【作者】 刘丹；

【导师】 余昺鵰；

【作者基本信息】 吉林大学 ， 世界经济， 2004， 硕士

【摘要】 随着中国国企改革的不断深入，以及加入WTO后中国市场和国际市场的逐渐接轨，国有企业的结构调整和经营业务的战略性重组已是当务之急。美国股票期权制度的发展说明，只有将股权激励纳入到公司治理和企业价值增长的大框架下进行研究，才可以从理论上解决经营者员工持股的动机问题，同时也可以从技术上解决经营者员工持股的合理设计问题。文章从股票期权激励机制的理论分析入手，阐述了股票期权是一种以一定费用（期权费）获得在一定的时刻内拥有买入或卖出某种股票权利的合约。从股票期权制度的设计初衷“针对公司高级管理人员的道德风险，为激励其发挥管理才能而设计的”和股票期权制度的主要理论基础即现代西方的人力资本理论和委托——代理理论进行分析，提出解决国有企业经营者长期激励或者说是能够在一个较长的时期一定程度解决委托——代理问题的有效途径是经理人股票期权激励，以及全员持股激励即员工股票期权激励。自从股票期权诞生以来，它的激励作用也随之凸显出来。文章以美国为例，通过对美国股票期权制度历史及发展的概述，阐述企业推行股票期权制度，是将雇员的利益与投资者的利益捆绑在一起，从而使二者的利益达到一种“默契”，而这显然有利于激发雇员的积极性，激发其为企业创造更大的价值的热情。因为我们知道，投资者注重的是企业的长期利益，雇员受雇于所有者或投资者，他们更关心的是在职期间的短期经营业绩，所以实施股票期权，将雇员的薪酬以股票期权的形式体现，就能实现二者利益的有机结合。另外，由于股票期权着眼于未来收益，所以有助于公司留住绩效高、能力强的核心员工，并预防核心员工被竞争对手挖走。股票期权具有如此大的“功效”显然会受到很多企业青睐。美国股票期权制度的主要内容，股票期权的类型，股票期权的受益<WP=52>人，股票来源和授予时机，期权费、行权价与授予数量，股票期权的执行期限，股票期权的日常管理，说明企业实施经理股票期权制度，不但可以缓解所有者与经营者之间的矛盾，提供长期激励，而且还可以扩大个人对企业的投资，实现投资主体多元化，为解决企业资金短缺问题提供一个现实的办法。因此，实行经理股票期权制度，是建立健全国有企业经营者激励和约束机制的重要内容之一。美国员工持股计划产生的背景，实施员工持股计划的好处，美国员工持股计划的效果，使我们了解到该计划的实施为企业实现最终目标——股东价值最大化做出了不可磨灭的贡献。美国在推行员工持股计划中存在的不足和问题，提示我国在实施员工持股计划时应尽量在新兴行业如高科技产业中实行，这样才能充分发挥制度的优势。员工持有本企业股票，可以分享公司的经营成果和资本增值；可以在工资之外获得更多收入，减少纳税；可以增强团队精神和参与意识，更重要的是，通过持股，员工可以获得股东的地位。股票期权制度作为一种有效的公司激励机制广受发达的市场经济国家所推崇，然而，在美国，成批登场的大公司财务造假丑闻却对这种制度提出了挑战，首先，股权过度分散导致维护公司利益的“积极股东”缺位，没有哪一家股东能够或愿意积极主动地代表股东对经营者行使所有者权利，公司经营者成为控制公司的“内部人”；其次，美国对股票期权的会计处理规定，股票期权的价值不计入公司成本，也为经营者造假提供了合法的便利；再次，中介机构为了自身的利益，不能保持绝对的独立性，成为公司造假的帮凶；另外，美国倡导自由经济，依靠行业自律和市场制衡来约束市场参与者的行为，一方面给经济繁荣带来了活力，同时也带来了巨大风险，如果没有严密的制度保障和严厉的打击及监管，谁也不会放弃低成本的“道德风险”所带来的好处。我国股份制的设立和股份制改革的时间并不长，有很多的改革及管理尚处于探索阶段。近年来，我国出现一批成功的高新技术企业，它们引领风气之先，在激励的市场竞争中不断学习，建立了科学的管理体系<WP=53>和先进的激励机制。股票期权这种在硅谷模式中有非常重要地位的激励方式也被应用在我国高新技术企业的管理中。我国证券市场的逐步成熟与国家及经济特区关于国企改制的政策为股票期权制度的发展奠定了物质基础，提供了政策依据。有关国家政策及地方政策一再支持企业通过多种形式大力奖励企业的经营者及核心人员，这将从人力资本方面进一步的推动企业的发展。我国员工持股计划地实施在企业改革中的作用也初显成效。该计划充分调动了员工的积极性，使员工成为企业的主人，只有这样企业的价值才能得到最有效的体现。目前国内实施股票期权制度存在一些障碍，但企业在制定激励制度时通过回购公司流通股份，发行新股预留，非流通股方案，虚拟股票等方式对政策与法律的障碍进行了有效的回避。股票期权在我国正处于探索及发展阶段，鉴于国情又不能照搬西方国家的经验和做法，中、美两国股票期权制度比较分析使我们坚定了制订及执行适应中国国情的股票期权制度的信心，中美执行股票期权制度的差距，为我们完善股票期权制度找到了依据，美国股票期权制度对我国激励制度的建立与发展有着深远的借鉴意义。我国股票期权制度的实施现状说明，建立股票期?更多还原

【Abstract】 With the in-depth SOE reforms in China, and the exposure from the china market to the international market after the WTO entry, the restructuring of the SOEs and the strategic reengineering have become the first priority. The development of the policy of American stock options has demonstrated that we can only settle the motivation issue after we research the stock option under the frameworks of the corporate governance and increased market value of the enterprise. Meanwhile, from the technical point of view, we can settle the problems on how to design the most appropriate stock options for employees. The article will start from the theory of the stock option, illustrating that the stock option is the kind of contract to obtain a right to purchase or sell a certain stocks within a certain period. Analyzing from the original purpose of designing the stock options, “design to minimize the moral hazard of the senior management, in order to motivate them to perform,” and the basic concepts of the stock option system, which is theory of labor value by Max, and the agency theory, which is the advanced western theory of Human Capital, we can conclude that, in order to solve the problem of long term motivation, at least in a certain long term period to settle the agency problem should be stock option plans for managers. To be more important, it should be the stock option plans designed for all the employees.Since the introduction of stock option, its motivation effects have been demonstrated. The article takes US as an example, from analyzing the history and the development of the American stock options system, illustrating the purpose of promoting the stock option plans is to connect the benefits of the employees with those of the investors. Therefore, both parties can reach to <WP=55>the agreement, which is obviously beneficial to inspire the employee’s self-initiatives, and invite more of its enthusiasm to create more values for the company. We all understand that investors pay more attention to the long-term benefits, and employees who are employed by the employer or the investor pay more attention to the short-term operation profits. Therefore, compensating employees with stock options can connect long-term returns together with the short-term profits. On the other hand, since stock options target at long-term returns, it can retain the high performer and those with good capability, furthermore, and it can help avoid other companies steal your key staff. Stock options therefore have been attractive for many companies.The American stock option system includes the types and the benefactors of the stock options, its origin, granting timelines, expenses, and number of grants, vesting period, and the daily operation of the stock option plans. Such a stock option plan not only can ease the conflicts between employer and employees, providing long-term motivation tools, but also can enlarge the individual investments to the companies so as to realize the diversification of the investors. It is an effective way to solve the problem of short of capital. Therefore, implementing the stock option plans is one of the major tools to optimize the motivation and incentive systems in SOEs. By illustrating the background, benefits, effects, problems of implementing stock option plans, by holding the stocks of the company, employees can enjoy the operating profits and the added value of the capital. It can obtain some extra earnings besides the income, and at the same time, decreasing the tax, enhance the team building and participating awareness. To be more important, by holding the stock option, employees can become the investors. Although stock option system is one of the effective motivation tools, and <WP=56>has been widely accepted by the developed countries, a good number of financial crisis and scandals in US strongly challenges its effectiveness of such a system. First, the decentration of the shareholders cause the absence of the active investors, none is willing to implement the rights of the shareholders by rep更多还原