随着我国市场经济与资本市场的不断发展，人力资本已经成为决定上市公 司竞争优势的重要因素。如何最大程度的吸引、激励人力资本，建立公司的护 城河，加强公司的竞争优势已经成为上市公司面临的一个重要问题。 股权激励作为一种中长期的激励措施，通过赋予激励对象上市公司部分股 东权益，使其成为公司股东，享有分享公司利润与股权增值收益的权利，与公 司形成利益共同体，从而提高公司的经营业绩和核心竞争能力。 伴随着《上市公司股权激励管理办法》（2018修订）等法律法规的实施， 上市公司在实施股权激励计划上获得了更大的自由裁量权，结合公司实际情况 制定更加灵活可行的激励方案更加现实。因此股权激励在我国上市公司解决人 力资本中长期激励问题中被不断的采用。实务中，有些行业中的上市公司设计 了恰当的股权激励方案，提高了激励对象的工作积极性，在提高公司盈利能力、 市值水平、员工薪酬方面取得了良好的效果。 证券行业作为资本市场的主力军，人力资本在发现价值，创造价值方面发 挥极其重要的作用。纵览我国证券行业上市公司，受限于考核机制不健全、机 制体制不灵活等原因的影响，采用股权激励对人力资本长期激励的极少，导致 部分从业人员工作动力不足，制约了公司资源价值的最大化。因此,我们有必要 探索在证券行业实施股权激励这种激励和约束机制的可行性。 结合笔者金融行业从业经验，本文选取A证券公司作为股权激励方案设计 的研究对象。文章首先介绍了股权激励在我国资本市场的实践情况及A证券公 司的基本情况，描述了文章的研究背景及意义，整理了股权激励模式、方案设 计要素、激励效果等三方面的国内外文献研究成果。 其次，对股权激励进行了综合性描述，包括股权激励的概念、模式等。阐 述了上市公司实施股权激励的理论与制度基础，然后对股权激励方案的核心要 II 素结合制度基础及上市公司股权激励案例的研究进行了深入的分析。 立足于上述背景与理论，在介绍A证券公司基本情况后，对A证券公司激 励机制现状进行了分析，总结了激励机制存在的问题。从践行国资强化激励理 念、公司战略、激励人才等三个方面对A证券公司实施股权激励的必要性进行 阐述，从监管环境、激励时机、治理结构、财务实力、资本市场状况等方面分 析了实施股权激励的可行性。 接着在分析A证券公司财务报告，招股说明书等公开资料的基础上，借鉴 其他国有控股上市股权方案的设计思路，设计了股权激励的核心要素，包括激 励对象，激励模式，股票来源、激励有效期与行权安排、行权条件设计等。 最后为保障股权激励的顺利实施，从做好激励方案实施过程的动态管理、 市场化选聘职业经理人、健全股权激励的监督机制、加强财务预算管理工作、 提升从业人员综合能力等方面提出了建议。 本文对在A证券公司开展股权激励，完善激励机制进行了有益的尝试，以 期为A证券公司的管理层在未来实际实施股权激励时提供理论支持。 【关键词】 股权激励 激励要素 方案设计 A证券公司 III Abstract With the continuous development of market economy and capital market in China, human capital has become an important factor in determining the competitive advantage of listed companies. How to attract and motivate human capital to the greatest extent, establish the company's moat, and strengthen the company's competitive advantage has become an important issue for listed companies. Equity incentive, as a medium and long-term incentive measure, gives some shareholders' rights and interests of incentive objects to the listed company, makes them become shareholders of the company, enjoys the right to share the company's profits and equity value-added earnings, and forms a community of interests with the company, so as to improve the company's business performance and core competitiveness. With the implementation of the "Regulations on the Management of Equity Incentives for Listed Companies" (2018 revision) and other laws and regulations, listed companies have gained greater discretion in implementing equity incentive plans, and it is more realistic to formulate more flexible and feasible incentive plans in accordance with the actual situation of the company. . Therefore, it is continuously adopted in China's listed companies to solve the long-term incentive problems of human capital. In practice, listed companies in some industries have designed appropriate equity incentive schemes to increase the motivation of the incentive targets, and have achieved good results in improving the company's profitability, market value, and employee compensation. As the main force of the capital market in the securities industry, human capital plays an extremely important role in discovering and creating value. An overview of the listed companies in China's securities industry is limited by the impact of inadequate assessment mechanisms and inflexible institutional systems. The use of equity incentive has little long-term incentives for human capital, resulting in insufficient work motivation for some practitioners, which restricts the company's maximize. Therefore, it is necessary to explore the feasibility of implementing the incentive and restraint mechanism of equity incentive in the securities industry. IV Combined with the author's experience in financial industry, this paper selects A securities company as the research object of equity incentive scheme design. Firstly, this paper introduces the practice of equity incentive in China's capital market and the basic situation of a securities company, describes the research background and significance of this paper, and summarizes the research results of domestic and foreign literature on equity incentive mode, scheme design elements and incentive effect. Secondly, it gives a comprehensive description of equity incentive, including the concept and mode of equity incentive. This paper expounds the theoretical and institutional basis of the implementation of equity incentive in listed companies, and then makes an in-depth analysis of the core elements of equity incentive scheme combined with the institutional basis and the case study of equity incentive in listed companies. Based on the above background and theory, after introducing the basic situation of A Securities Company, it analyzes the current situation of A Securities Company's incentive mechanism and summarizes the problems of the incentive mechanism. Explained the necessity of introducing equity incentive for A Securities from the aspects of implementing state-owned assets strengthening incentive concept, company strategy, and incentive talents, and analyzed the regulatory environment, incentive timing, governance structure, financial strength, capital market conditions Feasibility of implementing equity incentive. Then, based on the analysis of A Securities Company's financial reports, prospectus and other public materials, and drawing on the design ideas of other state- controlled listed equity plans, the core elements of equity incentive were designed, including incentive targets, incentive models, stock sources, incentive validity periods and Exercise rights arrangement, exercise conditions design, etc. Finally, in order to ensure the smooth implementation of equity incentive, some suggestions are put forward from the aspects of doing a good job in the dynamic management of the implementation process of incentive scheme, selecting and employing professional managers in the market, improving the supervision mechanism of equity incentive, strengthening the financial budget management, and improving the comprehensive ability of employees. V This article makes a useful attempt to carry out equity incentive in A Securities Company and improve the incentive mechanism, in order to provide theoretical support for the management of A Securities Company in the actual implementation of equity incentives in the future. 【Key words】 Equity incentive, Incentive factors, Scheme design, A securities company VI 目录 第1章 绪论 ........................................................ 1 1.1 研究背景与研究意义 ................................................................................................... 1 1.2 文献综述 ....................................................................................................................... 3 1.3 研究方法与内容 ........................................................................................................... 8 第2章 股权激励理论及制度基础 ..................................... 11 2.1 股权激励概述 .....