【作者】 刘瑞芬；

【导师】 郭泽光；

【作者基本信息】 山西财经大学 ， 会计学， 2006， 硕士

【摘要】 “企业能否搞上去,关键在于人;人有没有积极性、主动性和创造性,关键在于管理;管理能否搞上去,关键在于企业家的选择、激励-约束机制,而激励机制又是关键之关键”。改革开放至今,尽管企业经营者激励制度的设计也不少,但这些制度大都着眼于短期激励。在我国经营者的收入构成中,长期报酬的比例偏低,起不到应有的效果。所以,设计我国经营者的激励机制,应当把长期激励作为重点。在理论研究和实践检验当中,股票期权被认为是长期激励的有效手段,欧美许多国家相继建立和完善了适合自己的股票期权激励制度。我国学者对股票期权也做了相当多的理论探讨,20世纪90年代后期,我国一些地区进行了股票期权试点,比较典型的是武汉模式、北京模式和上海模式。本文通过对以上三种模式的分析比较,发现我国股票期权具体要素设计方面存在很多问题和漏洞。这些问题很大程度上是由于我国股票期权尚处于尝试探索阶段,相应的法规体制等配套措施不健全造成的。因此,我们需要在适当借鉴国外先进经验的基础上完善自身。众所周知,美国是股票期权最完善最发达的国家,因此,本文在设计股票期权要素时主要借鉴了美国的一些经验做法。有了好的经验,如何利用它完善自身才是关键。正当理论界与实务界为我国的一些法规障碍一筹莫展之时,最近一系列法规政策的出台,为我国实施股票期权提供了契机。尤其是《上市公司股权激励管理办法(试行)》的颁布,更是为股票期权要素设计提供了指导。因此,本文试图在深入分析我国股票期权要素设计存在问题的基础上,借鉴美国的先进经验,重点结合《上市公司股权激励管理办法(试行)》,对股票期权要素进行优化设计。更多还原

【Abstract】 “The development of the enterprise depends on people; the positive, initiative and creativity of people depend on management; management depends on the choice of entrepreneurs and the system of incentive-restraint, and the method of incentive is the key.”The reform and open up to now, although we have designed many methods of incentive, most of them are designed as the short-time incentive in our country. The enterprise is short of the long-term incentive. The methods of incentive are almost ineffective. As a result, we must pay more attention to the long-term system of incentive.Stock option is thought as the valid means of the long-term incentive after the examination of study and practice .In accordance with their own specific conditions, Euro- American and many other countries build up and perfect stock option one after another. The scholars of our country did a lot of theoretical researches on stock option. After the 1990s, some regions of our country also carried on the stock option. There are three typical models of stock option, Wu Han model, Peking model and Shanghai model. According to the analysis, we find out there are so many problems that exist in the design for the essential factors. Because stock option is placed in the trial stage in our country and the laws and regulations are not perfect, these problems emerge. We should perfect ourselves, learning from the foreign country.As is known to all, the design for stock option is the most perfect and flourishing in the United States. Therefore, the author mainly learns from the United States. After we have the experiences, that we make good use of them is the key. When scholars are worried about the restrictions of the laws and regulations, recently, that a series of laws and policies appear publicly provides the chance for our country to implement stock option. Particularly,“The regulations of listed companies’the share incentive ( the trial)”guides the design for essential factors of stock option.The author designs the essential factors of stock option eventually, learning from the United States, analyzing the problems existing in the design for stock option of our country and combining“The regulations of listed companies’the share incentive( the trial)”.更多还原