【作者】 张晓宣；

【导师】 傅元略；

【作者基本信息】 厦门大学 ， 会计学， 2009， 硕士

【摘要】 在知识经济时代,高新技术企业依靠的主要不是货币资本,而是人力资本。物质资本的获得和财富的积累也都是由人力资本推动的,人力资本已成为影响高新技术企业竞争能力的首要因素。因此,如何有效地对高新技术企业人才进行激励具有很强的理论和现实意义,亦成为高新技术企业生存和发展的关键,进而也影响着一国经济发展的总体进程。实践证明,股票期权计划能让高新技术企业的核心人才,即高层管理者和技术骨干,拥有企业的一定股权,进而享有剩余索取权,起到促使其为企业的长期发展努力的效果,有较好的激励作用。本文主要研究股票期权激励在高新技术企业中的应用,在阐述股票期权激励理论的同时,结合远望谷信息技术股份有限公司2009年股票期权激励计划的案例进行分析,以期对理论研究与实践应用有所裨益。本文的主要贡献点:(1)针对高新技术企业的人力资本特点,应借鉴李世聪教授提出的现行价值计量模式对人力资本进行估价,并以激励对象人力资本价值作为基础计算股票期权在激励对象之间的分配;(2)针对我国证券市场有效性程度不高、股票市场不稳定的具体国情,在设计适合我国国情的股票期权激励制度时,不能单纯根据股票价格来确定股票期权的行权价格,笔者认为,指数化股票期权是一个很好的选择;(3)对远望谷信息技术股份有限公司的股票期权激励计划进行了剖析,分析了实行股票期权激励制度的正负效应,并针对其赋予份额、股票来源、行权方式和行权价格的确定方面提出了相应的建议。更多还原

【Abstract】 In the knowledge economy era, high-tech enterprise mainly relies on the human capital, rather than on the financial capital. The access to physical capital and the accumulation of wealth are also driven by human capital. Therefore, how to effectively motivate the talents has a strong theoretical and practical significance, which has become the key to the survival and development of high-tech enterprise and affects a country’s overall economic development process. The incentive stock option allows the core talented people of high-tech enterprise, which are the senior managers and technical backbone, have a certain stake in the enterprise and then enjoy the residual claim. Practice has proved that this mechanism has better incentives, which can encourage the object striving for the long-term development of enterprise. This paper studies the application of stock option in High-tech Enterprise. Based on the theory of incentive stock option, this paper analyses the Invengo Information Technology Co., Ltd’s stock option plan in 2009, in order to be benefit for the theoretical study and practical application.The main contributions of the paper are as follows: (1) Based on the characteristics of high-tech’s human capital, we reference to Professor Li Shicong’s current value measurement model for incentive object’s human capital, which is the basis for the allocation of stock options between the object; (2) Under the specific national conditions of China, we should not simply rely on the stock price to determine the exercise price of stock option. I believe, the indexed stock option is a good choice; (3) We study the case of Invengo Information Technology Co., Ltd’s stock option plan, and analyze its positive and negative effects, and find that there could be some improvement in the plan elements, such as incentive quantity, stock source, exercise price and exercise way.更多还原