely concerned by theorists and business community.
Incentives are important part of modern enterprise management and human
resources management, and also an important guarantee for the enterprise to achieve
sustainable development. Equity incentive is not only an important part of the incentive
mechanism study, but also a useful complement to general incentives and attempt to
break the traditional profit allocation in private enterprises. GSHXMY is a member of
traditional energy sector private enterprises, which is featured as single shareholding
structure, unsound corporate governance structure and family management. In this case,
the further study on ownership structure change and benefits distribution improvement
is worthy.
This article analyzed principles of equity incentive, researched on enterprise
contract theory, principal-agent theory, theory of human capital and the interests of
stakeholders, designed a combination of equity incentive model based on length of
service considered the actual situation of GSHXMY which belongs to the traditional
labor-intensive industry high-risk enterprises. And it also changed the risk income of
equity incentive to a “fixed income” with length of the service life, performance output
level, in order to solve the problems that the staff worried about their incomes.
Therefore, employees would not worry about their income, and on the other hand, theI
摘 要
股权激励在国外研究及应用有数十年的历史，世界 500 强的企业大部分都推
行了股权激励。在我国，虽然引入的时间不长，已有许多国有企业成功地推行股
权激励，民营企业推行股权激励的也不在少数。这些企业中有上市公司，也有非
上市公司；有发展成熟的企业，也有处于创业起步的中小型企业；有高科技企业，
也有传统制造业。股权激励已经成为企业激励机制的一种常用激励手段，甚至有
人称之为了“金手镯”。在传统的薪酬分配机制下，其所产生的激励已经不能满足
企业对人才的激励需要，而企业的发展归根到底是人才的竞争，如何探索出有效
的人才吸引及激励机制成了理论界和企业界普遍关注的课题。
激励机制是企业现代管理的重要组成部分，是人力资源管理的关键部分，也
是企业实现可持续发展的重要保障。股权激励的研究是激励机制研究的重要组成
部分，是传统激励方式的有益补充，也是传统的民营企业打破传统的利润分配方
式的有益尝试。GSHXMY 公司是传统能源业民营企业队伍中的一员，有着民营企业
所具有的一些基本特点：股权结构单一、法人治理结构不健全、家族管理等。在
这种情形下，改变股权结构，完善利益分配方式是值得深入研究的。
本文通过对股权激励原理的分析，对企业契约理论、委托代理理论、人力资
本理论和利益相关者理论的研究，以及现有股权激励法律基础的分析，结合 GSHXMY
公司属于传统行业中的劳动密集型、高危民营企业等实际情况，设计了基于服务
年限和岗位职务相结合的股权激励模式，并根据民营企业职工对股权激励的认知
不足、煤炭企业员工文化素质普遍不高等情况，将股权激励的风险性收益变为与
服务年限长短、业绩输出高低相合的“固定收益”，以解决员工对预期收益的不确
定性存在顾虑的问题。一方面让员工对收益无后顾之忧，另一方面又促使其立足
于稳定、着眼于企业的长期发展，从而实现稳定员工队伍，提高员工收益的目的。
与此同时，制定了与股权激励实施相配套的保障措施。并在股权激励实施过程中
不断地反馈和完善股权激励方案，以期待逐步形成“HX 股权激励模式”，为在 SCHXKY
集团全面推广奠定基础。
关键词：民营企业，股权激励，保障措施change based on stability, focus on long-term development of the enterprise could
achieve a stable work force and staff gains improvement. Simultaneously, safeguard
measures matched with equity incentive implementation would ensure the effective
implement of the policy. And the gradually formed “HX equity incentive Mode” during
implementation process by feedback and improvement would lay the foundation for the
comprehensive promotion in SCHX Mining Group.
Keywords: Private enterprises, Equity incentive, Safeguard measure