：股权激励作为一种激励方式，因为能有效解决企业管理过程中的 委托代理问题而被各企业管理层所重视，极大促进了企业的高速发展。 随着我国经济的发展，中小企业所发挥的作用是越来越重要，越来越受 到社会各界的关注，但其自身缺点严重阻碍了中小企业的健康发展。对 于中小企业尤其是非上市中小企业来讲，科学合理的股权激励方案设计 与实施，可以促使非上市中小企业更快地解决发展瓶颈，提升企业的核 心竞争力，为日后转型打好基础。 Ｈ公司是一家以批发销售汽车零部件为主的传统商贸企业，在营运 管理中遇到了诸如员工流失率高、融资难等问题，在中小企业中具有很 强的代表性，给企业发展造成了很大的阻力。面对这些困境，Ｈ公司有 必要进行股权激励，以促进企业可持续发展。 本文采用文献研究、综合调查、案例研究及经验总结等研究方法， 运用委托代理、人力资本、信息不对称理论，研读国内外有关股权激励 的文献资料，选取Ｈ公司为研究对象，通过对Ｈ公司股权激励参与者做 了较为详细的前期调查，找出该企业在整个股权激励方案设计过程中所 存在的问题。通过对这些问题的深入分析，理论联系实际并结合该企业 自身特点，设计出符合Ｈ公司特色的股权激励方案，并为能更好实施方 案而采取了科学的保障措施，使其能达到好的实施效果。 II 本文共分七个部分。第一部分阐述了研究背景、目的与意义。第二 部分在阐述了与股权激励相关的核心概念、理论基础的同时，对非上市 中小企业的股权激励也做了介绍。第三部分对Ｈ公司的概况进行描述， 介绍了Ｈ公司股权激励参与者的问卷调查及问题分析。第四部分根据Ｈ 公司企业特色及管理需求对其股权激励方案进行设计，包括股东的退 出、分红以及股权结构的设计等。第五部分描述了Ｈ公司股权激励方案 的实施及实施后的初步成效。第六部分阐述了Ｈ公司股权激励方案有效 实施的保障措施。第七部分阐述了研究总结与展望。 本文以Ｈ公司为例，通过对其股权激励方案设计、实施成效以及所 采取保障措施的研究，总结出非上市中小企业的股权激励方案应根据行 业特色与公司特点来设计，不能照搬，否则将很难取得好的效果。 本文研究为Ｈ公司设计出符合其发展需要的股权激励方案，解决了 该公司在发展中所面临的难题，具有较强的现实意义，同时也为类似Ｈ 公司这样的中小企业股权激励提供了经验借鉴。 关键词：非上市公司；中小企业；股权激励；Ｈ公司；股权认购 III RESEARCH ON THE STOCK INCENTIVE PLAN DESIGN OF NON-LISTED SMALL & MEDIUM-SIZED ENTERPRISES COMPANY H Zhen Liu （MBA） Directed by Haibo Hu Abstract: As an incentive method, equity incentive has been valued by the management of various enterprises because it can effectively solve the problem of principal-agent in the process of enterprise management, which has greatly promoted the rapid development of enterprises. With the development of China's economy, the role played by small and medium-sized enterprises becomes more and more important, and catches more and more attention from all walks of life, but its own shortcomings seriously hinder the healthy development of small and medium-sized enterprises. For middle and small- sized enterprises, especially for non-listed middle and small-sized enterprises, scientific and reasonable design and implementation of equity incentive plans can prompt non-listed middle and small-sized enterprises to solve their development bottlenecks faster, enhance their core competitiveness tighter, and lay a more solid foundation for their future transformation. Company H, a traditional business enterprise mainly wholesaling and selling auto parts, has encountered such problems as high employee turnover rate and financing difficulty during its operation and management, which has a strong representation among middle and small-sized enterprises and brings great resistance to the development of enterprises. Faced with these dilemmas, it is necessary for Company H to provide equity incentives to promote its sustainable development. Such research methods as literature research, comprehensive investigation, case studies and experience summarization are adopted, such theories as IV principal-agent and human capital are applied, such literature documents as equity incentives at home and abroad are researched, Company H is selected as the research object of this article, and the problems existing in the implementation of the entire equity incentive plan is found out through a more detailed preliminary survey of Company H’s equity incentive participants. Through an in-depth analysis of these issues, combining theory with practice, and the characteristics of the company itself, an equity incentive plan meeting the characteristics of Company H is worked out, and its scientific safeguards for better implementation is adopted for good implementation results. This Article is divided into seven parts. The research background, purpose and significance are expounded in first part. The core concepts, theoretical foundations related to equity incentives, and the equity incentives of non-listed middle and small-sized enterprises are introduced in second part. The overview of Company H including the questionnaire survey and problem analysis of equity incentive participants are described in third part. According to the company's corporate characteristics and management needs, such equity incentive plans as shareholders withdrawal, dividends and equity structure design are designed in fourth part. The implementation of Company H's equity incentive plan and the initial results after implementation are described in fifth part. The safeguard measures for the effective implementation of Company H’s equity incentive plan are elaborated in sixth part. The research summary and expectation are expounded in seventh part. Taken Company H as an example, through the research on the design and implementation effectiveness of its equity incentive plan and the safeguard measures adopted, it is concluded that the equity incentive plan for non-listed small and medium-sized enterprises should be designed according to the characteristics of the industry and the company, which cannot be copied, otherwise it will be difficult to achieve good results. V The equity incentive plan meeting Company H’s development needs is researched; the difficulties faced by Company H with strong practical significance development are solved. At the same time, the experience is provided for the equity incentives of small and medium-sized enterprises, similar to Company H, for reference. Keywords: non-listed companies small and medium-sized enterprises equity incentive Company H equity subscription 目 录 摘要 ..................................................... I Abstract ............................................... III 第1章 绪 论 ............................................. 1 1.1 研究背景、目的和意义 .............................. 1 1.1.1 研究背景 ...................................... 1 1.1.2 研究目的和意义 ................................ 2 1.2 国内外股权激励文献综述 ............................ 2 1.2.1 股权激励对企业绩效的影响 ...................... 3 1.2.2 股权激励在企业吸引与挽留人才中的表现 ........... 4 1.2.3 中小企业股权激励的研究 ........................ 4 1.2.4 文献评述 ...................................... 7 1.3 研究内容与研究方法 ................................ 8 1.3.1 研究内容 ...................................... 8 1.3.2 研究方法 ...................................... 9 第2章 核心概念与理论基础 ............................... 11 2.1 核心概念 ......................................... 11 2.1.1 股权激励 ..................................... 11 2.1.2 中小企业 ..................................... 13 2.2 非上市中小企业的股权激励 ......................... 16 2.3 股权激励的理论基础 ............................... 17 2.3.1 人力资本理论 ................................. 17 2.3.2 信息不对称理论 ............................... 18 2.3.3 委托代理理论 ................................. 19 第3章 Ｈ公司概况及其股权激励参与者的问卷调查 ............ 21 3.1 Ｈ公司概况 ....................................... 21 3.1.1 Ｈ公司简介 ................................... 21 3.1.2 Ｈ公司困境 ................................... 22 3.2 Ｈ公司股权激励参与者问卷调查及问题分析 ............ 23 3.2.1 参与者的问卷调查 ............................. 23 3.2.2 问卷调查情况统计分析 ......................... 23 3.2.3 对创始人的深度访谈 ........................... 27 3.2.4 股权激