股票期权法律制度研究

【作者】 崔金涛；

【导师】 胡光志；

【作者基本信息】 西南政法大学 ， 法律， 2003， 硕士

【摘要】 全文共约32，000字，分为五个部分： 第一引言。市场经济条件下，经济与法律关系日益密切，两者处于一种相互制约相互促进的互动关系中。具体而言，法律是社会关系的调节器，具有相应的法律效力，影响经济生活的方方面面，制约着人们的经济活动；同时，作为建立在经济基础之上的上层建筑，法律必须要与经济基础相适应，经济基础的变化最终将引发法律的制度变革。由此可知，一国法制的完善也不能脱离相关的经济环境。股票期权，是一种新型的激励机制，能够有效的实现对企业员工的长期激励，在我国内外都有了相当的发展。然而，我国对股票期权制度的研究主要集中于经济学领域，对股票期权法律制度的研究还相对薄弱，我国相应的法制与西方发达国家相比，更有待于进一步的完备。目前，股票期权法律制度的研究是我国法学研究的重要课题。 第二理论分析。股票期权是公司员工(包括公司董事)享有的、取得本公司所发行股票的权利，它是将金融领域的标准股票期权的机理借用到企业治理中而形成的长期激励机制，不同于标准股票期权、员工持股计划(ESOP)和认股权(Share Option)。股票期权法律本质上应是法学权利分类中的债权请求权而非形成权，是期待权而非法学中的选择权。在理论基础上，股票期权受到了委托代理理论、公司法人治理结构理论和人力资本理论的支持，有助于降低委托代理成本和完善公司法人治理结构，满足了知识经济条件下人力资本升值的要求。与此同时，股票期权制度也具有加大内部人控制风险、诱发道德风险和企业管理风险的负面效应也引人关注。我国要实施股票期权制度必须关注其正面与负面效应。 第三现实考察，关注股票期权实际的发展状况。股票期权制度起源于美国，近年来在西方发达国家得到了快速的发展，这些国家已经根据实践中的相应状况完备了了相对应的法律制度，积累了一定的立法经验，涉及到股票期权的实施条件、授予对象、权利人行权、税收等多方面。在我国，股票期权已经进入了初步发展的阶段，众一多国内企业对股票期权报有浓厚的兴趣并已形成了相应的几种模式。然而，股票期权制度在我国的实施仍然面临着多方面的法律障碍，主要有股票来源、公司资本制度及权利人的行权条件等几方面。实践中，我国企业多采用变通的方法，这在一定程度上导致了股票期权制度的变异:重约束而轻激励，蜕变为股票购买方案或经营担保合同。因此，修订并完备相关法律制度势在必行。 第四法学思考。我国的股票期权实践并不能解决我国企业缺乏长期激励机制、对经营者激励不足的难题，无助于我国企业创新能力的提高，应当完备相应的法律制度。如何消除相关的法律障碍，并完善股票期权的法律制度?笔者有以下几方面的思考:公司资本制度采纳折中资本制度;允许公司在股票期权制度下取得自己股票;设立劳务出资制度以及劳务出资者的个人财产担保制度;允许经营者在一定条件下买卖本公司的股票。此外，还涉及到我国《劳动法》、税法等相关法律的修订。至于股票期权具体的制度设计，笔者有几方面的建议，主要有:明确股票期权计划的决定机关为股东大会，董事会通过下设的薪酬委员会具体执行;涉及股票总额限定为总股份的5%或流通股的15%;行权期和有效期为3一5年，授予期为2年以上。 第五结语。股票期权作为最主要的经营者长期激励方式，在美国等西方国家得到了广泛的应用。然而来到我国却发生了南橘北积的现象，其中的原由发人深省。股票期权制度诚非完美的制度，但不可否认的是股票期权制度具有理论上的优越性，它为解决两权分离的趋势下委托代理成本问题提供了新思路，也为我们观察公司法人治理结构提供了新视角。此外，在现代社会人力资本重要性日益凸现的今天，股票期权制度作为人力资本参与利润分配的一种方式，具有的意义更加深远。因而，本文从法学的角度对股票期权制度进行了审视，希望能对我国企业经营体制改革起到些许的促进作用。更多还原

【Abstract】 ESO,which forms shape originally in the U.S.as an incentive system,have been widely used in western countries.Relevant statistical data show that at least 89% enterprises of 500 largest industrial enterprises have pratised ESO.In 1993,ESO was introduced into China.Different from western countries,our countries lack of complete relevant legal system.On one hand,the present legal system has been great barriers to ESO.Performing ESO system seems to be against Chinese law,On the other hand,because of those barriers ESO is forced to change and degrade into restrictive system.In order to perform ESO well, elimination of legal barriers is quite necessary.As basic form of law of state intervention in economy economy law is responsive to perfect ESO legal system of our country.This thesis reads about 32,000 Chinese characters and isdivided into five parts:Chapter I introductory remarks-Nowadays the mixture of law and economy has been clearly noticed under market economy conditions As it’s believed,market economy is economy governed by law . Law and economy stay in close relations .So it can be naturally concluded that economic activities would have effects on development of legal system.Recently ESO( Executive Stock Option) system has been nationwide highlighted as an incentive system however, our national law lacks of corresponding regulations which causes much chaos in the process of practising ESO system That is where significance of studying legal ESO system.Chapter II :theory analysis.This chapter mainly talks aboutthree points.first the concept of ESO system.ESO is a kind of right of trading in own enterprise’s stocks, which is given to certain senior staff by stockholders In legal view ESO means civil right of new type, secend ESO’s theoretical basis: theory of Agency , theory of Corporate Governance Structure and theory of Human Capital.finally negative effects of ESO system.that is ,ESO intends to cause hazards of insider control, management loss and morality.Chapter III : practice and experiences.Compared with conditions of China, Western countries have accordingly established a sound legal system of ESO Even ESO has been ahot point in China,alot of enterprises have made up ESO plan and putinto practice with great expectations ,Chinese law still hinders development of ESO system This chapter tries to analyses how the legal obstacles come into being and what effects they have on ESO system.In a word,ESO system in our country has degraded into restrictive system and can’t effect as it should have.Chapter IV :legislative suggestions on establishing Chinese legal system of ESO There are two points: first how to eliminate legal obstacles confronted by ESO system in our country. Second how to enact new legal system of ESO system. During the course of answering the above questions,not only experiences of western countries ,but also actual conditions of our own country should be put in consideration,besides more details about Chinese ESO legal system.Chapter V ending remark.ESO system indeed has theoretical values,It provides us with a new outlook to watch and consider reforms of national enterprises,while establishing and improving legal system of ESO in China would be a long way It needs patient work.The article could be of help to reforms of Chinese enterprises,that’s what the author counts on.更多还原