摘要
摘要
随着经济和社会的发展，人才的抢夺和竞争也越来越激烈，为了吸引和留住
人才，企业除了开出具有行业竞争力的薪资外，企业内部也通过实施多种激励手
段和措施来激励人才，如：传统的 KPI 绩效、项目奖金、销售提成、超产奖金、
年终奖金等，股权激励作为一种新兴的更能激发激励对象进行价值创造的长效激
励手段，受到越来越多的上市公司的青睐。
A公司是一家锂电制造的高新技术上市公司，面对锂电行业激烈的竞争格局
和行业人才流失，公司从 2014 年起滚动推进实施了三期限制性股票激励来吸引
行业人才和留住核心人才，提升公司经营绩效，但是股权激励的实施缺乏对激励
方案和激励效果的评价，难以发现股权激励存在的问题。本文以A公司为研究对
象，对A公司实施的三期限制性股票激励进行分析，首先运用访谈调查法，从被
激励对象角度，基于激励理论的机理，与激励对象从激励管理的公平性，激励收
益的期望要求以及激励要素设置是否合理等方面进行访谈，对为本文的写作提供
更多可靠依据。其次运用文献研究法，通过对股权激励相关文献的查阅，从企业
实施股权激励的背景和动因、股权激励要素设置以及激励效果等方面进行查阅和
整理，对国内外学者关于股权激励的研究现状有一个初步的了解和总结；最后运
用对比分析法，通过对企业的盈利能力、运营能力、偿债能力和成长能力来分析
财务绩效的激励效果，通过对高学历和技术人员结构变化、创新能力以及代理成
本来分析非财务绩效的激励效果。
通过分析发现，A公司限制性股票激励存在着业绩考核指标单一、激励期限
偏短和解锁比例设计不合理以及解锁条件设置过低、业绩考核过程缺乏监督机制
等问题。基于对委托代理理论、期望理论的学习和理解，对股权激励存在的问题
从优化设置股权激励要素、完善业绩考核监督体系建设、建立股权激励效果外部
评价机制等方面提出改进策略。希望通过对本案例的分析，对A公司后续实施股
权激励能够起到完善的作用，也为其他公司实施股权激励起到借鉴之用。
关键词：股权激励；限制性股票；实施效果；改进
I
ABSTRACT
ABSTRACT
With the development of economy and society, the competition for talents is
becoming more and more fierce. In order to attract and retain talents, enterprises not
only offer industry-competitive salaries, but also implement a variety of incentive
means and measures to motivate talents, such as: The traditional KPI performance,
project bonus, sales commission, over-production bonus, year-end bonus, etc., equity
incentive, as a new long-term incentive method that can stimulate the incentive object
to create value, is favored by more and more listed companies.
Company A is A lithium-ion battery manufacture of hi-tech listed companies, in
the face of lithium electricity industry competition pattern and industry loss of talent,
the company since 2014, rolling forward the implementation of the three periods of
restricted stock incentive to attract talents and retain the core talents industry, promote
company's business performance, but the implementation of equity incentive lack of
incentives and incentive effect evaluation, It is difficult to find the problems existing in
equity incentive. Taking A company as the research object, the implementation of the
third phase of A company restricted stock incentive analysis, first using interview
survey method, from the Angle of incentive object, based on the theory of incentive
mechanism, and incentive object from the fairness of the incentive management,
incentive income expectation and interview setting reasonable incentive factors, To
provide more reliable basis for the writing of this article. Secondly, the literature
research method is used to review the relevant literature on equity incentive, and the
background and motivation of the implementation of equity incentive, the setting of
equity incentive elements and the incentive effect of enterprises are reviewed and sorted
out, so as to have a preliminary understanding and summary of the research status of
domestic and foreign scholars on equity incentive. Finally, the comparative analysis
method is used to analyze the incentive effect of financial performance through the
profitability, operation ability, debt paying ability and growth ability of enterprises. The
incentive effect of non-financial performance is analyzed through the structural change,
II
ABSTRACT
innovation ability and agency cost of highly educated and technical personnel.
Through the analysis, it is found that there are some problems in Company A's
restricted stock incentive, such as single performance appraisal index, short incentive
period, unreasonable design of unlocking ratio, too low unlocking conditions, and lack
of supervision mechanism in performance appraisal process. Based on the study and
understanding of principal-agent theory and expectation theory, this paper puts forward
improvement strategies for the existing problems of equity incentive from the aspects
of optimizing the setting of equity incentive elements, perfecting the construction of
performance assessment supervision system, and establishing the external evaluation
mechanism of equity incentive effect. It is hoped that through the analysis of this case,
it can play A perfect role in the subsequent implementation of equity incentive of A
company, and also play A reference for the implementation of equity incentive of other
companies.
Keywords: Equity incentive, Restricted stock, Implementation effect，Improvement
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