西北大学硕士论文

摘要
摘要
股权激励作为现代企业提升绩效、稳固核心人才的重要长期激励模式，在国内外盛
行已久。在我国，股权激励在上市公司范围内应用得较为广泛，已成为上市公司建设与
完善激励约束机制的首选。然而，股权激励作为一套完整的体系，它并不是企业的一副
万能药，它的成功应用离不开良好的内外部环境以及完整全面科学的体系策划。
本文通过参考学习丰富的国内外股权激励相关的理论与实证研究知识，对新三板企
业 XR技术公司股权激励的方案进行了激励效果的分析，剖析了该公司股权激励存在的
问题及成因，在此基础上提出了股权激励方案改进的思路、内容与保障措施。XR技术
公司在 2015年推行了员工持股模式的股权激励方案，本文通过对该公司 2016年至 2020
年的财务数据、创新数据、人力资源数据进行的采集分析，对在岗的 32名激励对象进
行满意度调查四个维度详细分析了本期股权激励的效果，进而得出创新、人力资源激励
效果初见成效；激励对象认可并接受股权激励这种方式；企业经营数据激励效果不明显
的结论。XR技术公司本期股权激励存在问题主要集中在方案设计、方案实施两个层面，
导致这些问题出现的主要原因还是由于企业内部治理不够规范、方案设计不够适宜、方
案实施不到位而造成的。在明确企业股权激励改进目标的基础上，本文提出方案改进采
用 PDCA循环管理的改进思路，设计了五个方面的改进内容以及三个保障错。改进内容
围绕股权激励方案设计实施的流程、行权条件、股权激励模式与力度展开；保障措施主
要结合企业实际提出组织保障、制度保障、信用保障，三者有效结合共建良好企业治理
环境，为股权激励的实施与改进保驾护航。
本文通过对 XR技术公司股权激励方案的分析，方案改进的研究，发现企业在运用
股权激励时需结合企业自身情况，科学设计方案，有效执行方案才能用好这把双刃剑。
希望通过本文的研究可以为 XR技术公司股权激励方案的改进提供一些理论支撑与改进
思路，为其他新三板中小型企业提供实施股权激励方案的数据与经验。
关键词：股权激励，员工持股，激励效果，激励力度
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ABSTRACT
ABSTRACT
Equity Incentive, as an important long-term incentive mode, has been popular for a long time
at home and abroad in improving efficiency of modern enterprises and stabilizing their core
intellectuals. Equity Incentive has been widely used by listed companies in China and it has
become a priority for those companies to build up and to perfect their Incentive-restraining
system. However, as a whole system, it’s not everything to these enterprises and its success
lays in a good external and internal environment, and full-round systematic planning.
By referring to abundant theoretical and practical research on equity incentive, this article
analyzed the incentive effect of XR Technology Co. Ltd., a listed company on the New Third
Board, and also analyzed the existing problems and their causes in this company, hence giving
thoughts and protecting measures for improving the Equity Incentive System. The
employee-own-stock equity incentive model in XR Technology Co. Ltd. has started since
2015. By collecting and analyzing the financial, innovation and human resources data, also by
investigating satisfaction of 32 employees under this incentive program, this article came to
conclusions that incentive on innovation and human resources has achieved initial effect, and
it is approved and accepted by those employees under it yet the effect on company’s operation
is still unknown. The existing problems of current equity incentive in XR Technology Co. Ltd.
mainly focus on scheme design and its implementation, which are mainly caused by rough
interior administration, inappropriate design and inadequate implementation. On the basis of
knowing the improvement goal of enterprise equity incentive, this article gives solution by
adopting PDCA circulation management for scheme improvement, and designs five ways of
improvement and three guarantee measures. The improvement focuses on the design and
implementation process, operating conditions, equity incentive mode and intensity of the
equity incentive scheme. Safeguard measures, combining with the company's organization,
system and credit safeguarding, build an ideal cooperative administration environment and
protect the implementation and improvement of equity incentive.
Through the analysis of the equity incentive scheme and the research on its improvement in
XR Technology Co. Ltd., this article finds that the use of equity incentive should be based on
the enterprises' actual needs. With scientific design and effective implement, the equity
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