普通本科毕业论文(设计)文献综述-我国上市公司股权激励问题分析—以深圳万科为例.doc

First compliance review of the application of the appraisal Committee, only through the compliance review of the application to take part in a detailed review. 8.1 application compliance review: does not meet one of the following conditions, procuratorial Agency to submit application through compliance reviews, be invalidated: (1) application of the formats, contents, meet the requirements of selected files, powers of Attorney, declarations by the legal representative and the tender agent application to meet the requirements; (2) licence and a bidding agent qualifications meet the requirements; (3) the similar project tendering agency agent number and provide proof of material compliance; (4) the tendering Agency intends to put into this project the number of professionals to meet the requirements; (5) are intended to the agent of the project as a project manager has similar projects the number of and references to meet the requirements; (6) no fraud case. 8.2 application review in detail the Evaluation Committee through compliance reviews will be selected for detailed review of the application. 8.2.1 tender agent institutions similar project tender performance requirements (16 points) tender agent institutions similar project tender performance 16 points, by two part composition (1) agent similar project of cumulative bid amount scored calculation rules for: Agent water project bid amount (on January 1, 2007 has has bid notice for associate) cumulative each reached 100 million Yuan have 2 points, water project cumulative bid amount scored up not over 6 points. In addition, completes a bid worth more than 500 million yuan in total 1 minute, but other items score accumulated winning amount up to a maximum of 6 points. (2) calculation rule for the number of agents similar projects: proxy bid amount (since January 1, 2007 winning notice shall prevail) bidding projects in more than 50 million Yuan by 2 points, but the Agency projects the number of scores up to 3 minutes. 8.2.2 to be agents of the construction project as a project manager in the same project performance (10 points) Project Manager agent performance scores including agents of the bidding agencies of similar projects, as well as in other similar project tendering agency service agent during performance. Total 10 Project Manager agent performance, made up of two parts (1) acting like the accumulated winning amount calculation rule: agents for water conservancy project bid amount (since January 1, 2007 winning notice for example) cumulative average reached 100 million Yuan 3 but scored no more than 5 minutes. (2) calculation rule for the number of agents similar projects: proxy bid amount (since January 1, 2007 winning notice for example) in the more than 50 million Yuan water conservancy project period of 3 minutes, but scores the number of agents similar projects up to a maximum of 5 points. Project Manager demonstrated to provincial-level and higher peoples Government or the development and Reform Commission published the winning bidder on the designated media publicity shall prevail. 8.2.3 staff requirement (25 points) 1, to the construction project serving personnel, 4 years experience in tendering agent, 2 points per person, 2 years experience in tendering agent .Pig is not a pig. With domestic international market and technology big environment of changes, as China traditional industry of pig production of job way and profit way are requirements related industry for resources integration, to quality security for premise, regulation based farming, and management cost and the production, and sales cost, go standardization, and scale, and intensive, and market road, fast upgrade whole industry chain of regulation capacity, market competition capacity and anti-risk capacity. First, industry analysis (a) the basic situation in China is a traditional hog production and consumption country, 2008 46.15 million tons of pork, pig stock 462.64 million head by the end pig slaughter 609.6 million. National pig industrys annual production value at around 650 billion yuan, nearly 50% per cent of annual output value of animal husbandry. Sichuan province in 2008 produced 6.52 million tons of pork, with 694,000 tons of Chengdu city, live pig sell 10.46 million, first 15 Vice-provincial cities in the country. The whole nation advantage regional planning (2008-2015) there are 437 counties (cities), 55, Sichuan, Chengdu has 7 (including in pengzhou). International pig industry mainly include the European Union, the United States, and Canada, and Brazil and other absolute scale of animal husbandry industry and technology developed countries. Market 1, the domestic market from Chinas meat consumption habits and economic analysis of the development situation, the emergence of new trends in the market of domestic pork and its products. Docking is a pig production and sales more closely. The Yangtze River Delta, Pearl River Delta and the Bohai rim economic developed area industrial structure adjustment gathered pace, two or three industries to the Central and Western bias. Second, the rigid domestic consumption growth. For a long period, pork is still the largest variety of meat consumption in China, the absolute consumption continues to grow. Especially in the vast rural market growth potential. Third, market for pork and higher product quality requirements. Pollution-free pork safety and health has shown a very good market prospects. Four is the market changing. Currently, cold meat, more and more varieties of meat and pork meat products, which accounted for a large proportion of pork consumption, stores, chain stores, supermarkets and other marketing methods is on the rise, and transport has been extended to more than 2000 km in RADIUS. Chengdu is an important River pig resource market, the citys commercial rate reaches above 60% of live pigs, pork and raw materials primary processing products in the domestic and international reputation is high. Western hog trading center in Chengdu and provides disease-free areas of construction in order to further accelerate the development of swine industry realizes space and conditions. 2, the international markets at present, annual volume of trade in live pigs in the world year around 18 million, about 6 million tons of pork trade. A large net exporter of pork is mainly the EU and North America,-importing countries mainly in Asia, Japan, and Korea, and Singapore, the Philippines, Hong Kong and other countries and regions, as well as Russia, about 3 million tonnes were imported. It is predicted that the world meat consumption increase of 80% in Asia in the future, our country has obvious geographical advantages, export potential. With the advancement of live pigs superiority industry belt construction, animal disease .江西财经大学普通本科毕业论文普通本科毕业论文(设计)文献综述论文(设计)题目 我国上市公司股权激励问题分析 以深圳万科为例 学 院 会计学院 学生姓名 张红梅 学 号 0111059 专 业 财务管理 届 别 2015届 指导教师 曹玉珊 职 称 教 授 完成日期 二一四 年 十一 月 二十 日 文 献 综 述前言 本毕业论文题目为我国上市公司股权激励问题研究-以深圳万科为例，股权激励是一种通过让公司经营者获得股权，使其能够拥有股东的一系列权利，如参与企业决策、承担风险、分享利润，进而能够勤勉尽责地为了公司的长期发展进行服务的一种激励方式。股权激励在公司治理中处在重要地位，是公司治理机制中最重要的机制之一。本文在对股权激励的相关理论、影响以及我国上市公司股权激励的现状进行描述的基础上，以我国深圳大型上市企业万科为案例，对深圳万科的股权激励进行分析，旨在发现深圳万科股权激励中存在的问题并提出相关的解决对策，同时对我国上市公司实施股权激励具有一定的借鉴意义。正文1. 国外相关文献由于上世纪50年代股权激励便开始在西方实行，关于股权激励的理论研究甚至更早，所以关于股权激励的研究较国内更为丰富。20世纪20年代Taussings和Baker最早提出了管理者激励与公司绩效的研究，虽只得出两者之间关系甚微的结论，但是却为之后相关研究奠基。在20世纪初，科斯（Coase）（1937）就提出了赋予经理人享有企业剩余价值的权利的看法，利用这一方法对经理人进行约束和激励，但是并未形成相应的理论。之后，米恩斯（Means）和贝利（Berle）对经营权和所有权分离这一问题做出了研究，认为两权分离有偏离企业的“利润最大化”的目标的倾向，因而认为有必要对经理人进行激励来纠正其行为，而激励措施便是给予经理人一定股权。Lehn和Demsetz1985年用511家公司当作样本，使用财务盈利指标对公司管理人员持股比例变量进行回归，结果发现两者无显著相关关系。他们认为行业的性质、经营风险、信息不对称程度和经营风险等因素都会对企业管理者的持股比例造成影响，进而对公司的价值造成影响。Morck Shleifer和Vishny（1988）认为，企业管理人员持股会出现利益趋同与防御这两种效应。利益趋同效应，指的是经理人的持股数量与公司的市场价值为正相关关系；防御效应，指的是当经理人持股比例达到一定限度时，公司的市场价值会与其呈现负相关关系。所以，利益趋同和防御效应随着经理人的持股比例变化而变化，进而导致企业价值的波动。Fama(1980)认为,两权分离在现代企业制度下是经济组织中的一种有效形式,特别是对于大公司来说。想要解决两权分离所带来的矛盾,给予企业经营管理者一定的股权是最优的办法,因为这种方式能够将经营者的利益与企业所有者利益联系起来。J简森和梅克林(1976)将股权激励可以有效降低代理成本和提高公司价值进行了论证。Chen et al(2012)也指出两权分离很有可能会促使企业实行股权激励。2. 国内相关文献我国较国外接触股权激励要晚几十年，从20世纪末才开始接触，目前仍处在初级阶段，有关研究当然也相对滞后。曹凤岐（1998）在股份制与现代企业制度中，对我国企业内部持股的制度进行了介绍，并对这一制度的优缺点进行了分析，最后结合我国实情提出了一系列的建议。这是他首次提出在股份制企业内部实施持股，为股权激励的后期研究打下了基础。张维迎（1999）年认为，股权激励能够赋予企业的经理人以剩余索取权利和企业的决策权，从而对经营者产生激励和约束，从而弥补委托代理关系中存在的不足。引入股权激励，可以很好对经营者进行长期激励，产生直接激励效果。王加胜与刘国亮（2000）的实证检验与简森和梅克林（1976）年的结论相同，即管理层持股比例随企业的经营业绩提高而提高，即呈现正相关性。郭福春（2002）在股权激励机制的理论基础及效应分析中，对我国在2001年度已经实行股权激励的69家上市公司进行了实证研究，研究表明，实行股权激励政策的上市公司业绩要好于全体上市公司。陈守东、那铭洋、刘英华（2003）利用截面回归分析法进行分析后发觉，经营者拥有股权和公司绩效之间并没有特定的联系。可见，并非所有学者均认为股权激励与企业绩效之间一定存在联系，二者之间的关系不能盖棺定论。何庆明（2007）发现，股权激励计划对上市公司的管理层具有长期的激励效应，对公司的业绩与股价有着长期的提升作用。王俊强（2010）认为，股权激励可以有效地使委托代理问题得到解决，而且股权激励的有效实施与公司治理有关，忽略公司治理和股权激励之间的内在联系容易导致股权激励产生负面影响。在我国实施股权激励的过程中，改善公司治理的环境显得越发重要。吕长江等(2011)在中国的制度背景下，系统探究了我国上市公司为何选择股权激励的原因,发现了我国上市公司选择股权激励的内在动机，并且认为股权激励是一种长期激励机制,很难对临近退休的管理者产生作用，所以对高龄高管进行股权激励的效果并不好,因为这类管理者更偏好于现金报酬。结论综上所述，国外关于股权激励的相关研究较国内早得多，但国内外均有对企业绩效和股权激励之间存在的关系进行研究与探讨，得出正相关、无关甚至负相关的研究结论，在这一研究结论方面国内外较为相似。同时，我国对股权激励在我国上市公司实施中存在的问题以及应该对股权激励进行完善方面进行了探讨，并提出了相关的建议。本文以典型股权激励实施企业深圳万科为研究对象，对其实施的股权激励进行分析，发现其中的问题，提出相应的建议，并给我国其他想要实施股权激励的上市公司起一定的借鉴作用。指导教师评分（百分制）：90(文献综述低于70的，不得开题) 指导教师：2014年11月20日4.1 application of the Chinese language application for proxy bidding agency application system. 4.2 bidding agent applications should be submitted by the Agency included in the 5th chapter of the content, and than select file asked to provide appropriate documentation. 4.3 proxy application shall affix its official seal coding and page by page in the specified location. Agent a copy of the application shall have to number the pages and signed original copy (copy) (including supporting documents), and copy should be exactly the same. 4.4 application there shall be no loose pages. 4.5 agent application should be complete with indelible ink (powdered) prints, the agent shall not alter any page of the application. 4.6 bidding agencies offer should be based on the interim measures for the management of tendering agents service charges (meter prices 20021980) rules of the Nineth, tender agent service charges using the difference progressive billing rate. Charges in accordance with the tendering agents service charges and, in conjunction with the provisions of the specific circumstances of the project shall not be floating up and down-floating range must not exceed 20%, otherwise the application cannot pass compliance checks, be invalidated. Due to bidding agency selection and principal-agent contracts signed during charging base bid amount has not yet been produced, it can only be according to the rates of price, bid and the bid amount determines after the end, controlled response rates calculated shall pay tender fee (tender agency fee accounts for the actual bidding agent item for fares). Than the selected person tendering agents service charge control the upper and lower limits, Cap for the State Development Planning Commission of the interim measures for the management of tendering agents service charges (meter prices 20021980) of tendering agents service fees under 100%, the lower limit for the State Development Planning Commission of the interim measures for the management of tendering agents service charges (meter prices 20021980) of tendering agents service fees under 80%. Tendering agents service charge base should include the following tenders: construction, supervision and material over the above tenders are expected to be important, with each tendering agency entrusted with tender bid amount as a base for a separate computation of tendering agents service fees. Tendering agents service fee payment in accordance with the General Office of the State development and Reform Commission on tendering agents service charge of notification on the relevant issues (the change price 2003857). Sale of prequalification documents and solicitation documents going to choose all, pricing should be based on the principle of profit not files, must not violate the relevant provisions in the price Department. 4.7 requirements in the form of application proxy application shall be prepared in the 5th chapter of the format. Application of various supporting documents should be requested by the selection of files grouped by order. Comparison and selection of the bidding agencies must provide supporting documents required by the file; the file you selected does not have the required supporting documents, bidding agency acknowledged the need to provide, or you can provide. Proxy application shall be bound, and page-by-page coded in the order. 5th chapter application format notes: bidding agent .普通本科毕业论文（设计）开题报告及任务书论文（设计）题目我国上市公司股权激励问题分析以深圳万科为例学生姓名张红梅专业财务管理学号0111059指导教师曹玉珊职 称教授1.选题目的和意义： 经营权与所有权的分离使得股东与经理人之间形成委托代理关系，而信息不对称，如股东对于企业经营情况了解程度远不如经理人，以及目标不一致经营者在企业内部极力追求自身利益最大化，股东的目标则是股东价值最大化等，委托代理问题便应运而生，这时便需要一个有效的激励和约束机制对经营者加以引导。 目前看来，股权激励是一个不错的选择，它能够促使经理人在行使权力时更多关心企业的长期发展，减少经理人的短视行为，使股东与经理人的利益保持一致，有利于企业的长期发展。 所以，本文在对股权激励的相关理论、影响以及我国上市公司股权激励的现状进行描述的基础上，以我国深圳大型上市企业万科为案例，对深圳万科的股权激励进行分析，发现深圳万科股权激励中存在的问题并提出相关的解决对策，同时对我国上市公司实施股权激励具有一定的借鉴意义。2.主要研究内容(含论文提纲)：本文共分为五个部分，结构安排如下:第一部分：引言。该部分主要包括对文章的研究背景、意义、思路和方法的介绍。文献综述，该部分主要介绍了国内外有股权激励的研究成果，并对其进行简单评价。第二部分：股权激励相关理论概述。该部分主要介绍了股权激励的涵义、基本模式、正负面影响及上市公司股权激励的问题要素，为后续的分析打下基础。第三部分：深圳万科股权激励背景介绍。首先对我国上市股权激励的现状进行描述，介绍其主要模式、发展势头以及主要存在的问题，然后对深圳万科的概况、公司治理结构以及股权激励的历程加以阐述，从而对股权激励的大环境有清晰的了解。第四部分：深圳万科股权激励分析。主要是对万科股权激励动因、内容及结果三个方面进行分析。第五部分：结论与展望。该部分主要根据第四部分，总结出深圳万科股权激励中可借鉴之处和存在的问题，同时提出一系列应对股权激励问题的对策，以期能够改善我国上市公司股权激励现状。论文提纲：1 引言1.1 研究背景及意义1.1.1 研究背景1.1.2 研究意义1.2 研究内容及方法1.2.1 研究内容1.2.2 研究方法1.3 相关文献综述1.3.1 国外相关文献1.3.2 国内相关文献1.3.3 文献述评2 股权激励相关理论概述2.1 相关概念界定2.1.1 股权激励的含义2.1.2 股权激励的主要模式2.2 股权激励的影响2.2.1 股权激励的有利影响2.2.2 股权激励的不利影响2.3 股权激励的理论基础2.3.1 委托代理理论2.3.2 产权理论2.3.3 人力资本理论2.3.4 低效率理论2.4 股权激励的问题要素2.4.1 股权激励的决策2.4.2 股权激励的执行过程2.4.3 股权激励的评价3 深圳万科股权激励背景介绍3.1 我国上市公司股权激励现状3.1.1 我国上市公司股权激励的主要模式3.1.2 我国上市公司股权激励的发展势头3.1.3 我国上市公司股权激励的主要问题3.2 深圳万科股份有限公司基本介绍3.2.1 深圳万科概况123.2.2 深圳万科的公司治理结构123.2.3 深圳万科股权激励历程134 深圳万科股权激励方案分析134.1 股权激励方案的动因分析134.1.1 股权激励实施条件具备134.1.2 公司内部代理的矛盾突出134.2 股权激励方案的主要内容134.2.1 股权激励方式与期限134.2.2 股票来源及激励对象134.2.3 业绩指标及激励基金计提额度144.2.4 特殊安排与终止条件144.2.5 股权激励的执行过程144.3 股权激励方案的结果分析154.3.1 对市场价值的影响154.3.2 对管理层的影响154.3.3 最终实施结果165 结论与展望165.1 研究结论165.1.1 深圳万科股权激励中可借鉴之处165.1.2 深圳万科股权激励失败的反思175.1.3 股权激励问题的相关对策185.2 研究局限与展望19参考文献20致 谢213.2.1 深圳万科概况3.2.2 深圳万科的公司治理结构3.2.3 深圳万科股权激励历程4 深圳万科股权激励方案分析4.1 股权激励方案的动因分析4.1.1 股权激励实施条件具备4.1.2 公司内部代理的矛盾突出4.2 股权激励方案的主要内容4.2.1 股权激励方式与期限4.2.2 股票来源及激励对象4.2.3 业绩指标及激励基金计提额度4.2.4 特殊安排与终止条件4.2.5 股权激励的执行过程4.3 股权激励方案的结果分析4.3.1 对市场价值的影响4.3.2 对管理层的影响4.3.3 最终实施结果5 结论与展望5.1 研究结论5.1.1 深圳万科股权激励中可借鉴之处5.1.2 深圳万科股权激励失败的反思5.1.3 股权激励问题的相关对策5.2 研究局限与展望参考文献致 谢3.完成论文（设计）的条件、方法及措施，包括实验设计、调研计划、资料收集、参考文献等内容：论文完成方法：（一）对比分析法。收集资料，主要是以文献检索与阅读法为主，通过各种期刊，书籍，数据库，网站等等检索相关资料数据，在广泛收集国内外相关专业的文献的基础上，结合材料分析对比法，重点摘录理解法等收集各方面信息。（二）定性分析法，归纳和演绎法。写论文的过程中，主要采用先以框架定结构，然后补充扩大，充实内容。采用定性分析法以