毕业论文：创业板股权激励研究

I┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊摘要新经济时代是一个创新时代，其发展的根本动力在于如何让人的创新能力得到发挥，如何将知识转化为资本人力资本。股权激励给我们提供了一条十分有效的途径。自2009年12月30日我国资本市场推出创业板以来，创业板上市公司数量迅速增加，目前已达210家之多。在上市前已经有多家公司实现了股权激励。可见上市前的股权激励在创业板已经是一种普遍现象，这迥然有别于主板和中小板。要想保持业绩的持续高增长，股权激励似乎被普遍看好。但是，股权激励也是把双刃剑，其亦能导致贫富差距扩大或会计作假。我们应采取各项政策措施来改善中国股权激励的内在操作和外部环境。本文将主要对我国创业板市场上市公司股权激励的现状及其原因进行具体的研究，提出并建立进一步的股权激励模式选择与方案设计以及提高并完善我国创业板市场上市公司股权激励的相关政策建议。关键词：创业板；股权激励；价值；股价；行权价II┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊AbstractTheneweconomiceraisaninnovationera,itsdevelopmentisthefundamentalpowertomakeinnovationabilityofthepersongetplay,howbeknowledgeintocapitalhumancapital.equityincentivedriveprovidesuswithaveryeffectiveway.SinceDecember30,2009China'scapitalmarketsincetheintroductionoftheGEM,theGEMrapidincreaseinthenumberoflistedcompanies,andcurrentlyhasasmanyas210.Pre-IPOequityincentivecanbeseenintheGEMisalreadyacommonphenomenon,whicharevastlydifferentfromtheboardandsmallplates.Tomaintaintheperformanceofsustainedhighgrowth,equityincentiveseemstobegenerallygood.However,theequityincentiveisdouble-edgedsword,itcanalsoleadtoawideningwealthgaporaccountingfraud.WeshouldadoptthepoliciesandmeasurestoimprovetheinternaloperationoftheChineseequityincentivesandtheexternalenvironment.Thisarticlewillfocusonthegrowthenterprisemarket,thestatusoflistedcompaniesandequityincentivereasonsspecificempiricalresearchandtheestablishmentofproposedequityincentivemodelforfurtherselectionandprogramdesignandtoenhanceandimproveourcompanylistedonGEMequityincentivepoliciesrecommendations.Keyword:GEM;EquityIncentive;ModeSelection;Value;Stockprice;ExercisepriceIII┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊目录一、绪论...............................................................1（一）写作背景.....................................................1（二）文献综述.....................................................21、国外研究综述.................................................22、国内学术研究.................................................3（三）研究思路.....................................................4二、我国创业板上市公司及其股权激励的形成和发展.........................6（一）我国创业板的发展历程.........................................61、创业板市场的形成.............................................62、创业板上市公司的基本情况.....................................7(二)我国创业板股权激励的形成和发展...............................91、我国股权激励的形成和相关理论.................................92、创业板市场上市公司的股权激励................................11三、我国创业板上市公司股权激励的相关分析..............................15(一)股权激励对我国创业板上市公司价值的影响.......................15(二)股权激励对我国创业板上市公司股价的影响.......................17四、我国创业板上市公司股权激励案例分析................................20(一)碧水源公司股票期权激励方案...................................20(二)碧水源股权激励方案对其股价的影响.............................23五、我国创业板上市公司股权激励的进一步讨论............................25（一）创业板上市公司实施股权激励的诸多问题........................25（二）创业板上市公司股权激励的进一步完善..........................25六、研究结论与政策建议................................................28（一）研究结论....................................................28（二）政策建议....................................................28致谢...................................................错误!未定义书签。参考文献..............................................................32附录...................................................错误!未定义书签。IV┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊Abstract1introduction.........................................................................................................................11.1writingbackground..................................................................................................11.2LiteratureReview.………………………………………………………………….21.2.1Studiesabroad………………………………………………………………….21.2.2Domesticacademicresearch...............................................................................21.3theresearchideasandfranmeworks..........................................................................32ListedcompaniesinChinaanditsformationanddevelopmentofequityincentives........52.1DevelopmentofGEM................................................................................................52.1.1TheformationofGEM.......................................................................................52.1.2Listedcompaniesarethebasicsituation.............................................................62.2GEMEquityIncentiveoftheformationanddevelopment........................................82.2.1Formofincentivestockoptionsandrelatedtheories.........................................82.2.2theGEMlistedcompany'sequityincentive.....................................................103CompanieslistedonGEMofthecorrelationanalysisoftheequityincentive.................143.1EquityincentivesforcompanieslistedonGEMoftheimpactofthevalueof.......143.2EquityincentivesforcompanieslistedonGEMoftheimpactofprice..................164ListedcompaniesinChinacasestudy............................................................................194.1StockOptionIncentivecleanwatersourceabriefdescriptionoftheprogram........194.2Cleanwatersourceequityincentiveplanoftheirprice........................................225Listedcompanie