股权激励计划修订的动因与后果——以神州泰岳为例

The Motivation and Consequences of the Revision of the Equity Incentive Plan:A Case of Beijing Ultrapower Software Co.

近年来我国股市的剧烈震荡使得许多实施股权激励的公司股价低于其行权价格,公司是否应该修订股权激励计划受到社会的广泛关注。以神州泰岳为例,我们分析了企业股权激励计划修订的动因及其后果。神州泰岳股权激励计划修订的动因在于引入与激励新高管以实施多元化战略转型、减少核心员工流失、完善公司治理与倡导分享文化。与计划修订前相比,在计划修订的后三年中,企业财务绩效、运营效率与市场价值都有较大的改善。但是企业股权激励计划修订也诱发了盈余管理行为。总体来看,神州泰岳激励计划修订具有积极的市场反应,提高了企业价值。据此我们讨论了股权激励计划修订的成功实施所依赖的条件与机制。

Recently the sharp shock of China＇s stock market has triggered the stock prices of many list finns with stock option incentives below the prices of their exercise rights. Whether the finns should revise the stock option incentive plan is widely concerned. Taking the Beijing Ultrapower Software Co. as an example, we analyze the motivation and consequences of the revision of the equity incentive plan. The objectives of the finn＇s revision of equity incentive plan are to introduce and motivate new executives to implement diversification strategy, to reduce core employee turnover, to improve corporate governance and to promote a sharing culture. In the first three years after the implementation of the revised plan, the finn＇s business efficiency, financial performance and market value have been magnificently improved. Although the revision of the finn equity incentive plan also induces earnings manage- ment. On the whole, the finn＇s implementing the revised incentive plan has gained a significantly positive market response and improved finn value. Final- ly, we discuss the condition and implementation mechanism to decide the revision of the equity incentive olan successfullv.