【作者】 肖翔；

【导师】 王远明；

【作者基本信息】 湖南大学 ， 民商法， 2008， 硕士

【摘要】 经理股票期权被认为是解决委托代理问题的有效激励措施。经理股票期权是指经营者享有在未来的一定期限内,以预先确定的某一价格购买一定数量本企业股票的权利。经理股票期权的基本理论主要包括经理股票期权的概念、特征、理论基础、法律性质和制度价值。其特征主要表现为有价性、有期性、人身性。经理股票期权的理论基础主要是人力资本理论和委托代理理论。对于经理股票期权的法律性质,应该联系经理股票期权的实际操作过程分阶段进行分析,从而得出经理股票期权在不同阶段具有不同的法律性质的结论。经理股票期权的制度价值主要体现在以下四个方面:把公司的长期薪酬制度与短期薪酬制度有机结合起来,完善了公司的薪酬制度;有利于缓解委托代理中产生的道德风险,使公司这种组织形式更加充满生机活力;有利于选择、吸引和稳定优秀人才;体现了经济公平的法律理念。我国在实行经理股票期权的过程中形成了五种模式,分别是上海模式、北京模式、武汉模式、济南模式和沈阳模式,这五种模式都结合了当地企业的情况,各有特色,但从本质上来看都不是真正意义上的经理股票期权,根本原因是我国推行经理股票期权还存在一些问题,如股票来源的障碍、公司内部法人治理结构欠规范、税收制度不健全、劳动法规不完善、未形成经理人市场、证券市场有效性不足等,只有克服上述缺陷,我国的经理股票期权制度才能不断完善,为此应采取以下措施:实行折衷授权资本制;完善公司治理结构;健全税收制度;完善劳动法规;建立和发展职业经理市场;建立健康成熟的证券市场;提供司法救济。更多还原

【Abstract】 Executive stock option is considered as an effective incentive measure solving the principal-agent problem. ESO is that the operators can buy a certain number of stocks at pre-set price in the future. Basic theories of ESO include it’s concept, characteristic, the theoretical basis, the legal nature and the system value. It is mainly characterized as payment attribute, period attribute and personal attribute. Theoretical foundation of ESO are human capital theory and principal-agent theory. As for the legal nature of ESO, I believe that we should analyze ESO contacted the actual operational process to obtain a conclusion that ESO in the different stages is of the different legal nature. System value of ESO are mainly embodied in the following four aspects: by combining the company’s short-term pay system with long-term pay system organically, improve the company’s pay system; help alleviate the moral hazard of agency, and strengthen vigor and vitality of company; help choose, attract and stabilize outstanding talent; be able to reflect the legal concepts of economic fair. Our country formed the five models in the course of implementing ESO, such as Shanghai model, Beijing model, Wuhan model, Jinan model and Shenyang model, the five models combined the conditions of local enterprises, each with its own characteristics, but it is not true ESO, the fundamental reason is that there are still some problems implementing ESO, such as the obstacles of stock sources, the irregular corporate government structure, the imperfect tax system, and the imperfect labor regulations, the unformed manager market, and ineffective securities market, only by overcoming these shortcomings, ESO system of China can be improved continuously. So we should take the following measures: implement eclectic authorized capital; improve the corporate governance structure; improve the tax system; improve labor regulations; establish and develop professional managers’ market; establish a healthy, mature securities market; provide judicial relief. .更多还原