上市公司股权激励问题研究——以奥拓电子为例

Research on Equity Incentive of Listed Companies——Take Aoto Electronics as an Example

股权激励被认为是现代企业机制中能够有效缓解委托—代理矛盾的一种激励方式,企业希望通过股权激励的实施促成所有者与经营者之间利益平衡的同时,也能够吸引人才、提升业绩以形成竞争优势,从而保证长期发展的稳健性。分析奥拓电子股权激励方案的内容、股权激励计划实施后的市场反应变化等发现,上市公司股权激励存在激励力度不足、考核要求不科学、激励定价不合理等问题,提出应保证激励的力度和连续性、进行多维度业绩考核、设置浮动行权价格等建议。

Equity incentive is considered to be an incentive method that can effectively alleviate the principal-agent contradiction in modern enterprise mechanism.Enterprises hope that through the implementation of equity incentive to promote the balance of interests between owners and managers,it can also attract talents and improve performance to form competitive advantages,so as to ensure the stability of long-term development.Taking Aoto electronics as an example,this paper systematically analyzes the changes of market reaction after the implementation of equity incentive scheme.It finds that there are some problems in equity incentive of listed companies,such as insufficient incentive strength,unscientific assessment requirements,unreasonable incentive pricing and etc.Some suggestions are put forward,such as ensuring the intensity and continuity of incentive,carrying out multi-dimensional performance evaluation,setting floating exercise price and so on.