股权激励对公司业绩的影响-以W公司为例 金融学专业VIP免费

摘要目前国内的公司制度下，所有权与经营权两者不是一体的，在这种背景下，公司的投资人与经营人的利益目标并不是完全一致的，由此进而就产生了委托代理的问题。而在人们的长期探索中，人们发现股权激励能够相对来说有效解决这个问题。股权激励能够在一定程度上降低投资人和经营人之间在利益需求上的矛盾，减少因为短视而造成公司长期利益受损的现象。经营者从长线的角度考虑解决问题，提高公司的长线收益，随之其股份便会增值，而这种增值又会提高股份持有人的收益。实施这种股权激励的模式，能够使得经营者和投资人的利益目标趋同。这里叙述了此种激励方式的理论依据，参考W公司，通过经济学方法来研究股权激励模式能够对公司的经营成果带来多少提高，这里所使用的研究方法是财务指标分析和分析对比。研究完成以后得出结论，这种激励对公司的盈利能力有明显的提高。股权激励在我国上市企业运用越来越成熟，本文对于W公司的股权激励研究效果的研究可以为未来其他上市公司之后推出股权激励计划做出参考，对其他公司实施改进股权激励实施方案实有一定的借鉴意义。关键词：股权激励；公司业绩；财务指标；W公司；ABSTRACTWiththeseparationofownershipandmanagementinmoderncompanysystem,itisgraduallyfoundthattheinterestsofshareholdersandmanagersarenotentirelythesame,whichleadstotheproblemofprincipal-agent.Inthelong-termexploration,itisgraduallyfoundthatequityincentiveisoneoftheeffectivewaystosolvethisproblem.Becauseequityincentivecanalleviatetheconflictofinterestsbetweenownersandmanagers,preventshort-termbehaviorofmanagers,weakentheprincipal-agentproblem,soastoachievethegoalofpromotingthelong-termdevelopmentofthecompany.Equityincentivecanfullymobilizethesubjectiveinitiativeoftheincentivetarget.Bygivingmanagerstherighttoobtainstockorstock-linkedreturnsundercertainconditions,itenablesmanagerstohavealonger-termstrategicvisionandavoidshort-termbehavior.Managersconsiderthelong-termdevelopmentofthecompanyandenhancethecompany'slong-termperformance.Oncetheperformanceimproves,thecompany'sstockpricewillrisetoalargeextent,andthepromotionofthestockpricewillbringmorebenefitstothemotivators.Undersuchincentivesystem,theinterestsofmanagersandshareholderswillbemoreconsistent,andtheprincipal-agentproblemwillbefurthersolved.Thispaperelaboratesthetheoreticalbasisofequityincentive.TakingWCompanyasanexample,itusesfinancialindexanalysisandcomparativeanalysistoanalyzetheimpactofequityincentiveontheperformanceofWCompany.ThefinalresultsshowthattheequityincentiveofQingdaoWGroupisconducivetotheimprovementofthecompany'sfinancialperformance.TheapplicationofequityincentiveinListedCompaniesinChinaisbecomingmoreandmoremature.TheresearchontheeffectofequityincentiveinWCompanycanprovideareferenceforotherlistedcompaniestolaunchequityincentiveplansinthefuture,andhasacertainreferencesignificanceforimprovingtheimplementationofequityincentive.Keywords:Equityincentive；corporateperformance；financialindex；Wcompany目录摘要....................................................................................................................1ABSTRACT...................................................................................................2目录................................................................................................................31绪论....................................................................................................................11.1选题背景与研究意义..............................................................................11.1.1选题背景..................