基于企业股权激励的实施模式研究

股权激励的产生是企业两权分离与委托代理理论下公司治理的结果,与其他激励方式相比,股权激励不仅力度大,且具有时效长的特点。选择合理的股权激励模式,是股权激励的不断发展下我国上市公司目前最为关注的问题之一。股权激励具有不同的模式,根据企业类型和行业分类等不同,需对不同的股权激励模式加以选择。本文主要对企业股权激励模式和股权激励模式实施比较进行分析,并对我国股权激励制度现状及建议进行探讨。     

跨国公司股权进入模式影响因素理论述评

股权进入模式日益成为跨国公司开拓国际市场、扩大其市场的主要手段。同时跨国公司投资都处于东道国的大环境中,因此在选择股权进入模式的时候将不可避免地受到东道国宏观环境的影响,其中就包括政治、经济、社会文化和技术等因素的影响。本文将从影响股权进入模式的不同因素出发,在对已有的理论进行回顾和评述,解释跨国公司从股权低控制模式(合资)向高控制模式(独资)转变这一现象。     

基于道德伦理的国美控制权之争分析

现代公司治理的重要问题之一就是控制权的配置,陈晓和黄光裕两方在2010年国美电器的控制权争夺过程中除了资本和股权较量之外,抢占道德的制高点以获取投资者和媒体舆论的支持也是双方口诛笔伐攻击对方的重要手段。本文从道德伦理的角度分析陈晓和黄光裕双方的行为,比较了双方所声称的控制权配置模式所依据的公司治理理论,认为相对均衡的控制权配置应该保证股东和经理人的交易和收益分配具有激励兼容的特质,保证企业成员在追求各自利益的同时实现利他的共赢。但是,当前的控制权配置体现了股东和资本的意志,道义上的批判和道德责任不能决定控制权的配置,也不能仅仅凭借道德约束来建立现代企业制度和完善公司治理结构。     

将“职业经理人”转变成“事业经理人”——股权激励机制的两种范本

股权激励制度对中国企业来说仍是一个新事物。与员工持股相比，股权激励主要是对公司高管的长期性激励制度。以下两个案例中介绍的股权激励模式，希望能给正打算进行股权激励计划的企业以参考和启示。[编者按]     

中国股权激励问题研究

在"市值诉求"和"资本配置"的市场,股权激励越来越成为资本运作不可或缺的一环,越来越成为企业主动进行市值管理、打通市值通道的开端。全文在对2012年上市公司股权激励方案解析以及股权激励重大事件解读的基础上,指出了股权激励的作用、意义以及现存的问题,并对中国股权激励发展趋势作以展望。     

中国上市公司股权激励现状考察

股权激励作为一种有效的激励机制在现代企业的公司治理中得以广泛的应用 ,作者以中国上市公司为分析对象 ,对我国股权激励开展方面的法律、法规 ,各地股权激励的实施现状和上市公司股权激励模式进行现实考察。     

生命周期视角下上市公司股权激励效应研究

在当今时代,股权激励已成为世界各国企业在激励和留住人才方面普遍采用的一种长期激励机制,对于激发员工工作积极性、提高企业经营业绩和竞争力具有重要意义。但股权激励在我国还处于试点阶段,关于如何实施以及选择何种模式等问题尚不明确,为此本文从企业生命周期理论的视角出发,以我国企业发展的实际情况为背景,分析了不同生命周期阶段企业的特征及其股权激励模式,并提出了不同生命周期阶段企业股权激励模式的选择依据。     

我国上市公司股权激励现状分析

本文以2006年至2013年实施股权激励的上市公司为研究对象,分别从企业数量、所处地区、企业性质、行业分布、激励模式、激励比例等角度,对目前上市公司管理层股权激励的总体情况进行概括,并进一步分析了影响股权激励的相关因素,最后对我国上市公司股权激励的发展趋势提出展望。     

高科技企业股权激励模式的比较及设计

本文分析了高科技企业人力资源激励政策的特点,并对典型的四种股权激励模式进行了对比,讨论了股权激励方案的设计要点,指出不同股权激励模式具有阶段性的明显特征,高科技企业在不同发展阶段应采用适合该发展阶段特点的、相对有效的股权激励模式。     

从美国股权激励管理实践引起的思考

上世纪80年代以来,欧美企业界风起云涌的并购浪潮中出现的管理者收购(MBO),国际一流的大型跨国公司普遍推行的经理股票期权计划(ESO),员工持股计划(ESOP)等,都显示实行股权激励成为企业人力资源管理的一个基本趋势.实践证明,通过"人力资本股权化"模式取得了良好的效果,促进企业的长期发展,使经营者及其他关键员工的利益与股东的利益结合更加紧密.本文探讨我国的现实经济情况是否适用股权激励,如何随着国内各种要素市场的不断成熟和企业经营环境的不断改善,使股权激励会越来越发挥出其独特的作用.     

Equity-based entry modes of emerging country multinationals: Lessons from Turkey

Based on a sample of 522 foreign affiliates of Turkish multinational enterprises (MNEs) with varying levels of Turkish equity ownership, this study provides an empirical analysis of the determinants of equity-based entry mode strategies in host country markets. A number of hypotheses are developed to examine the impact of institutional, transaction specific and firm level variables on Turkish MNEs’ choice of equity ownership mode in their foreign affiliates. The results reveal that institutional variables are important in explaining the equity composition of foreign affiliates of Turkish MNEs. Particularly important in determining equity ownership mode were found to be political constraints, linguistic distance, knowledge infrastructure and the extent of parent diversity. Results concerning the influences of the size of the affiliate are contrary to expectations and contradict the findings of previous research. No support was found for the impact of cultural distance on the equity ownership mode of Turkish MNEs in their foreign affiliates. Apart from political constraints, equity ownership choice and its underlying determinants do not vary between emerging and developed host country markets.     

Contextualizing international learning: The moderating effects of mode of entry & subsidiary networks on the relationship between reforms & profitability

This empirical paper studies how MNEs from developing and emerging markets may learn through their choice of entry mode and subsidiary network configuration, and use this knowledge to increase their responsiveness to pro-market reforms in their home market. The paper proposes that entry modes and network configurations that facilitate knowledge acquisition provide firms from developing countries an advantage when responding to such institutional changes. The analyses use data for the largest Latin American companies from 1989 to 2008. The findings provide evidence for a positive moderating effect of equity international joint ventures, international acquisitions, and subsidiary network centrality closeness on the relationship between reforms and profitability.     

Cultural Fit and the Choice of International Market Entry Scale of Chinese Firms

Previous research on how cultural distance impacts the choice of entry mode shows contradictory findings. This study uses a strategic fit perspective to examine the impact of distinct cultural factors as predictors of equity entry scale of Chinese firms. Findings from a sample of 667 Chinese firms demonstrate that the effects of cultural fit on equity entry scale vary across cultural dimensions. Whereas a collectivism cultural fit motivates Chinese investors to secure a high-equity entry scale in foreign firms, a lower power distance cultural fit (“misfit”) leads to higher entry involvement.     

Foreign Entry Mode and Performance: The Moderating Effects of Environment*

As the trend toward economic globalization increases, the internationalization of small and medium‐sized enterprises (SMEs) has become an important topic. Research on the performance outcomes of foreign market entry strategies has been primarily considered from the perspective of the multinational corporations. In this paper hierarchical regression analyses were conducted on archival data of 123 publicly held manufacturing SMEs based in the United States to test a contingency model that hypothesizes more of the performance variance is explained when the foreign market entry mode is aligned strategically with domestic and foreign environmental factors. The results indicate that firms will have a higher rate of international revenue growth using no‐equity‐based (exporting) foreign market entry modes in growing domestic environments. International revenue growth is higher for equity‐based modes when foreign market risks are high. The findings should provide managers of SMEs with contextual evidence for making successful foreign market entry decisions.     

Private equity,investment and financial constraints: firm-level evidence for France and the United Kingdom

This paper analyses the effects of private equity firms on the investments and financial constraints of their portfolio firms. We use dynamic panel data techniques to account for unobserved firm heterogeneity and endogeneity of private equity backed buyouts and expansion financing, and apply our framework to a large panel data set of firms in the UK and France. In both countries, we find that portfolio firms are characterized by higher investment levels and fewer financial constraints after expansion financing. In the UK, private equity backed buyouts outperform non-private equity backed firms in terms of both indicators.     

Chief executive officers' dispositional optimism,host country's rule of law,and foreign market equity mode choice of Ghanaian small and medium‐sized enterprises

Despite a growing interest in the influence of managerial characteristics on firms' strategic decision‐making process, scholarly knowledge is limited with regard to how and when psychological attributes of executives affect firms' foreign entry mode decision. Building on behavioral decision‐making theory, we address this gap by investigating the effect of chief executive officers' (CEOs') optimism on firms' foreign market equity mode choice. In addition, we examine the moderating influence of the host country's rule of law on this relationship. Using primary data from 227 small and medium‐sized enterprises (SMEs) in Ghana, we found that increases in the levels of CEOs' optimism are related to the increases in preference for equity entry mode. This relationship is amplified when CEOs perceive the host country to have stronger rule of law. The findings have theoretical, managerial, and policy implications for SMEs' foreign market entry mode strategy.     

引入股权机制的第三方物流融资模式优化研究

物流金融是第三方物流企业的物流资源、信息资源与金融机构的资金流资源的紧密结合,从而为资金约束企业提供供应链综合服务解决方案。主要探讨物流金融运作模式中,第三方物流企业与资金约束企业之间的运营决策博弈,并引入股权机制优化其流程机理,通过建模对比分析模式优化前后经销商的订购量及第三方物流企业的收益状况,以此证明融资效果的帕累托改进。     

On the existence of an equitable allocation

This paper is concerned with a problem of an equitable allocation. We consider the concept of ψ‐equity, which is a general concept of equity. We provide a series of examples of equity concepts that are captured by ψ‐equity. We show the existence of an efficient and ψ‐equitable allocation by employing Kakutani's fixed‐point theorem.     

An empirical study on the timing of big retailers’ initial internationalization: Influence of the target market and entry-mode choice

This paper examines the timing of big retailers’ initial internationalization and proposes a theoretical framework. Then, the framework is tested with the proportional hazard model and data of European and U.S. big retailers. Empirical results show that retailers’ entry timing is jointly influenced by the economic conditions of both the home market and target foreign markets, cultural and geographical distance, and the entry mode. Based on these findings, this article offers suggestions to China’s big retailers whose initial internationalization has just started.     

SMEs,foreign direct investment and financial constraints: The case of Belgium

This paper explores the problems experienced by small and medium-sized enterprises (SMEs) with international ambitions in gaining access to debt and equity finance for foreign direct investment (FDI) projects. We develop several arguments for why such small businesses are expected to face severe financing constraints for foreign investments and provide an explorative empirical study with both the demand and supply side of FDI finance. We have interviewed thirty-two Belgian SMEs that carry out FDI, five banks and five venture capitalists. Based on the SME discussions, we have composed a questionnaire that was sent to the interviewed SMEs. The information problems and lack of collateral that often characterize international investment, the home bias of financiers and the capital gearing method used by banks to evaluate small firms’ foreign projects give rise to financial constraints for SMEs’ FDI projects. The reported finance gap hinders small firms’ (international) development and leads to suboptimal home and FDI host country development.