摘要 当前，国际竞争加剧，全球经济形势低迷，受国际形势的影响，我国企业的市场 竞争情况更为剧烈。为了提高企业的市场竞争力，更好的应对市场竞争问题，如何有 效提高企业的管理与经营效率成为现如今广受关注的问题。随着我国金融体系的完善， 股权激励越来越受到众多企业的青睐。 股权激励作为一种有效的激励机制，指的是让员工通过持有企业股份的形式，实 现所有者与管理者之间的利润共享、风险共担。股权激励主要是想通过实现员工持股， 增强员工对企业的归属感，增强员工自身的主人翁意识，从而让员工站在企业的角度， 自主的完成本职工作，从而增强企业竞争力，提升企业绩效。随着股权激励逐步得到 推广，股权激励从原本的高管激励发展到核心员工激励。但在实践中，股权激励并不 完全能够起到应有的激励效应。 H 证券企业作为本文的研究对象，也曾实施核心员工股权激励，但其经营状况没 有得到明显的改善。基于此，本文通过分析 H 证券实施核心员工股权激励的背景、动 机以及具体的实施方案，从中归纳 H 证券在实施股权激励的过程中存在的问题。通过 分析得出，H 证券的股权激励存在三个主要问题：第一，未能充分结合行业特点确定 核心员工，局限于管理层核心员工激励，激励对象不全面；第二，未能明确股权激励 的原则， 未能做到激励与约束并行，即在股权激励的同时缺乏相应的约束机制；第三， 没有充分考虑各个不同的激励方式之间的区别，激励模式较为单一。此后，根据 H 证 券核心员工股权激励中存在的问题，本文提出相应的建议，主要为：第一，考虑到证 券行业是服务型金融行业，将表现优异的基层业务人员纳入核心员工的范畴，并在确 认核心员工范畴的基础上，对其进行二次划分，实施分层分级的股权激励方式，以进 一步激发企业员工的积极性；第二，明确股权激励的四项基本原则，同时根据系统性 原则与分层分级原则，科学的设计相应的绩效考核机制，对企业的核心的高层管理人 员、中层管理人员与核心基层业务人员实施差异化绩效考核评价体系，在实施激励的 同时对员工实施相应的约束；第三，结合H证券实施股权激励的战略目的，多种股权 激励方式有机结合，充分发挥股权激励效应；基于此，本文还进一步提出，为了进一 步保障企业核心员工股权激励的有效性，H证券需要建立核心员工股权激励的保障机 制，完善落实人才培养与内外部监督机制。 I 广东工业大学硕士学位论文 本文通过对H证券核心股权激励的问题进行分析，并提出相应的方案完善建议， 旨在提高H证券核心员工股权激励的有效性，激活H证券的人才活力，从而提高H证 券的经营绩效。这对H证券今后的核心员工股权激励有一定的参考意义，此外，文章 在对H证券进行分析的基础上，归纳总结了相应的启示，为同类型的证券企业实施核心员 工股权激励提供了借鉴，具有一定的实践价值。 关键词：股权激励；核心员工；股权激励对象 II Abstract Abstract At present, the international competition intensifies and the global economic form is in a downturn. Under the influence of the international situation, the market competition of Chinese enterprises is more intense. In order to improve the market competitiveness of enterprises and better respond to the market competition, how to effectively improve the management and operation efficiency of enterprises has become a widespread concern. With the improvement of China's financial system, equity incentive is more and more favored by many enterprises. Equity incentives, as an effective incentive mechanism, refer to allowing employees to achieve profit sharing and risk sharing between owners and managers by holding corporate shares. Equity incentives mainly aim to enhance employees' sense of belonging to the enterprise and enhance their own ownership through the realization of employee shareholding, so as to allow employees to complete their own work from the perspective of the enterprise, thereby enhancing the competitiveness of the enterprise and improving the performance of the enterprise . With the gradual promotion of equity incentives, equity incentives have evolved from original executive incentives to core employee incentives. However, in practice, equity incentives are not fully capable of giving due incentives. As the research object of this paper, H securities company has implemented equity incentive for core employees, but its business situation has not been significantly improved. Based on this, this paper analyzes the background, motivation and specific implementation plan of H securities to implement equity incentive for core employees, and summarizes the problems existing in the implementation of equity incentive in H securities. Through the analysis, there are three main problems in the equity incentive of H Securities: first, it is not fully combined with the characteristics of the industry to determine the core employees, and the incentive objects are not comprehensive; second, it is not clear about the principles of equity incentive, It fails to achieve the parallel of incentive and constraint, that is to say, there is no corresponding constraint mechanism at the same time of equity incentive; thirdly, it does not fully consider the differences between different incentive modes, and the incentive mode is relatively single. Thereafter, according to h There are some problems in stock right incentive of core employees in securities industry. This paper puts forward the corresponding suggestions, which are as follows: first, considering that the securities industry is a service-oriented financial industry, we should include excellent business III 广东工业大学硕士学位论文 personnel into the scope of core employees to further stimulate the enthusiasm of employees; second, we should make clear the four basic principles of stock right incentive, and at the same time, we should make it according to the systematic principle and hierarchical classification In principle, design the corresponding performance appraisal mechanism scientifically, implement the differential performance appraisal system for the core managers and core business personnel of the enterprise, and implement the corresponding constraints on the employees while implementing the incentives; thirdly, combine a variety of equity incentive methods organically to give full play to the incentive effect; based on this, this paper further proposes that in order to further protect the core of the enterprise H securities needs to establish the guarantee mechanism of core employees' equity incentive and improve the implementation of talent training and internal and external supervision mechanism. This paper analyzes the problems of h-securities core equity incentive, and puts forward corresponding proposals to improve the effectiveness of h-securities core employee equity incentive, activate the talent vitality of h-securities, so as to improve h-securities core employee equity incentive In addition, based on the analysis of H securities, this paper summarizes the corresponding enlightenment, which provides a reference for the same type of securities enterprises to implement the equity incentive of core employees, and has a certain practical value. Key words：Equity incentive; Key employee; Equity incentive object IV 目 录 目 录 摘要 ............. I Abstract ..... III 目 录 ........... V Contents .. VIII 第一章 绪论 1 1.1 研究背景与意义 .............. 1 1.1.1 研究背景 ................... 1 1.1.2 研究意义 ................... 2 1.2 国内外研究概述 .............. 3 1.2.1 国外文献综述 ........... 3 1.2.2 国内文献综述 ........... 4 1.2.3 文献评述 ................... 6 1.3 研究内容与目的 .............. 6 1.3.1 研究内容 ................... 6 1.3.2 研究目的 ................... 7 1.4 研究方法与技术路线 ...... 8 1.4.1 研究方法 ................... 8 1.4.2 技术路线 ................... 9 1.5 创新点及贡献 .................. 9 第二章 相关概念与理论基础 .. 11 2.1 相关概念 .........................11 2.1.1 股权激励 ..................11 2.1.2 股权激励对象 ......... 13 2.1.3 高管股权激励 ......... 14 2.1.4 员工股权激励 ......... 14 2.2 理论基础 ........................ 15 2.2.1委托代理理论 .......... 15 2.2.2激励理论 .................. 15 V 广东工业大学硕士学位论文 2.2.3 人力资本理论 ......... 16 第三章 H证券及核心员工股权激励方案基本情况介绍 .................. 17 3.1 H证券基本情况 ............. 17 3.1.1 H证券企业简介 ...... 17 3.1.2 H证券组织架构 ...... 17 3.1.3 H证券股权结构 ...... 18 3.2 H证券核心员工股权激励动因及情况介绍 19 3.2.1 方案实施的外部动因 ............................ 19 3.2.2 方案实施的内