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日期：2021年 5月 27日
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日期：2021年 5月 27日
日期：2021年 5月 27日
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摘要
摘要
股权激励是一种以公司股权为标的，以公司整体经营目标提高为导向的激
励手段。自股权激励应用以来，在整合公司所有者和经营者权益，提高公司经
营业绩，锁定公司关键人员等方面的作用被广泛接受。
随着股权激励逐渐被企业界认识和接受，越来越多的企业开始尝试采用股
权激励改善公司的经营状况或提升公司的业绩。股权激励从最初的国有上市公
司，到一般的上市公司，非上市的大中企业，逐步得到应用，但对于大量的小
微企业如何应用，不论是在实际应用还是在理论研究，都存在很多不足。
LM公司作为一家小型私营企业，面临着众多小微企业中普遍存在的问
题：管理权和所有权分离的代理结构中利益博弈的问题、企业业绩不算优异的
情况下人员激励和稳定性问题、公司业绩水平增长乏力的问题等。本文希望通
过股权激励方法，解决或改善 LM公司的上述现状，为此开展了股权激励方案
设计和评价研究。
本研究的主要研究内容如下，基于委托代理理论，人力资本理论和激励理
论，结合组织变革力场模型，对影响 LM公司的股权激励实施的影响因素进行
分析，并依据股权激励方案十定法进行股权激励方案的内容设计，并利用模糊
矩阵层次分析法建立股权激励设计方案有效性评价方法，对股权激励预期效果
进行分析，同时本文还提出了股权激励方案实施的保障措施，作为 LM公司实
施股权激励活动的参考。
相信本文对有意进行股权激励的小微企业进行股权激励方案设计有一定的
参考价值。
关键词：股权激励；评价模型；层次分析-模糊矩阵分析
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Abstract
Abstract
Equity incentive is a kind of incentive means which takes the company's equity as
the target and takes the improvement of the company's overall business objectives as
the guidance. It has been widely accepted in integrating the rights and interests of the
owners and managers of the company, improving the performance of the com-pany, and
locking in the key human resource of the company.
As equity incentives are gradually recognized and accepted by the business com-
munity, more and more companies are beginning to try to use equity incentives to im-
prove the company's operating conditions or performance. Equity incentives have
gradually been applied from the initial state-owned listed companies to general listed
companies and non-listed large and medium-sized enterprises. But for a large number
of small or micro enterprises, there are many shortcomings, whether in practical
application or in theoretical research.
LM company is a developing private enterprise, it’s facing with many common
problems in private enterprises, such as the problem of interest game in the agency
structure of separation of management power and ownership, personnel incentive and
stability when the enterprise performance is not excellent, and the problem of weak
growth of company performance. In this paper, LM company hopes to solve or im-
prove the current situation of LM company through equity incentive, as a case, to ca-
rry out equity incentive scheme design and evaluation model research and analysis.
This study designs the overall scheme of equity incentive for LM company. The
main research contents are as follows: combing the domestic and foreign research status
and relevant theories, analyzing the influencing factors of equity incentive im-
plementation of LM company, setting the design objectives and principles of equity
incentive scheme and the implementation process, focusing on the content design of
equity incentive scheme, and discussing the effectiveness evaluation method of equity
incentive design scheme to guarantee equity incentive Analyze the expected effect of
the measures.In the paper, Ten-Decision method is used to design the equity incentive
scheme, and the Analytic Hierarchy Process- Fuzzy Comprehensive Evaluation method
is used to design the evaluation model of the company's operating conditions.
This paper has a certain reference value for the company which intends to carry
out equity incentive scheme design.
Keywords: Equity incentive, Overall design, Evaluation model, AHP-FCE method
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