人福医药股权激励效果的案例分析

1引言 ---------------------------------------------------------------------------------------------- 1 1.1研究背景及研究意义 -------------------------------------------------------------------- 1

1.1.1研究背景------------------------------------------------------------------------------ 1

1.1.2研究意义------------------------------------------------------------------------------ 1 1.2文献综述 ----------------------------------------------------------------------------------- 2

1.2.1国外文献回顾------------------------------------------------------------------------ 2

1.2.2国内文献回顾------------------------------------------------------------------------ 4

1.2.3国内外文献评述--------------------------------------------------------------------- 6 1.3本文的研究思路与方法----------------------------------------------------------------- 7

1.3.1研究思路------------------------------------------------------------------------------ 7

1.3.2研究方法------------------------------------------------------------------------------ 7 1.4论文的基本框架 -------------------------------------------------------------------------- 8 2股权激励一般理论概述 -------------------------------------------------------------------- 11

2.1股权激励的概念与内容--------------------------------------------------------------- 11

2.1.1股权激励的概念------------------------------------------------------------------- 11

2.1.2股权激励的具体形式------------------------------------------------------------- 11

2.1.3股权激励方案的要素------------------------------------------------------------- 13 2.2股权激励的理论基础 ------------------------------------------------------------------ 14

2.2.1委托代理理论---------------------------------------------------------------------- 14

2.2.2人力资本理论---------------------------------------------------------------------- 15

2.2.3激励相容理论---------------------------------------------------------------------- 15 2.3股权激励的原则和条件--------------------------------------------------------------- 16

2.3.1股权激励的原则------------------------------------------------------------------- 16

2.3.2股权激励的条件------------------------------------------------------------------- 17 3人福医药股权激励方案及效果情况介绍 ----------------------------------------------- 19 3.1人福医药集团股份公司简介--------------------------------------------------------- 19

3.1.1公司概况---------------------------------------------------------------------------- 19

3.1.2公司组织结构---------------------------------------------------------------------- 19

3.1.3公司股权结构---------------------------------------------------------------------- 20 3.2人福医药股权激励实施背景--------------------------------------------------------- 23

3.2.1资本市场背景---------------------------------------------------------------------- 23

3.2.2政策背景---------------------------------------------------------------------------- 23

3.2.3行业背景---------------------------------------------------------------------------- 24

3.2.4公司背景---------------------------------------------------------------------------- 24 3.3人福医药股权激励方案介绍--------------------------------------------------------- 26

3.3.1人福医药股权激励计划的内容------------------------------------------------- 26

3.3.2人福医药股权激励实施过程---------------------------------------------------- 28 3.4人福医药股权激励的效果------------------------------------------------------------ 30

3.4.1对公司业绩的影响---------------------------------------------------------------- 30

3.4.2对公司核心人才的影响---------------------------------------------------------- 35

3.4.3对公司股价的影响---------------------------------------------------------------- 36 4人福医药股权激励方案的不足与原因分析 -------------------------------------------- 41 4.1人福医药股权激励方案的不足------------------------------------------------------ 41

4.1.1激励对象购股资金压力较大---------------------------------------------------- 41

4.1.2激励对象筹资渠道有限---------------------------------------------------------- 42

4.1.3激励对象范围不够广泛---------------------------------------------------------- 42

4.1.4股票解锁条件不够合理---------------------------------------------------------- 43 4.2人福医药股权激励不足的内部原因------------------------------------------------ 44

4.2.1独立董事制度不健全------------------------------------------------------------- 45

4.2.2内控制度缺乏执行力------------------------------------------------------------- 45 4.3人福医药股权激励不足的外部原因------------------------------------------------ 46

4.3.1职业经理人市场不健全---------------------------------------------------------- 46

4.3.2政策法规不完善------------------------------------------------------------------- 47 5人福医药股权激励的启示与建议 -------------------------------------------------------- 48

5.1人福医药股权激励的启示------------------------------------------------------------ 48

5.1.1合理的股权激励方案是有效发挥股权激励作用的前提 ------------------ 48

5.1.2健全的公司内部治理结构是股权激励发挥有效性的内在保障 --------- 48

5.1.3成熟的外部环境是股权激励发挥有效性的重要条件 --------------------- 49 5.2完善人福医药股权激励的建议------------------------------------------------------ 49

5.2.1改善公司股权激励方案的建议------------------------------------------------- 49

5.2.2改善公司内部治理结构的建议------------------------------------------------- 51

5.2.3完善公司外部环境的建议------------------------------------------------------- 52 结束语-------------------------------------------------------------------------------------------- 54 参考文献----------------------------------------------------------------------------------------- 60

III

Content

1Preface (1)

1.1 The background and the significance of research (1)

1.1.1 The background (1)

1.1.2 The significance of research (1)

1.2 Literature review (2)

1.2.1 Overseas research summary (2)

1.2.2 Domestic research summary (4)

1.2.3 Literature review (6)

1.3 The clues and the methods of research (7)

1.3.1 Research Circuits (7)

1.3.2 Reasearch method (7)

1.4 The research framework of the thesis (8)

2 Theories of equity incentive (11)

2.1 Overview of equity incentive (11)

2.1.1 The basic concept of equity incentive (11)

2.1.2 The specific form of equity incentive (11)

2.1.3 The essence of equity incentive plan (13)

2.2 The theoretical basis of equity incentive (14)

2.2.1 Principal-agent theory (14)

2.2.2 The human property theory (15)

2.2.3 Incentive compatibility theory (15)

2.3 Principle and condition of equity incentive (16)

2.3.1 Principle of equity incentive (16)

2.3.2 Condition of equity incentive (17)

3 The introduction of the program of Humanwell Healthcare'equity motivation and it's effect (19)

3.1 The introduction of Humanwell Healthcare Group (19)

3.1.1 Company profile (19)

3.1.2 Corporate organizational structure (19)

3.1.3 Company ownership structure (20)

3.2 Equity incentive background of Humanwell Healthcare Group (23)

3.2.1 The background of Capital market (23)

3.2.2 The background of Policy (23)

3.2.3 The background of Industry (24)

3.2.4 The background of Company (24)

3.3 The details of Humanwell Healthcare Group's equity incentive plan (26)

3.3.1 The content of the equity incentive plan (26)

3.3.2 The implementation of the equity incentive plan (28)

3.4 The effect of Humanwell Healthcare's equity incentive (30)

3.4.1 Impact on the company's performance (30)

3.4.2 Influence on core talents of the company (35)

3.4.3 Influence on the stock price (36)

4 The problems and the related reasons of Equity Incentive in Humanwell Healthcare group (41)

4.1 The problems of Equity Incentive in Humanwell Healthcare group (41)

4.1.1 Too large funds pressure of subscription (41)

4.1.2 Incentive object limited financing channels (42)

4.1.3 Not widely enough of equity-based incentive (42)

4.1.4 The conditions of unlock stock is unreasonable (43)

4.2 Internal causes of the problems of Equity Incentive in Humanwell Healthcare group (44)

4.2.1 The independent director system is imperfection (45)

4.2.2 The implementation of the internal control system is inadequate (45)

4.3 External reason of the problems of Equity Incentive in Humanwell Healthcare group (46)

4.3.1 Manager market is unsound (46)

4.3.2 The defect of policies and regulations (47)

5 The revelation and suggestion of this case study (48)

5.1 The revelation of this case study (48)

5.1.1 Reasonable equity incentive program is the premise to effectively play the role of equity incentive (48)

5.1.2 Sound corporate governance structure is the internal security to effectively play the role of equity incentive (48)

5.1.3 Mature external environment is the important condition to effectively play the role of equity incentive (49)

5.2 Suggestions of perfected equity incentive of Humanwell Healthcare group (49)

5.2.1 Suggestions about perfect the equity incentive scheme (49)

5.2.2 Suggestions about perfect the corporate governance structure (51)

5.2.3 Suggestions about perfect the external environment (52)

Conclusions (54)

References (60)

摘要

20世纪50年代，股权激励在欧美国家兴起并被广泛应用于欧美企业上市公司的管理实践中，获得了极大成功。西方实践经验表明股权激励的确能够推动公司进行价值创造，促进业绩增长。在我国，自2005年中国证券市场实施了具有重要意义的股权分置改革后，上市公司股权结构开始转型，促使了我国资本市场快速发展，上市公司治理结构得到进一步完善，股权激励也越来越受到各界的关注。我国的实务界与理论界通过这些年来的研究与实践，普遍认为良好的股权激励机制可以在很大程度上缓解股东和管理者之间的委托代理问题，避免短期行为，促进企业的长远发展。但是到目前为止，对于股权激励在我国市场环境下实施的具体效果如何，缺乏相应的案例分析佐证，且没有形成一个定论。因此，对企业的股权激励机制结合案例进行研究具有重大现实意义。

本文主要采用案例分析法，从人福医药集团股份有限公司（以下简称“人福医药”）的股权激励方案入手，以委托—代理理论、人力资本理论和激励相容等为理论基础，对人福医药股权激励方案进行相应的分析，描述其方案的内容，拟重点探究人福医药实行股权激励后的效果及激励计划不够成功的原因，并就此给出了相应的建议。全文分为五个部分，具体如下：

第一部分为引言，主要阐述了本论文的研究背景、研究意义、国内外研究现状、论文研究的思路和方法以及本文的框架结构。

第二部分为股权激励的一般理论概述。主要包括了对股权激励概念、种类以及股权激励具体形式的阐述，并分析了股权激励的理论基础，介绍了股权激励实施的原则和条件。

第三部分为人福医药股权激励方案及效果情况介绍。主要内容包括对人福医药的基本情况、股权激励实施的背景、股权激励的具体内容与股权激励实施进程进行介绍，并在此基础上得出人福医药股权激励的效果。

第四部分为人福医药股权激励方案的不足与原因分析。主要内容包括人福医药股权激励方案的不足及其形成的内部和外部原因。其内部原因主要有独立董事不健全与内部控制缺乏执行力；其外部原因主要是职业经理人市场不健全与政策法规的不完善。

第五部分为人福医药股权激励的启示与完善建议。主要内容包括两个方面，第一，由人福医药股权激励带来的几点启示，即合理的股权激励方案是有效发挥