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南京工业大学硕士学位论文我国上市公司若干长期激励方式适用性的研究姓名：田学军申请学位级别：硕士专业：工商管理、企业管理指导教师：许敏20060601I12IIABSTRACTIncentiveisaimportantpartandbasementaboutsolvingproblemofcorporategovernance,andalsoapromotiontopromotelistedcompany’semployeetoworkhard.Duringthedesignofincentive,long-termincentiveismoreeffectiveinpromotingthelong-termdevelopmentofenterprise.OnaccountofdifferenceofChinesestockmarket,nowsomepopularincentivemethodsfromoverseasarenotsuitablelocally.Thispapertriestofindconditionsandmethodswhicharesuitabletothelong-termincentiveofChineselistedcompanybyanalyzingtheincentivemethodofChinaandoverseasandgivestherelevantconstructivesuggestionsonhowtoimproveperformanceandgovernanceoflistedcompany.Part1firstintroducesthewritingbackgroundandways,thenexplainsthestudyaim,studycontentsandstudymeanings.Part2introducestheagenttheory,incentivetheoryandhumancapitaltheory.Part3indicatesthatthemaindevelopingdirectionforChineseincentiveisthestudyonthesuitabilityoflong-termincentivemethods.Part4Studiesonlong-termincentivemethodsbasedonstockmarketsuchasstockoption,imaginationstockoptionandESOPs.Part5Studiesonlong-termincentivemethodsbasedonaccountingsuchasperformancestock,performanceunitandstockaccountingaddedvalueplan.Part6furtherConsidersonbuildinglong-termincentivemechanism.Theseelementsincludeselectionofperformanceindicators,selectionofincentivemethods,selectionofincentiveintensityandthebuildingofrestriction.Part7studiesonFengfancompany’sESOPsandmanagementstockplanbyusingofalltheconclusionsfromaboveparts,AtlastthispartgivestheconstructivesuggestionsonhowtoimproveFengfan’slong-termincentive.Throughabovesevenchapters’study,thispaperdrawssuchconclusionsandviewpointsasfollows,Firstly,itisafundamentalpointforlistedcompaniestobuildeffectiveincentive.Long-termincentivecouldpushcompanies’developmentmorehelpful.Secondly,onaccountofdifferenceofChinesestockmarket,lawenvironmentandsocialenvironment,nowsomepopularincentivemethodsfromoverseasarenotsuitablelocally.Theeffectivemethodsareusuallycompromisedonesatlast.KeywordsIncentivemethodSuitabilityAchievementCorporategovernance11.12120054MBO5,20061199016121.2234“”31.32090545952.111776.,19321262637472.281ABCD28(2080)2-1200Table2-1Emolumentstructureofmanagementofthe200largestcompaniesinUS198919901999200030%9%21%19%24%14%25%58%“”20052000CEO1843CEO52004CEO71.1103CEO92.3120601923——210310205011113.1111121232123.2202090131350%90%;()3-1250Figure3-1Long-termincentivemethodsadoptedbythelargest250companiesinUS()()3.319982005123115152002111645841.04%38334.32%60%12,133-1Table3-1Statisticsofincentivemethodsadoptedbythepubliccompanies/30/12/99665421113-2Table3-2Statisticsofincentiveobjectivesofthepubliccompanies2224141313163-3Table3-3Industrystatisticsofpubliccompanieswhohasadoptedincentives(%)931.03753.85840.00513.51913.04423.5346.90215.3849.30615.79510.6435.3629.09411.1184.9464.88620054MBO174.14.1.1195090149020004.1.211182323151941ABC23164.1.32000110002002108000NASDAQ2070%200211723(OPEC)902144.24.2.12254.2.2202080184.2.31160%2340%2006118121432005123111ABC214225%”244.34.3.11(1)(2)1252212264.3.211220%80%20%3452127—2284.44.4.112060191219741986294-120Table4-1ConditionsoftheESOPsinUS()198040003.1199080805199392257.51996107608.72001114008.52415%25%30123457320%20%756321314-2Table4-2ThereasonofadoptingtheESOPs%%191814274983701054381145361236321317241405JosephBlasiandDouglasKruse198819944-322Table4-3ThedifferenceofcompaniesbeforeandafteradoptingtheESOPs+2.4%+2.3%+2.3%452258%11%GormWinther2528324124.4.220802090199410%623199810331600734208019938%38%199319943.5%199419967255.5502600084200118090.8910050.30%270014.92%343.413.272000113019.483600100+10%5%30%30%40%4600854352000825%50%25%1608050201980101990890%10%90%5%884.4.3241219993650%337412325538395.15.1.1355.1.25-1Table5-1Contrastofachievementstockplans00082800083600065215%70%30%15%8%2%80%20%40,5-2Table5-2TheachievementunitplanofEastCreationCompany2%10%10%30%1020%20%40%20%50%50%10%30%1020%40%20%30%50%50%30%70%5.1.314121234563425.25.2.15-326Table5-3ChiefintroductionofSanmaopaishenCompanyincentive201510520%30%20%5.2.24312320%446.1/276.1.114512124632124728348/6.1.2199037%8%49296.26.2.115030220033516.2.2123524537.12000550020046350KVAH300AGM25010G2200637-1Table7-1ThelatestassetstructureofFengfancompany%78,344,41335.9382,526,6081.159263,4730.12130,202,03313.854263,4730.12180,000,00048.807218,000,000100547.1.1(G600482)19921996240026002342400600300013199410007005004002000200050()500020005527.32004617.28%557.1.2200140322003505020046502005200672567-2Table7-2BuyingcompanystockbyventuremortagagemoneyofFengfantopmanagement7.27.2.11200079019933000200520061240088570049810079100479100111001173900485000990009657004756009900116570047560099001165700475600990011661004760009900115690046680099001156900466800:6986005722003200513700020048””20054……2005200611143MBOMBO587.2.2591231260[1].2003[M].,2004,10~15.[2].[M].,2001.[3].[M].,1998,255~275.[4],.,0029,10~20.[5]Gibbons.AgencyTheory.Part:PayforPerformance.web.mit.edu[6].[J].,1999,(5):21.[7].[M].,2002,63.[8],.[M].2000.[9]20