虚拟股票期权在资源型城市企业中的应用研究

【作者】 张丽；

【导师】 俞明南；

【作者基本信息】 大连理工大学 ， 管理科学与工程， 2004， 硕士

【摘要】 随着资源型城市进入成熟期后期，企业体制改革日益成为实现城市可持续发展的关键。其中首先需要解决的问题就是建立起有效的激励约束机制，对企业的高层管理者进行激励和监督。论文正是基于这个问题展开分析研究，旨在为广大资源型城市的企业实施期权长期激励提供借鉴。 引言部分对资源型城市和股票期权的相关理论研究进行归纳整理，简单回顾了国内外理论界的理论渊源和发展现状。正文部分从分析我国资源型城市所处的发展阶段的现况及特点入手，分析实施长期激励机制的必然趋势，通过激励约束的改进模型将现存的几种激励机制进行比较，针对其中的弊端(缺乏长期激励机制，容易引起经营者的短视行为)及我国在法律和环境方面的障碍，提出实用性较强的虚拟股票期权计划。在剖析期权激励的本质基础上，结合期权激励的理论基础，提出智力资本增值系数，并构建了企业价值评估的修正模型，增加价值评估的科学性和客观性，以企业的真实价值确定虚拟股票期权的每股内部价格作为股票期权行权价的依据，解决了期权激励的瓶颈问题。在实证部分，以JM公司为例，分析经营的长期战略和高管人员现状，对虚拟期权机制的应用进行深入研究，并对实施效果进行比较分析，实施虚拟期权计划能够激励经营者选择有利企业长远发展的决策。最后论文得出结论，并指出有待于进一步研究之处，为后续研究提供方向指引。更多还原

【Abstract】 The mechanism reform of enterprise is becoming the key point for the sustainable development of resource-based cities, while they entered mature period. The urgent problem is how to establish the effective incentive mechanism so as to stimulate their executives. The thesis spreads out analytical research based this point. And providing reference for implementation of executive stock option (ESO) is the intention and significance of this thesis.Firstly, the introduction reviews the related theories on resource-based city and ESO briefly, the foreign and domestic research on origination and progress is also sum up. Then, the analysis start with the present status, characters and managerial mechanism reform of resource-based enterprise, the comparison of three kinds of executive incentive system is concluded by improving the model between performance and effort. Aimed at the weakness sector (the lack of long-term stimulation of executives) and legal environment, the thesis brings out phantom stock option plan (PSOP), which is more applicable in practice. After dissecting the essence of ESO and combining the driving origination, the systemic enterprise value appraisal model is build up, meanwhile, the intellectual capital coefficient modifying the appraisal result is put forward, which improve the veracity and objectivity. The internal price per share of PSOP is draft by the real value of company, and also as the benchmark of vesting price, which solve the bottleneck of PSOP.In the section of case study, the LHJM company is took as an example, based on analysis of the long-term strategy and operation status, the PSOP is implemented in this company. Therefore, comparing with the effect the annual salary system, it is concluded that the implementation of PSOP could drive executives to make decision, which contributing to the long-term profit of company.Finally, the thesis advances the area for further research. It still has some drawbacks and will guide the follow-up research.更多还原