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      • KCI등재

        中国上市公司股权激励研究

        柳兰,(Liu, Lan),金春洙(Kim, Chun-Soo) 글로벌경영학회 2015 글로벌경영학회지 Vol.12 No.3

        20世纪80年代,伴随着股份制改造的顺利进行,股权激励作为公司治理机制的一部分,开始在中国 大地上萌芽。在证券市场稳步发展的背景下,2005年12月31日,中国证监会发布了《上市公司股权 激励管理办法(试行)》(以下简称《管理办法》),至此中国终于开始了股权激励制度体系的建设。随 后几年内,与股权激励相关会计准则、税收政策及其他制度建设的日益完善,有力地推动了股权激励 制度在中国的发展。 不可否认,股权激励制度在中国的实施对上市公司的经营管理起到了一定的积极作用。然而,中国 上市公司股权激励机制在实施过程中存在着这样或那样的问题,如决策机制不独立,管理层对股权激 励实施控制、引起道德风险和分配不公、无法实现长效激励、激励条件过低、缺乏配套机制、盈余管 理以及制度层面的问题等。加之中国尚未形成职业经理人市场,资本市场与产品市场发展尚不完善, 部分配套法律法规不合理,使得外部市场体系对于企业经营者的激励约束难以到位,强化了股权激励 机制与现有制度环境之间的矛盾。企业内部与外部约束机制的乏力等原因,使股权激励在中国上市公 司运用中产生了一些问题,同时也引起了一些争论。本文以2011年1月1日-2014年12月31日之间 沪深两市实施股权激励的公司为研究对象,共选取了554个样本作为研究对象。本文通过对实施股权 激励的公司所在行业、实施时间、实施主体特征、激励模式选择、激励规模、激励有效期、激励对象 与权益分配、授予与行权条件的分析,剖析了中国上市公司实施股权激励的现状和问题。为规范中国 上市公司实施股权激励的行为提出合理化建议,对于当前制约中国股权激励发展的制度上的顽疾提出 了解决方案。 In the 1980’s, with the accomplishment of shareholding reform, as a part of the corporate governance mechanism, stock option has sprouted in china. Chinese Securities Regulatory Commission promulgated the Management Approach about Stock Option Incentive in the Listed Company (Trial) in Dec. 31st, 2005, hereinafter referred to as Management Approach, so far china had started the construction of stock option system. In the following years, accounting standard, tax policy relating to stock option and other system were increasingly perfected, powerfully promoting the development of the stock option incentive system in China. Undeniably, the implement of stock option system in China has some positive impact to the listed company. However, the stock option incentive mechanism in the listed company in China has many problems, such as the independence of decision-making mechanism, the control of stock option incentive from management layer, moral hazard, unfair distribution, unobvious effects in a long time, low incentive conditions, lack of supporting mechanisms, accounting and tax problem in earnings management and institution and so on. In addition, the lack of forming of professional manager market, the imperfection of capital and product markets, some unreasonable supporting laws and regulations make the external market system hard to be incentive and restrictive to managers, strengthen the contradiction between incentive mechanism and current institutional environment. Since there’re less power in internal and external restriction mechanism and other reasons, there’re some problems with the stock incentive using in the Chinese listed companies and there’re also some controversies. This article makes the implementing incentive companies that are listed in the stock markets of Shanghai and Shenzhen from 01/01/2011 to 31/12/2014 as the objects of study, including in implement (award and exercise) and completed projects. There are totally 554 samples after collating as objects of study. Through inducting and reorganizing the industry, time of implement, features of implementation executor of companies implementing incentive and items of incentive projects, this article analyzes the current situation and existing problems of incentive implement in Chinese listed companies. In order to regulate the behavior of Chinese listed companies when implement incentive, it proposes reasonable suggestions. Besides, it suggests solutions to ‘chronic diseases’ in the institution and system which restrict the development of Chinese incentive.

      • KCI등재

        真实型领导力对员工离职倾向的影响研究 - 以上级-下属互换质量的中介效应为中心 -

        柳兰,(Liu, Lan),金春洙(Kim, Chun-Soo) 글로벌경영학회 2016 글로벌경영학회지 Vol.13 No.2

        随着世界经济的不稳定增长和经济体的丑闻事件的曝光,真实型领导力这一构成概念开始被人们所 关注。中国各种食品安全丑闻等一些列信任危机给中国企业诚信形象带来了巨大的挑战;而作为企业 核心的管理者被人们寄予了巨大期待,期望他们能领导组织及成员摆脱这种不稳定低信任困境。 同时,社会离职率居高不下也是近些年来困扰社会的一大难题。高离职率给企业发展带来了很大阻 碍,企业效率低下、不必要成本支出增多、组织内部凝聚力下降、组织和成员的压力增加等现象无不 说明降低离职率、提高员工忠诚度的对策研究势在必行。关于离职率的影响因素分析大多来自工作满 意度等态度变量,但是工作中上级领导的行为态度、与上级的关系、与同组织成员的关系都有密切关 联。因此,本文主要研究上级的真实型领导力对员工离职倾向的影响,并引入了上级-下属互换理论作 为中介变量。 本文采用问卷调查法,调查对象是中国企业和政府的基层员工,样本主要集中在吉林、北京、厦 门、上海等地。有效问卷共143份。本文使用SPSS进行了实证分析,得到结论有:1)在组织中,真 实型领导力及其4个维度(诚实不欺、自我意识、内化道德观、下属导向)能有效减少员工离职倾向 的产生;2)在组织中,高水平的上级-下属互换质量将有效减少员工离职倾向;3)在组织中,真实型 领导力与上级-下属互换质量存在正向相关;4)在组织中,上级-下属互换质量在真实型领导力与员工 离职倾向之间起中介作用。 With the world economy s unstable growth and the exposure of the scandal of the economy, the concept of authentic leadership has begun to be concerned by people. A series of food safety scandals in China has brought great challenges to the integrity of Chinese enterprises. Managers as the core of enterprise has been placed great expectations for leading people to get rid of these unstable and low trust difficulties. At the same time, the high rate of social turnover is also a major problem in recent years to haunt the community. High turnover rate has brought a lot of obstacles to the enterprise development, such as the low efficiency of enterprises, the increase of unnecessary cost expenses, the decrease of the internal cohesion, the increase of the pressure of the organization and the members. All of these imply the necessity to make a study to solve these problems. Most of the influencing factors of turnover rate were mainly from the attitude variables such as job satisfaction. But it also highly related to the behavior and attitude of the superior, the interaction with superior and the interaction with coworkers. Therefore, this paper mainly studies the impact of the higher level of authentic leadership on employee turnover tendency. And it also made sense of the mediating effect that the leader-member exchange made in the relationship between authentic leadership and turnover tendency. In this article, we use the questionnaire survey method, and the targets are the employees who work in the enterprises and government in China. The samples are mainly from Jilin, Beijing, Xiamen, and Shanghai. We recovered a total of 143 questionnaires. This article uses SPSS to carry on the empirical analysis. The results of the research were, 1) the authentic leadership and its 4 dimensions can effectively reduce the turnover tendency. 2) High level of leader-member exchange will effectively reduce the turnover tendency. 3) Authentic leadership is positively related to the leader-member exchange. 4) Leader-member exchange has a mediating effect on the relationship between authentic leadership and turnover tendency.

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