高新技术企业股票期权激励机制及运作研究

【作者】 宁俐；

【导师】 夏维力；

【作者基本信息】 西北工业大学 ， 企业管理， 2002， 硕士

【摘要】 人力资源在高新技术企业发展中具有举足轻重的作用。人力资源流失现象是目前高新技术企业普遍存在且难以解决的问题，国外实践证明，股票期权制度是解决此类问题的较为先进、合理且科学的途径之一。但股票期权的实施必须有有效的证券市场，完善的经理人市场及相应的配套法律法规政策作为支持，由于我国目前公司制改革正在进行，公司治理眼下还存在较多问题，而外部环境诸如证券资本市场及法律法规等方面的严重制约，使得股票期权激励制度的实施障碍重重，同时，由于国内对此项制度的多种设计，造成了股票期权在国内模式较多，而这些模式又有许多与股票期权的实质相悖之处，使股权激励在中国的实施不能达到其长期激励及相互制衡的真正目的。 本文在对高新技术企业人力资源的流失原因进行分析的基础上，得出目前国内薪酬设计中长期激励不足是产生高科技企业人员流动的主要原因，从而确定了引入股票期权激励机制的前提条件，其后，在对我国股权运作模式及股票期权激励机制制约因素的分析基础上，借鉴国外几十年来实施股票期权的相对较为成熟的经验，提出了对我国相关法律法规的一些政策性建议，同时，针对我国法律及公司治理等方面对股票运作的障碍，提出了与现行法律不相违背的股票来源、股票行权价等方面的设计，并建设性地针对高科技企业提出了团队股票期权激励计划及针对高科技企业的股票期权运作方法，从而为相关部门制订有关政策及法律法规提供了借鉴，也为高科技企业实施股票期权提供了一套基本的原则和方法。更多还原

【Abstract】 Human resource occupy a crucial position in high-tech enterprise during the knowledge based economy age, but the brain drain phenomenon is a real hard nut to crack which always put the enterprise in an awkward situation. Verifying through practice of foreign counties, stock options should base on the efficient securities market, perfect manager market and related state laws and regulations. In china, we have just made a start in our corporate governance, because of implementing stock options has been held back by those obstacles coming from outer and inner environment of the corporation. Meantime, as the essence of stock options has not been gotten, the pattern in china couldn’t achieve its goal of long-term incentive.The study analyze the reason for brain drain in high-tech enterprise, and draw the conclusion that lacking the long-term incentive in wage system is the main cause for loss of human resource, so I raise the viewpoint of bringing in the stock options from foreign high-tech corp.. After making a comparative analysis between China and America, and drawing on the experience of foreign counties in this regard. I make a suggestion in stock source, the option striking price in China, which are not contradictory with the existing laws and regulations in our country. Meantime, the dissertation proposes the stock options plan for the team and the operational mode toward high-tech enterprise in order to provide a set of basic principal and means for high-tech enterprise.更多还原