中国上市公司股权激励效果研究.pdfVIP

摘要 随着现代公司制度的建立，公司经营效率大幅提高。公司治理作为现代企业 制度的核心，在此过程中发挥着重要作用。在公司治理中，如何解决股东与经营 层的委托代理问题，一直各国研究和探讨的焦点。股权激励通过将公司经营层与 股东利益捆绑在一起，有效地减少了二者之间的委托代理问题。在欧美市场发达 国家，股权激励作为公司治理的核心部分，得到很多公司的推崇，也为其提高公 司的经营效率和竞争力立下汗马功劳。随着我国现代企业制度的建立，股权激励 也开始引入我国。但是，由于我国国情的不同，市场环境和法律制度等不够完善。 此外，由于股权激励在我国实践运用的时间并不长，在具体设计激励条款时，大 部分都是直接照搬欧美的期权模式，考虑我国市场特点较少，造成我国股权激励 效果不佳或者本身就背离激励初衷。 本文首先考察我国目前股权激励的状况及激励效果，主要通过研究股权分置 改革后我国实施的股权激励上市公司经营绩效和股东收益率情况。然后结合实际 实施效果，分析导致该效果的原因。在此基础上进一步分析影响我国股权激励实 施效率的因素，主要包括企业外部环境和企业内部可控因素。在此基础上，结合 股权激励的特点，设计适合我国实际情况的期权激励模式，以提高我国上市公司 股权激励的效率。 关键字：股权激励 激励效果 期权条款 5 ABSTRACT With modern company system established, the efficiency of company operating is increased greatly. Company governance, as the core of modern enterprise system, in which plays an important role. In company governance, how to solve the problem of agency entrusted between shareholders and managers has been the focus of world’s studying .The equity-based incentive, which gets the interests together between the shareholders and managers, and reduces the principal-agent problem effectively. In the developed countries, the equity-based incentive as the core of company governance is applied by many companies, and contributes to improve the companies for their business efficiency and competitiveness. With the establishment of a modern enterprise system in our own country, the equity-based incentive was begun to apply. However, due to the different condition of our country, the imperfect market and legal system; in addi