在国外,股权激励已经成为激励高管的主要手段,而股权激励在我国仍处于刚刚起步阶段,学者对于我国市场高管股权激励有效性的现状和衡量指标多有讨论。本文认为高管股权激励有效性的衡量指标应当是公司股东价值和企业价值是否得到了有效提升,基于此,笔者通过公司经营情况、市场反应、企业价值、市场占有率及高管留任情况对青岛海尔股权激励计划有效性进行了分析。分析结果显示,青岛海尔股权激励计划具备激励作用,但作用不明显。导致该结果的主要因素是外部环境和契约设计。青岛海尔受行业变化冲击大、可用于股权激励的股本小、激励计划考核方式单一、行权价格苛刻等。通过对青岛海尔案例的分析,本文提出,其他上市公司可以合理避免青岛海尔股权激励计划设计不当的部分,借鉴其资本运作方式,促进高管股权激励有效性。 In foreign countries, the equity incentive has become the main means to motivate executives, while the equity incentive is still in its infancy in our country. Many scholars discuss the status quo and the measurement index of the effectiveness of equity incentive in Chinese market. This paper argues that the measure of the effectiveness of senior executives ’equity incentive should be whether the shareholder value and the corporate value of the company have been effectively improved. Based on this, the author analyzes the performance of the senior executives using the company’s operating conditions, market reaction, corporate value, market share and senior executives’ Haier equity incentive plan effectiveness analysis. Analysis results show that Qingdao Haier equity incentive plan with incentives, but the role is not obvious. The main factors that lead to this result are the external environment and the contract design. Qingdao Haier by the impact of changes in the industry, equity incentives can be used for the small capital, a single test incentive plan, the exercise price of harsh and so on. Through the analysis of Qingdao Haier case, this paper proposes that other listed companies can reasonably avoid the improper design of Qingdao Haier Equity Incentive Plan, draw lessons from its capital operation mode and promote the effectiveness of senior executives’ equity incentive.