摘  要：现代化发展的时代，所有者和股东之间便会产生一些不可避免的摩擦，归根结底是其目的不同。我国改革开放以来，国外也在不断发展，部分国人会借鉴国外的一些公司管理机制。通过一些人的实验与实践，股权激励是学者通过研究想出的适用性方法。我国上市公司股权激励是指将公司的股份授予该公司经营者，使其成为公司的股东并参与公司的决策。这使所有者和股东能更好地实现股权价值最大化，使公司能够更好地发展。借鉴虽可，但由于我国国内市场环境和公司状况还不足以满足高管股权激励的条件。目前，我国股权激励制度的实行效果并不理想，由此引起的问题会引起一些不利影响。对此我国颁布一些相应的政策为股权激励制度提供必要法律依据。本文采用案例分析法，对美的集团2014年—2019年上市公司高管股权激励情况进行总体分析和具体分析，发现美的集团股权激励方面所存在的许多问题，反映出我国上市高管股权激励仍存在一些漏洞。本文首先论述了文章的研究内容、意义、与一些上市公司高管股权激励相关的概念，之后阐述了美的集团高管股权激励在实行过程中存在的问题，并且选择美的集团作为典型案例，分析美的集团股权激励优缺点并从实践中分析问题，最后针对美的集团暴露的问题给予正确的修改与措施。

关键词：股权激励；美的集团；高管；

Research on the risk of equity incentive for executives ofListed Companies -- Taking Midea Group as an example

Absrtact:In the era of modernization development,there will be some inevitable friction between owners and shareholders, in the final analysis, its purpose is different. Since China's reform and opening up,foreign countries are also developing, some people will learn from some foreign company management mechanisms. Through some people's experiment and practice,equity incentive is the applicable method that scholars come up with through research. Equity incentive of listed companies in China refers to the granting ofshares of the company to the operators of the company,making it a shareholder of the company and participating in the decision of the company. This enables owners and shareholders to better maximize the value of equity, so that the company can better develop. Although it can be used for reference,the domestic market environment and company situation in China are not enough to meet the conditions of executive equity incentive. At present, the effect of equity incentive system in China is not ideal, and the problems will cause some adverse effects. In this regard, our country promulgates some corresponding policies to provide the necessary legal basis for the equity incentive system.
The paper uses case analysis method to analyze the overall and specific situation of executive equity incentive of Midea listed companies from 2014 to 2019, and finds out many problems existing in Midea equity incentive. It reflects that there are still some loopholes inthe equity incentive of listed executives in China. This paper first discusses the research content,significance and concepts related to the executive equity incentive of some listed companies,then expounds the problems existing in the implementation of Midea executive equity incentive, and selects Midea as a typical case to analyze the advantages and disadvantages of Midea equity incentive and analyze the problems from practice. Finally, the problems exposed by Midea are modified and taken correctly.

Key words: equity incentives; Midea; executives;

目录

摘  要： I

Absrtact: II

一、绪论 1

（一）研究背景及意义 1

1．研究背景 1

2．研究意义 1

（二）国内外研究文献综述 2

1．国外研究现状 2

2．国内研究现状 3

3．国内外文献评述 4

（三） 研究内容与方法 4

1．研究内容 4

2．研究方法 5

3．研究创新点与不足 5

二、高管股权激励概念和理论基础 5

（一）高管股权激励概念 5

1．相关概念 5

2．相关类型 6

（二）高管股权激励的理论基础 6

1．委托代理理论 6

2．信息不对称理论 6

3．人力资本理论 7

三、上市公司高管股权激励的现状分析 7

（一）高管薪酬品类少 7

（二）考核目标模糊 8

（三）企业市场占有率不大 8

（四）企业组织创新能力不强 9

四、高管股权激励案例分析——以美的集团为例 9

（一）公司概况 9

（二）上市公司高管股权激励的两次方案内容及实施效果 10

1．高管股权激励的首次实施 10

2．高管股权激励的第二次实施 11

（三）美的集团高管股权激励实施效果分析 12

1．企业的经营管理影响分析 12

2．企业的投资管理影响分析 13

3．企业的股东收益影响分析 13

（四）案例小结 14

五、 上市公司高管股权激励的解决措施 14

（一）增加高管薪酬种类 14

（二）制定明确的考核指标 15

（三）扩大企业市场占有率 15

（四）增强企业组织创新潜力 15

六、结论与展望 16

参 考 文 献 17

致 谢 18