【作者】 朱若甫；

【导师】 殷仲民；

【作者基本信息】 西安理工大学 ， 工商管理， 2003， 硕士

【摘要】 经营者的经营管理才能是企业最稀缺的资源，经营者在企业发展中发挥着越来越重要的作用，只有使实际控制企业的经营者拥有剩余索取权，他们才有可能为企业的长期发展而努力工作。但传统的主流经济学却一直忽视对这一问题的研究。在经营者激励方面，中国已有的研究和实践，也主要集中于精神激励和短期物质激励方面。因此，研究经营者的长期物质激励问题，不但具有十分重要的现实意义，而且也有利于丰富和完善企业家理论。 本文以委托-代理理论等为依据分析后认为：在西方国家风行了50多年的股票期权制度在很大程度上可解决企业代理人激励约束相容问题，可鼓励经营者把注意力从短期财务指标转向公司长期发展上，从而克服以基本工资、奖金、年薪制等为主的传统薪酬制度下经营者行为短期化倾向；针对IT泡沫破灭、华尔街丑闻曝光及银广夏、中科创业等一系列经济造假丑闻出现后股票期权所遭到的诸多非议和笼罩在国人心头的困扰，本文提出：(1)制度发现了漏洞，需要的是修补，不能因为制度不尽善尽美而索性不要制度；(2)股票期权制度作为高科技企业的创新动力仍具不可替代的作用；(3)资本市场的低迷和波动并不能动摇期权价值的根基；(4)中国企业在实施股票期权过程中，应吸取美国的经验；本文在回顾并分析了中国股票期权实践历史后，得出了应在秦川发展实施股票期权激励制度，并做了以下工作：(1)分析研究了股票期权在中国实践的可行性—可行的关键在于其有效发挥作用的条件—证券市场的有效性。(2)在此基础上研究了秦川发展公司经营者股票期权激励方案的设计：编制股票期权计划，分析并确定经营者股票期权激励的强度，着重研究了经营者业绩考评、股票期权的定价及授予数量问题，形成了股票期权综合模型。(3)制定了秦川发展公司经营者股票期权激励方案及薪酬委员会组织议事规则。更多还原

【Abstract】 The administration ability of manager is the most scarce resource of company. The manager is playing a more and more important role in company’s development. Only when managers who actually control the company can enjoy the right of demanding surplus , it’s possible for them to work hard for the company’s long-term development. However, traditional main economics usually ignored research on this problem. In the aspect of encouraging managers, the existing research and practice mainly concentrate on spirit encouragement and short-term material encouragement ,so research into the problem of long-term material for manger, not only have very important actual meaning ,but also is beneficial to enrich and consummate entrepreneur theory.After analysis on the base of entrust-agent theory, this paper argues the system of stock option which is popular in western countries for over 50 years, can solve the problem of how a company’s agent’s encouragement can be compatible with their control to some large entert, and encourage managers to pay their attention from short-term financial index to the company’s long-term development, thus it overcomes the shorten trend of managers’ behavior under traditional salary system which is mainly basic wages, bonus and annual salary; in the light of the reproach stock option sustains and the puzzle which envelopes fellow countrymen after the appearance of some economic scandal of making fake ,such as the evaporation of IT foam ,the exposure of Wall street scandal, YinGuangxia, Zhongke pioneer etc, this paper points out:(l)when the leak of system is discovered, what needs to be done is to improve it, we should not drop the system for it is not perfect(2)the system ofstock option ,as the innovative impetus of high technology enterprise, still plays on important role which can’t be instead of.(3)the low-stream and fluctuation of capital market can’t shake the foundation of option value.(4)in the process of China’s enterprise implementing stock option, it should absorb the America’s experience. After review and analysis the history of stock option practice in China, this paper concludes stock option encouragement system should be implemented in QinChuan Development, and does some work practically as follows:(1)it analyzes and research of the feasibility of stock option’s practice in china-the key of feasibility lies in the condition on which it can play role effectively-the effectiveness of securities market .(2)on this basis, it researches on the designment of QinChuan Development Company managers’ stock option encouragement plan: organizes plan of stock option, analyzes and fixes the intensity of managers’ stock option encouragement, emphasizes on assessing managers’ achievement, pricing of stock option and the problem of awarding quantity ,sets up stock option compositive model.(3)formulates the managers’ stock option plan of QinChuan Development Company and the rule of salary committee to organize and discuss official business.更多还原