中国企业经营者股票型薪酬激励制度研究

【作者】 曾玉磊；

【导师】 杨河清；

【作者基本信息】 首都经济贸易大学 ， 劳动经济， 2003， 硕士

【摘要】 随着企业改革的深入，现代企业制度的逐步建立和完善，人们认识到：搞好企业，经营者是关键。可现实情况是：一方面，由于中国现有企业体制的弊端以及外部环境的约束，使得经营者的劳动得不到应有的补偿，从而抑制了企业经营者的积极性，也就是说激励不足；另一方面，由于中国由计划经济体制向市场经济体制转变的过程中，法律体系不完善、经营者法制观念淡薄、缺乏有效的监督约束机制以及正当的激励不到位等，造成一些企业经营者在其经营活动中表现出越轨行为和短期行为，即约束的问题。缺乏有效的激励约束机制不仅给企业造成了严重损失，而且影响了中国企业经营者阶层的整体健康成长。一些地方和部门国有资产严重流失直接影响了改革成果和改革的深化，给国民经济造成了巨大损失。为了解决经营者与所有者之间行为目标的差异，企业经营者激励与约束的问题便成了研究的热点。 在西方发达国家，股票型薪酬激励(主要是股票期权激励)在经营者的薪酬激励中占了越来越大的比重，尽管有九十年代末的股市大震荡，西方许多专家预测股票型薪酬激励仍将是激励经营者的主要手段之一。因此，我们有必要引入股票型薪酬激励制度。但股票型薪酬激励能在多大程度上解决中国企业经营者长期的激励约束问题以及在中国的可实施性和实施效果等问题，还有待于进一步探讨。这也正是本文中欲探讨的问题。 考虑到激励约束问题本身的复杂性和经营者股票型薪酬激励在我国实施的复杂性，本文的研究思路是：一方面，通过实际调研以及结合国内其他实证文献分析结果，对不同类型的企业的经营者激励约束现状进行分析，提出引入一种新的激励方式的迫切性和必要性；另一方面通过理论研究和国内相关实证文献分析相结合，分析股票型薪酬激励在我国企业经营者中施行会或者已经遇到的问题；并进一步根据现状和目标的差距，提出股票型薪酬应在部分符合条件的企业试行的建议。更多还原

【Abstract】 With the furthering of enterprise reform and the establishing of modern enterprise system, more and more people have realized that the executive is the key person in a company. But the fact is that there are big problems in executives’ incentive and constraining mechanism. On one hand, the executives are not adequately encouraged to pay more attention to the development of the companies, which is mainly because the executives can’t get what they should get when they make the companies better, which is the problem of incentive. The reason lies in many factors, such as the shortcoming of present enterprise system in many companies. On the other hand, many executives have got much bigger fortune than what they should get. It’s the problem of constraining. Of course, many reasons explained this phenomenon: the unperfected law system, the executives’ wrong attitude to the law, the lack of effective harnessing structure in many of the companies and the problem of incentive in the procedure of reforming from command economy system to market economy system. So, as we can see, the lack of effective incentive and constraining mechanism has resulted in serious lose of state-owned assets. It also hampers the healthily growing of the whole enterprise group.In the west developed countries, the income from the stock based compensation (mainly Executive Stock Options, ESOs ) has taken a large proportion in the annual income of the executives. In spite of the great slowdown in the stock market at the end of 90’s, many specialists in west still believe that ESOs would be the main style of long-term incentive. So it is necessary for the companies in our country to introduce ESOs system. However, we have to be careful in how to carry out it and at the same time, we have to research in which degree ESOs can solve our problems. No need to say, this is exactly what I will analysis in this thesis.Thinking of the complexity of the question of incentive itself and also, the complexity of carrying out ESOs in our country, I used special way to study this question. Firstly, with the information of one survey I took part in in 2001 and the data of other surveys conducted recently, I described the present condition of executives’ stimulating and constraining in different kind of companies. From this, I explained why we should introduce a new form of incentive. Secondly, I analyzed the problems we had faced or we might face in the process of introducing ESOs. In the end, I gave my suggestions in introducing ESOs and emphasizedthat we should introduce ESOs step by step.更多还原