我国股份制商业银行股票期权激励机制研究

【作者】 郭福春；

【导师】 王维安；

【作者基本信息】 浙江大学 ， 金融学， 2002， 硕士

【摘要】 股票期权作为一种长期激励机制很好地解决了现代企业在两权分离的情况下，企业所有者追求剩余索取权的最大化与异质型人力资本拥有者追求个人利益最大化的目标函数相背离的问题。 股票期权激励机制的理论基础主要是人力资本产权理论和代理理论。作用机理是：公司通过股票期权制度给受益人(异质型人力资源所有者)提供股票期权激励—受益人努力工作—公司经营业绩提高，股价上升—受益人行权获得收益。 股票期权激励在二十世纪后期西方国家和我国香港地区的银行业公司治理中得到了广泛的应用。目前，我国银行业还没有应用股票期权这种激励手段，在激励方式上，主要为短期激励，缺少长期激励手段。从我国股份制商业银行自身的发展情况来看，已经初步具备了实行股票期权激励机制的现实基础，股份制商业银行实行股票期权激励机制形势发展的客观要求。股票期权激励机制实行，可以有效地促进我国股份制商业银行的发展，提高其自身竞争能力；防止人才流失，形成开放式的人才流动结构；加快我国股份制商业银行的改革步伐，改善其公司治理结构；克服异质型人力资本所有者在公司经营过程中的短期行为，有利于其长期发展。 论文在理论分析的基础上，通过对国外上市公司及商业银行股票期权方案相应条款的考察，提出我国股份制商业银行股票期权激励机制的设计标准。 我国目前在真正意义上实行股票期权激励的公司还不多见，我国股份制商业银行在实施股票期权激励的过程中将面临着一系列的问题，只有从制度上解决这些问题，才能使我国股份制商业银行股票期权激励机制得以顺利地实施。更多还原

【Abstract】 In case of modern corporations’ separation of ownership and control, the stock options as a long-term incentive mechanism can be able to resolve the separation between the maximization of the surplus claims pursed by enterprise stock holders and the individual interest maximum sought by idiosyncratic human capital owners.The share options incentive mechanism mainly bases on the property rights theories of human capital and principal-agency theories. The share ownership incentive mechanism functions in this way: share ownership incentive -proprietors possess share ownership-proprietors achieve maximum value of enterprise by making great efforts- stock price rises-proprietors obtain share ownership income of the price difference between market price and exercise price.In the late twenty centuries, the stock option incentive mechanism has been widely applied in the bank industries corporation governance in western countries and Hong Kong of China. Till now china bank industries have not applied this stock option incentive method, and its incentive methods are mainly short-term not long-term. Upon the development of share ownership commercial banks in China, the application of stock options incentive mechanism primarily has a realistic foundation, and conforms to development demands of China share ownership commercial banks and objective necessity of economy situations. The implementation of the stock options incentive mechanism in China commercial banks will enhance the competitive power, improve corporation governance , prevent human resources outflow, overcome the enterprise idiosyncratic human capital owners’ short-time actions during corporation operations.Based on the theoretical analysis and surveys on the related clauses in the stock options projects, which have applied in the abroad listed companies and commercial banks.At present, few corporations have in a real sense applied the stock options incentive mechanism. China share ownership commercial banks confront a series of institutional problems during the process of these incentive mechanism implementations. As a result, only if those problems have been solved from institutions, the stock option incentive mechanism can be able to apply smoothly in China share ownership commercial banks.更多还原