【作者】 胡世俊；

【导师】 李庆华；

【作者基本信息】 华中师范大学 ， 政治经济学， 2004， 硕士

【摘要】 一个国家和地区要想取得健康、快速、持续的经济发展，一般需要依托、培养成功的企业。而企业要想走向成功，必须设计一套可以保证企业资源(最终可以归结为人力资源和物质资源，或人力资本和物质资本)充分利用的制度。但随着古典企业制度向现代企业制度的演进，随着企业中所有权和经营权的分离，委托一代理问题日益严峻，与此相关联的后果是经营者的道德风险和企业资源的大量浪费。因此，如何设计一项制度来解决因委托--代理问题所带来的后果就成为了经济学界和实践家们所关注的焦点问题。在理论研究和实践中，股票期权作为建立企业长期激励机制的制度安排被认为是解决问题的一副“良药”，并因此在近二十年来获得迅猛发展，在西方国家的企业中日益受到推崇。进入90年代，它已呈现出逐步蔓延开来的国际化趋势。逐步走向国际化、全球化的中国企业不得不顺应这股世界潮流。因此，我国企业将不可避免的会逐步采用股票期权制度，从而降低代理成本，提高企业经营业绩。 本文首先从股票期权的概念、种类、功能等方面对股票期权激励制度进行简单概述，随后从股票期权的激励与运作原理、现代企业理论和人力资本理论等方面阐述了股票期权的理论基础。接下来介绍了股票期权在国外的发展概况、国内的实践情况，并重点就国内实施股票期权的34家上市公司进行实证分析。最后，分析我国企业在实施股票期权激励过程中所存在的问题，并提出了一些政策建议，同时还为我国上市公司实施股票期权设计了一个框架性的方案。更多还原

【Abstract】 If a country or region want to obtain healthy, fas, lasting economic development. Generally it needs to train and rely on its successful enterprises. While enterprises want to acquire success, it must design a set of system which can guarantee the enterprise resources (can be summed up in the human resources and materials resource, or manpower capital and materials capital) can be fully utilized. But along with the gradual progress from the classical enterprise system into the modern enterprise system , and the separation of ownership and right of administration, the problem of entrust - represent has became more and more serious. The consequences that related to this are the morals risk of manager and the plenty of wastes of enterprise resource. Therefore, how to design a system to solve the consequence brought by entrusting - represent problem has became a focus problem for economy circle and the practice. In theoretical research and practice inspection, stock option as a system and arrangement which can establish the long-term encourage mechanism for a enterprise is considered as a " good medicine " to the problem, and therefore it got rapid development in last 20 years, get highly praise in the enterprises of western countries. After 1990, it have presented a tendency of internationalization. Moving towards the world, Chinese enterprises of internationalization and globalization have to comply with this world trend. Therefore the enterprises of our country will unavoidable adopt stock option system step by step, so to reduce agency cost, and raise social welfare.This paper firstly made a summarization from the aspects of the conception, sort, and function of stock option. Soon afterwards elaborated the theoretical foundation of stock option from the views of principles of encourage and running of stock option, modern enterprise theory and manpower capital theory. The following the 3th chapter and the 4th chapter have introduced the development of stock option abroad the practice situation in domestic, which focused on certificate analysis ofthe 34 public companies which have really implemented stock option. In the final, the paper analyzed the problems that appeared in the implement practice of stock option encourage in our country, and made some policy suggestions. Meanwhile, the paper have designed a frame scheme for the public company’s enforcement of stock option in our country.更多还原