进入新世纪后，我国的经济进入高速发展阶段，其中互联网行业的成长，成为引领 我国成为世界经济强国的重要力量。而网络游戏产业借助着互联网发展的东风，通过先 进的计算机技术，为社会主义精神文明的建设，提供了一个全新的载体。近年来，游戏 产业发展速度十分惊人,游戏研发和发行的产业模式趋于成熟,相关配套的产业链也逐步 成形。但是随着文化部监管的趋于严格，以及后疫情时代的消费萎缩，对于行业的发展 提出了更高的要求。尤其是如何提高管理水平、激励员工的积极性，成为行业未来发展 中需要迫切解决的问题。而股权激励这个重要的员工管理手段，则越发受到企业家和学 者们的关注，有望成为提升企业绩效的重要工具之一。 完美世界是一家成立于 2004 年的游戏行业头部企业，其业务遍布全球，是中国最早 的一批开拓海外市场的游戏公司，覆盖了北美洲、欧洲、亚洲等地区，国内的研发团队 也遍布全国各地。完美世界的核心业务也不止游戏这个单一品类，还包含了影视、各级 教育、院线、媒体和元宇宙等多个方面。2016 年，完美世界从纳斯达克市场退市并回归 A 股市场，在完成回归业务重新上市后，对外承诺了三年的利润对赌协议，分别为 2016 年、2017 年及 2018 年实现的净利润分别不低于 7.55 亿元、9.88 亿元、11.98 亿元，而最 终完美世界顺利超额的完成了计划利润，帮助企业渡过了回归 A 股市场的重要历史时 期。而助力完美世界完成这一成就的要素之一，与 2016 年同步推出的股权激励计划有非 常大的关系。本文将会分析股权激励这一管理工具是否助力了完美世界提升了企业的经 营绩效，进而达成了计划的利润指标。 本文通过研究完美世界的这一次股权激励计划，得出股权激励的应用对完美世界的 公司绩效产生了正向积极的作用。本篇论文会依托案例研究法、财务分析法与对比分析 法相结合的研究方法，重点探讨股权激励对完美世界经营管理是否产生了正向的效果， 并成功的提升了企业的经营效率。首先对股权激励政策进行描述，然后介绍网络游戏行 业并分析股权激励在游戏行业的应用情况，进而引出案例主体即 2016 年的完美世界股权 激励计划。分析完美世界公司在回归 A 股市场这个大背景下的启动股权激励计划的动 因，以及介绍本次股权激励计划的实施情况。然后重点对完美世界这次股权激励的实施效果进行分析，通过财务角度和非财务角度来梳理，最终给出结论即股权激励与完美世 界公司绩效提升之间的关系。

After entering the new century, China's economy has entered a stage of rapid development, in which the growth of the Internet industry has become an important force leading China to become a world economic power. The online game industry has provided a new carrier for the construction of socialist spiritual civilization through advanced computer technology with the help of the east wind of the development of the Internet. In recent years, the development speed of the game industry is very amazing, the industrial model of game R&D and distribution is becoming mature, and the relevant supporting industrial chain is also gradually taking shape. However, with the stricter supervision of the Ministry of Culture and the shrinking consumption in the post-epidemic era, higher requirements have been put forward for the development of the industry. In particular, how to improve the management level and motivate the enthusiasm of employees has become an urgent problem to be solved in the future development of the industry. Equity incentive, an important employee management tool, is increasingly attracting the attention of entrepreneurs and scholars, and is expected to become one of the important tools to improve enterprise performance.
Perfect World is a leading enterprise in the game industry established in 2004. Its business is spread all over the world. It is the first batch of game companies in China to develop overseas markets, covering North America, Europe, Asia and other regions, and its domestic R&D team is also spread all over the country. The core business of Perfect World is not only in the single category of games, but also in film and television, education at all levels, cinema lines, media and metauniverse. In 2016, Perfect World delisted from the NASDAQ market and returned to the A-share market. After completing the relisting of the return business, it made a commitment to a three-year profit bet agreement. The net profits achieved in 2016, 2017 and 2018 were not less than 755 million yuan, 988 million yuan and 1.198 billion yuan respectively. At last, Perfect World successful in fulfilling the planned profits, helping the enterprise to survive the important
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historical period of returning to the A-share market. The author believes that the equity incentive plan launched in 2016 has a great relationship with one of the factors that help the perfect world complete this achievement. This paper will analyze whether the equity incentive management tool has helped the perfect world improve the business performance of the enterprise, and thus reached the planned profit target.
This paper studies the equity incentive plan of Perfect World and concludes that the application of equity incentives has a positive and positive impact on the company performance of Perfect World. This paper will rely on a combination of case study method, financial analysis method, and comparative analysis method to explore whether equity incentives have a positive effect on perfect world business management and have successfully improved the operational efficiency of enterprises. Firstly, describe the equity incentive policies, then introduce the online gaming industry and analyze the application of equity incentives in the gaming industry, leading to the case study of the 2016 Perfect World Equity Incentive Plan. Analyze the motivation behind the launch of the equity incentive plan by Perfect World Company in the context of its return to the A-share market, and introduce the implementation of this equity incentive plan. Then, the focus is on analyzing the implementation effect of the equity incentive in Perfect World, combing through financial and non-financial perspectives, and finally drawing a conclusion on the relationship between equity incentives and the performance improvement of Perfect World companies.