国有产权与业绩考核指标选择——基于招商蛇口股权激励方案的案例研究  

State-owned Property Rights and the Selection of Performance Assessment Indicators——Based on the Case Study of Stock Ownership Incentive of Merchants Shekou

作　　者：张东旭 曹润泽 梁德杰 Zhang Dongxu;Cao Runze;Liang Dejie(School of Business,Anhui University,Hefei 230601,Anhui,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《金融发展研究》2020年第8期55-64,共10页Journal Of Financial Development Research

基　　金：国家自然科学基金青年项目“女性创业者养家动机对其工作—家庭增益的影响研究”(71802001);安徽高校人文社会科学研究重点项目“商誉减值会计信息有用性研究”(SK2018A0015)。

摘　　要：企业如何设计股权激励契约一直是理论研究者和监管者关心的重要话题。本文认为,国有企业改革任务以及国有大股东所增持股票的损益是影响国有企业股权激励计划中业绩考核指标选择的主要原因。本文以招商蛇口为例验证这一原因。从长期看,招商蛇口的大股东招商局集团作为国有企业改革试点单位,需要借助股价高涨推动存量资源的整合并调动各改革参与方的利益;从短期看,招商局集团面临着国有资本保值增值的压力,这些都促使招商蛇口在股权激励契约中选择股价指标作为业绩考核指标。本文的发现表明,虽然大股东赎买假说对中国的股权激励实践有较好的解释力,但是对于国有大股东而言,还需要将国有企业改革压力和国有资本保值增值压力纳入国有企业业绩考核指标选择的分析框架。How to design equity incentive contract by the enterprises has always been an important topic concerned by theoretical researchers and regulators.This paper holds the view that the reform task of state-owned enterprises and the gains and losses of the major state-owned shareholders are the main reasons that affect the selection of performance assessment indicators in the equity incentive plan of state-owned enterprises.This paper takes the example of Merchants Shekou to verify this assumption.In the long term,the major shareholder of Merchants Shekou,China Merchants Group,as a pilot unit for the reform of state-owned enterprises,needs to promote the integration of stock resources and mobilize the interests of the reform participants with the help of high stock prices;in the short term,China Merchants Group is faced with the pressure of maintaining and increasing the value of state capital,which urges Merchants Shekou to choose the stock price index as the performance evaluation index in the equity incentive contract.The findings of this paper show that although the buy-out hypothesis of large shareholders has a good explanatory power for the practice of equity incentive in China,it is still necessary to take the reform pressure of state-owned enterprises and the pressure of maintaining and increasing the value of state-owned capital into the analytical framework of the selection of performance assessment indicators of state-owned enterprises.

关 键 词：股权激励 业绩考核指标 国有企业改革 

分 类 号：F272.92[经济管理—企业管理]