转轨期我国国企年薪制、EVA分红及产权激励分析
毕业论文
转轨期我国国企年薪制、EVA分红及产权激励分析
摘 要
本文首先从我国国有企业经营者激励机制的改革发展轨迹入手，引出目前我国国有企业经营者物质激励领域的现状及其存在的主要问题，接着简要介绍了与企业经营者激励问题相关的理论。然后，在第2章和第3章分别对国企经营者年薪制和EVA（Economic Value Added）分红两种激励机制进行了详细的介绍，并进1步指出了它们各自的优点和局限性。第4章则全面阐述了经营者长期激励机制——产权激励机制。经营者产权激励机制是指将企业的部分产权通过1定的方式授予企业经营者，使他们能够分享企业成长所带来的收益的1种制度安排。企业的产权激励主要包括经营者直接持股激励和期权激励两种。经营者直接持股激励中的管理层收购在我国国有企业改制中最引人注目，也最有争议。在第5章，作者对国企经营者产权激励进行了深入探讨，尤其是在对因郎顾之争而引发的“国企产权改革大讨论”的深入分析的基础上，提出要坚定不移地推进国企产权改革，同时，也要走出国企产权改革的悲观性思维误区，并根据市场结构和企业规模选择不同的产权激励方式，这对深化我国国企产权改革具有1定的启发性意义。最后，笔者就完善我国国有企业经营者物质激励机制提出了自己的政策建议。
关键词：国有企业 激励机制 年薪制 EVA分红 产权激励
The analysis of yearly salary system, EVA draw bonus and property right motivation of state-owned enterprise of our country in transition time
Abstract
This thesis first starts with the path of reform and development of the incentive mechanism of manager of state-owned enterprise in our country ,draws out the present situation of the material inspiring mechanism of manager of state-owned enterprise and its main problems nowadays, then briefly introduces the theories background related with the incentive mechanism of manager. Then,introduces separately EVA(Economic Value Added) draw bonus and yearly salary system two kinds of material inspiring mechanism of manager . In the second chapter and the third chapter the state-owned enterprise operator yearly salary system and EVA draw bonus be carried on a detail introduction, furthermore, pointes out respectively their merits and limitations. The fourth chapter comprehensively elaborates the long-term incentive mechanism of manager--property right drove mechanism. The property right drove mechanism of manager refers one kind of system arrangement that enterprises partial property right be awarded the manager of enterprise through a certain way , which enables them to share profits which brought by grow of enterprise. Enterprises property right drove mainly includes the Executive options drove and the Executive own directly stock drove. The Management Buy-outs,one of the Executive own directly stock drove ,is most noticeable, also most dispute in the course of reforming the system of state-owned enterprise in the our country .In the fifth chapter, the operator property right drove of state-owned enterprise be carried on thorough discussion, particularly on the foundation of thorough analysis of the big discussion about the reform of property right of state-owned enterprise which initiated by the argument between Lang and Gu, proposes that steadfastly advance the property right reform of state-owned enterprise , at the same time, also go out the pessimistic thought erroneous zone of property right reform of state-owned enterprise , and choice different property right drive way according to the market structure and the scale of enterprise. These have a certain enlighten significance to deepen property right reform of state-owned enterprise in our country . Finally, the author puts forward some policy proposals round consummating the material incentive mechanism of manager of state-owned enterprise .
Key word: The state-owned enterprise incentive mechanism
yearly salary system EVA draws bonus the property right drove
目 录
引言 ----------------------------------------------------------------------------------------------------------------------------1
第1章 国企经营者激励问题及其理论背景 ----------------------------------------------------------------------2
第1节 我国国企经营者激励领域的沿革史----------------------------------------------------------------------2
第2节 目前国企经营者激励领域存在的'问题-------------------------------------------------------------------2
第3节 企业经营者激励的理论背景-------------------------------------------------------------------------------3
1、管理学中的经营者激励理论 ----------------------------------------------------------------------------------------3
1、内容型激励理论 ---------------------------------------------------------------------------------------------------------3
2、过程型激励理论 ---------------------------------------------------------------------------------------------------------3
3、行为改造理论 ------------------------------------------------------------------------------------------------------------3
2、主流经营者激励理论：委托—代理理论 --------------------------------------------------------------------------3
第2章 短期经营者激励机制——年薪制 -------------------------------------------------------------------------5
第1节 年薪制概述----------------------------------------------------------------------------------------------------5
1、年薪制的内容 -----------------------------------------------------------------------------------------------------------5
2、国企年薪制的实施原则 -----------------------------------------------------------------------------------------------5
第2节 国企实行年薪制的利弊分析 ------------------------------------------------------------------------------6
1、国企实行年薪制的有效性 -------------------------------------------------------------------------------------------6
2、国企实行年薪制的局限性 -------------------------------------------------------------------------------------------6
第3章 1种新兴的经营者激励机制——EVA分红 -------------------------------------------------------------7
第1节 EVA分红概述-------------------------------------------------------------------------------------------------7
1、EVA的概念 -------------------------------------------------------------------------------------------------------------7
2、EVA分红的内容 --------------------------------------------------------------------------------------------------------7
第2节 国企实行EVA分红的利弊分析---------------------------------------------------------------------------8
1、EVA分红的有效性 -----------------------------------------------------------------------------------------------------8
2、EVA分红的局限性 ----------------------------------------------------------------------------------------------------9
第4章 长期经营者激励机制——产权激励机制 --------------------------------------------------------------10
第1节 经营者股票期权激励 ---------------------------------------------------------------------------------------10
1、股票期权概述 ----------------------------------------------------------------------------------------------------------10
1、股票期权产生的背景及内涵 ------------------------------------------------------------------------------------------10
2、股票期权的运行原理 --------------------------------------------------------------------------------------------------10
2、国企经营者股票期权激励的利弊分析 ----------------------------------------------------------------------------11
1、股票期权激励的有效性 -----------------------------------------------------------------------------------------------11
2、股票期权激励的局限性 -----------------------------------------------------------------------------------------------11
第2节 管理层收购（MBO）----------------------------------------------------------------------------------------12
1、管理层收购（MBO）概述 ------------------------------------------------------------------------------------------12
2、国企实行管理层收购（MBO）的利弊分析 --------------------------------------------------------------------12
引 言
自改革开放以来，国企经营者激励问题就1直是我国政界和学界探讨的焦点问题之1。随着改革的1步步深入，围绕国企经营者激励机制的改革，国内1大批学者运用各种方法从不同角度进行了大量的分析，并陆续从国外引进了1系列旨在解决国企经营者激励不足的方案。通过210多年的理论探索与实践
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