我国推行股票期权制度若干法律问题研究

【作者】 刘星姬；

【导师】 孙非亚；

【作者基本信息】 东北财经大学 ， 经济法学， 2003， 硕士

【摘要】 市场经济的发展要求广泛建立现代企业制度，而现代企业制度的建立需要有效的激励和约束机制。股票期权制度成为经济学界和法学界注目的焦点。股票期权最初是一种金融衍生工具，后引入管理学领域，成为一项用于长期激励经营者的薪酬制度。股票期权制度是一种真正低成本的激励方式，其特有的利益捆绑功能可以有效地抑制经营者行为的短期化，有助于形成经营者的自我监督和约束机制。股票期权制度在我国的实践中有助于解决“内部人控制”和“五十九岁”问题，还可以促进职业经理人市场的发展，具有积极的作用。 股票期权制度在国际上得到了普遍的应用，但在我国实行还存在着根本性的障碍。《公司法》、《证券法》的现行规定中存在与股票期权制度实行相矛盾的地方，如果这些问题不解决，股票期权制度将无法顺利实行；《税法》、《会计法》对股票期权制度的实行没有具体的规定，这必然会导致实行中的混乱。因而要想在我国实行股票期权制度，首先就应该解决法律上的各种问题。鉴于股票期权制度的现实意义和法律制度的完善对股票期权制度的重要性，本文以实行股票期权制度亟需解决的若干法律问题作为研究的对象。 本文首先介绍了股票期权制度的概念的由来，从经济学和法理学两个角度分析实行股票期权制度的理论基础，并着重分析了股票期权制度的法律特征。通过股票期权制度与其它相关制度的比较，进一步明确股票期权制度的特点。接着本文又进一步分析了股票期权制度的优势和局限性，同时，还具体阐述我国实行股票期权制度的意义。 在此基础上，本文重点研究了在我国实行股票期权制度需要解决的若干法律问题，包括期权股票的来源、股票期权的授予、股票期权的行权、期权股票的税收优惠、会计处理五个方面。每个方面都从介绍分析各国的相关规定入手，接着说明我国法律规定在相关方面的不足或法律障碍，并提出我国可借鉴的方案。总体思路是通过介绍国际上经济发达国家在实行股票期权制度中的先进经验，对比我国现行规定的实际情况，提出适合我国国情的法律规定，以寻求完善我国实行股票期权制度的法律环境的可行途径。更多还原

【Abstract】 The Stock Options System initially is a financial derivation tool. Later it is adopted in the management area as a system for long-term promotion. The Stock Options System is a cheap promotion method, and its special function of benefit combination does limit the managers’ short-ranged and nearsighted actions, which helps the formation of managers’ self-supervision and self-control system. The Stock Options System contributes to solving the problems of "inter-control" and "fifty-nine-year-old phenomenon", and promoting the development of our country’s professional managers market. It has great advantages.The Stock Options System has been used widely and internationally. However, its implementation in our country meets great obstacles. The terms of Company Law and Securities Law hinders the implementation of the Stock Options System. In addition, Tax Law and Accountant Law lack specific formulations about the Stock Options System, which leads to the mess. The Stock Options System firstly belongs to the area of law. Due to the great function of the Stock Options System and the importance of perfecting the formulations about the Stock Options System, the article focuses on the aspects relevant to the implementation of the Stock Options System.The article introduces the definition and historic background of the Stock Options System, and analyses its theoretical bases on economy and jurisprudence. Then the article analyses the legal characteristics of the Stock Options System, definiting the Stock Options as profitable, free, restrictive and nonnegotiable rights. The article also explains the differences between the Stock Options System and other similar systems. Furthermore, the article compares the positive features with the negative ones, and illuminates the significance of the implementation of the Stock Options System.The article focuses on the study on the legal obstacles and defect in the aspectof the sources of stock, the vesting of options, the exercises of options, the favour of taxes, and accounting disposal. Through introducing the relevant formulations and the obstacles and defect of our laws, the article gives some advises to perfect our laws in the area of the Stock Options. The purpose is to explore the effective methods of perfecting our legal environments for the implementation of the Stock Options System.更多还原