摘要
摘要
目前随着我国企业规模不断扩大，资本市场发展迅速，人才竞争日趋激烈，
传统的薪酬制度让公司能够保留核心员工，但如今却不再适用。在此基础上，引
入了股权激励制度，有效地化解了上述矛盾，使公司的股东和经理更加团结，使
公司的研发人员更愿意投入创新，提高了员工的工作积极性。中国的股权激励机
制与其他国家相比起步较晚，许多企业尚处于探索与实践的过程中。但是，股权
激励是否能够留住关键人才，降低员工安置成本，改善企业业绩，目前还没有一
个十分明确的答案，尚需实践和时间来检验。
家电行业在高速发展的同时面临着激烈的竞争。近年来，不少家电行业的公
司(诸如海信电器、国美电器、格力电器等)都力图通过股权激励为企业的发展添
砖加瓦。M集团至今已实施了 9期股票期权激励计划（针对骨干员工）、8期全
球合伙人股权激励计划（主要成员包括总裁、副总经理）、6期限制性股票激励
计划（针对中高层管理人员）。股票期权激励计划是以全部价格的形式进行的，
由员工自己出资；合伙人股权激励计划中的股票由公司出资或在二级市场上购入；
在限制性股票激励计划中，员工可以通过 50%的折扣直接获得股票。笔者认为,
和其他企业相比，M集团独特的多层级股权激励模式更具丰富性与层次性，在
满足员工不同层次的需求方面可以最大程度的发挥其作用，还能够针对激励对象
的不同类型采用相应的股权激励计划，因此取得的效果也较好。基于这样的背景，
本文选择 M集团的股权激励作为案例分析，更具有可行性与代表性。
学者们在对股权激励有效性及其评价方面没有形成一致的观点，本文在对已
有文献综述的基础上，运用相关理论对 M集团股权激励的背景、动机、股权激
励方案的内容及实施情况进行研究，并对其股权激励方案的实施动因展开分析，
对其财务和非财务实施效果进行评价。结果表明， M集团的股权激励能够提升
企业的经营绩效。通过股权激励， M集团经营业绩得到了显著提高，主要盈利
能力、营运能力和发展能力都得到了提高，偿债能力有保证。同时，人力资源的
管理效果和员工的创造性水平也得到了提高。通过深入研究 M集团自 2014年以
来股权激励的实施情况，针对 M集团退出的三个层级的激励类型进行分析，并
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摘要
通过对三种激励类型的对比分析，以期归纳的结论能够对同行业公司制定和实施
股权激励计划有所启示。
关键词：M集团；多层级股权激励；方案优化
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Abstract
ABSTRACT
At present, with the continuous expansion of China's enterprise scale, the rapid
development of the capital market, and the increasingly fierce competition for talents,
the traditional salary system allows companies to retain core employees, but it is no
longer applicable. On this basis, the equity incentive system was introduced, which
effectively resolved the above contradictions, made shareholders and managers of the
company more united, and improved the enthusiasm of managers. Compared with
other countries, China's equity incentive mechanism started late, and many enterprises
are still in the process of exploration and practice. However, whether equity incentive
can retainkeytalents, reducestaff placementcosts andimproveenterprise
performance, there is no clear answer at present, and it still needs practice and time to
test.
The home appliance industry is facing fierce competition while developing
rapidly. In recent years, many companies in the household appliances industry (such
as Hisense, Gome, Gree, etc.) have tried tocontribute to the development of
enterprises through equity incentives. So far, M Group has implemented 8 equity
incentive plans (for key employees), 7 business partners (main members include
president and deputy general manager), and 5 restricted stocks (for executives). The
eight stage stock option plan is carried out in the form of full price and is funded by
employees themselves; The shares in the partner's equity incentive plan are invested
by the company or purchased in the secondary market; In the restricted stock
incentive plan, employees can obtain shares directly through 50% discount. The
author believes that, compared with other enterprises, M Group's unique hierarchical
equity incentive model is more diversified and hierarchical, which can play its role to
the greatest extent in meeting the needs of employees at different levels, and can also
adopt corresponding equity incentive plans for different types of incentive objects, so
the effect is also good. Based on this background, this paper chooses M Group's
equity incentive as a case study, which is more feasible and representative.
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