摘要
摘要
随着现代企业不断发展，内部管理日趋完善，在社会分工细化背景下，对经
理人的管理能力、综合素质等提出了更高的要求，特别是面临当前激烈的市场竞
争环境，企业产业结构转型升级、科技研发等都有赖于核心技术团队，由此，在21
世纪，现代企业的焦点集中于对高端人力资源的争夺。
现代企业所有权和经营权相分离的趋势日益明显，委托人与代理人存在信息
不对称的矛盾。为了实现经理人、技术团队的利益与企业利益直接捆绑，更好地
统一所有者和代理人的利益诉求，诞生了股权激励制度。在欧美国家高科技企业
的实践中，股权激励对吸引和挽留高端人才、稳定核心技术团队有所助益，并推
动了企业迅速发展。
2006年，我国部分上市公司开始对股权激励进行探索实施，到2020年，上市
公司中已有240家具体实施了股权激励计划。我国中小板、创业板中上市企业规
模小、经营灵活，在人才资源要素的争夺战中为提升自身的竞争力，长效性地推
进企业的可持续发展，纷纷抓住市场机遇，推行股权激励方案，美亚柏科便是其
中一家。
美亚柏科公司成立于1999年，并于2011年在创业板上市（股票代码
300188.SZ），是我国电子数据取证行业中唯一上市公司,主要服务于国内各级司
法、行政机关，深耕大数据、智能化业务。美亚柏科公司自成立以来，非常重视
高端管理人才、核心技术团队的培养与激励，2012年实施的第一期股权激励计划，
以净资产收益率和净利润增长率为考核目标，分三期考核，均实现了成功解锁。
随后，2016年、2019年实施了第二、三次股权激励计划，截止2020年末考核
目标均已实现。通过对比股权激励实施前后公司业绩、非财务指标、市场反馈的
变化情况，评价公司实施股权激励的效果。进一步剖析美亚柏科公司开展股权激
励方案，主要存在以下三方面的不足：股权激励的解锁指标相对单一、激励份额
占比呈下降态势、解锁条件相对宽松，同时提出具有针对性的优化建议，便于企
业进一步完善激励机制，吸引和留住高端人才，对建立员工与企业共同发展的文
化理念，具有积极的意义。
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摘要
关键词：股权激励；美亚柏科；效果评价；优化建议
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Abstract
Abstract
The development of enterprises has entered a new stage, the internal management
is increasing, it requires managers to have higher management ability and
comprehensive quality, especially in the current fierce market competition
environment, the key factor of enterprises is talent. In the 21st century, the focus of
enterprise competition is high level human resources.
The separation of ownership and management right in modern enterprises is
increasingly obvious, information asymmetry exists between principal and agent. the
equity incentive system was born to combine managers and technical teams with those
owners of enterprises. In the European and American, equity incentive is helpful to
attract talents, stabilize core technical team, and promote enterprises development
rapidly.
In 2006, China's listed companies implemented equity incentive plans and
entered the stage of stable development through attempts. In 2020, there are 240 listed
companies in the specific implementation of equity incentive plans. Small and
medium-sized gem companies in China are in urgent need talents to improve their
competitiveness.
Equity incentive schemes can promote long-term sustainable
development of enterprises and seize market opportunities.,Xiamen Meiya Pico
Information Co., Ltd. is one of the companies which implementing equity incentive
plans.
Meiya Pico was founded in 1999, and listed on gem in 2011 (stock code
300188.SZ), is the only listed company in electronic data forensics industry in China.
Mainly serves the domestic judicial and administrative organs at all levels,deep
cultivation of big data, intelligent business, the explore of independent research and
development innovation. Meiya Pico attaches great importance to high level
management talents. In 2012, the equity incentive plan was implemented for the first
time, and the company's net profit growth rate and return on equity were taken as the
evaluation targets. The evaluation was divided into three stages, which was
IV
。。。以下略