国有控股上市公司股权激励的法律规制

【作者】 周欣；

【导师】 曹兴权；

【作者基本信息】 西南政法大学 ， 法律， 2008， 硕士

【摘要】 2006年1月1日中国证监会颁布的《上市公司股权激励管理办法》,开启了规范的上市公司股权激励。截止2008年3月,董事会公布了股权激励计划的A股上市公司已达80家左右,其中国有控股上市公司共有十五家。股权激励作为一项重大的制度创新,推行的目的是希望能在国有上市控股公司中建立起管理层和公司及股东的利益共享、风险共担的良好机制。经过两年多的实践,这些引入股权激励的国企上市公司业绩得到了明显提升,但对于如何用好股权激励制度的探索还远未停止。本文从法律实务的角度,以国有控股上市公司为重点全面考察股权激励在我国的实践中出现的法律问题,并提出进一步完善对其法律规制的合理建议。本文正文分为三个部分。第一部分论述股权激励计划制定中的法律问题。以现行制度介绍和案例公司的激励方案分析为主,从激励方式的选择、激励对象、激励幅度、股权的授予价格等四个方面讨论国有控股上市公司股权激励计划制定的规范做法,并指出了部分方案中还存在激励范围过小、违反市场化定价原则等不足之处。第二部分论述股权激励计划实施中的法律问题。以案例公司在股权激励的实施过程中出现的问题为主线,讨论了实施程序,信息披露,股权激励中的价格操纵,激励成本与会计处理等四个问题。出现这些问题的原因有的在于上市公司不规范的操作,更多的还在于现行制度中的缺陷,包括股权激励相关的信息披露质量不高,会计处理有关规则还有待完善。第三部分也是结论部分,针对第一、第二部分中涉及的问题,提出完善整个股权激励法律规制的三点建议。首先,改进外部董事制度建设和薪酬委员会,完善国有控股上市公司的公司治理机制。其次,完善现行的股权激励信息披露规则,一方面,增加激励对象和考核指标的信息披露的内容使股东尤其是外部股东能充分参与决策;一方面,增加对未来业绩的信息披露,可以预防高管利用自身的信息优势操纵价格。最后,针对操作中的问题,应当注意及时调整激励成本过高的方案,完善会计处理规则,适当提高惩戒力度。更多还原

【Abstract】 January 1, 2006 the China Securities Regulatory Commission enacted the "Stock incentive management approach". Close March of 2008, there have been 80 listed companies whose board of directors have announced the stock incentive plan, including 15 state-controlled listed companies. Stock incentive is a major institutional innovation. After more than two years of practice, these state-owned listed companies’ performance had been remarkably improved, but how to make good use of stock incentive system is far from being stopped. This paper is from the perspective of legal practice, focusing on the emerging legal issues of stock incentive in practice, and putting forward reasonable proposals to improve it.This paper is divided into three parts.The first part discusses the legal issues in establishment an incentive plan. First, the author introduces the existing system and cases analysis of the incentive plan from the way of incentive tool choice, incentive targets, incentive rate, stock prices, and then the author points out that the part of the incentive plans still have some problems: the scope of incentive plan is too small, and some plans violate the fair market price principle.The second part discusses the legal issues in the implementation of the stock incentive plan. The problems in implementation of cases are the main line in the following analysis, including the implementation of procedures, the disclosure of information, stock price manipulation, incentive costs and the accounting process, etc. Some of the problems lie in unregulated operation in some listed companies; the others lie in deficiencies in the current system, such as the quality of disclosure of information, and accounting rules.The third part, also the conclusion part, aims at the problems involve in the first and second part, and gives three suggestions to improve the entire stock incentive regulations. First of all, we should improve the system of outside directors and the remuneration committee to perfect the governance mechanism in state-controlled listed companies. Second, we should improve the current system of information disclosure rules related to stock incentive. Finally, in response to problems in the practices, we should pay attention to adjustment of high costs of incentive plan, and improve the accounting rules and aggravate the intensity of punishment.更多还原