股权激励在中国企业中的应用研究.pdfVIP

弋r 摘要 帐期以来，中国企业经营者的激励和约束机制一直是广为关注的 ＼ 热点话题——企业经营者的薪酬和企业的业绩脱离，经营者利益得不 到保障，并由此加剧了“委托一代理”矛盾，损害股东利益，企业缺 乏发展的内在动力。一段时期以来，尽管政府为此出台了工效挂钩制、 承包制、重奖制、年薪制等一系列方案，但由于政策环境、经济环境、 社会文化和企业内部条件等诸多因素的影响，，国有企业经营者的激励 V 和约束机制问题始终没有得到有效的解决，】许多国有企业在市场经济 √ 环境中仍然维持着传统体制框架下形成的分配制度和经营方式。而在 现代竞争日趋激烈的市场经济中，其他各类企业在对经营者的激励和 约束方面也存在着机制缺陷，并日益成为企业持续发展的“瓶颈”。 纵观西方企业近30年的发展，股权激励是最富成效的激励制度之 一，并对企业的快速发展和国民经济的持续增长产生了显著的推动作 用。股权激励是一项关系到企业和国民经济发展的系统工程，方案的 专业性、规范性和可操作性将直接影响其效用的发挥。本文从理论、 实务操作、案例分析和政策法规等多方面，探讨了适合中国不同企业 的股权激励方案和实施过程。同时分析了在中国现实情况下实行股权 激励的种种障碍，并提出了解决思路。 关键词：股权激励、委托一代理、人力资本、砖沌厂 Abstract Theincentive—restrictiveof has system enterprisemanager been in and discussedchinafora time．For widelyhotly long ● no has ontheir enterprisemanagers’payment achievement， bearing their be interestscan’t well protected．That’s whytrusting— conflictmoreseriOUS．Andinturnshareholders’ deputizinggets interestsare and are ofinternal destroyedenterprise lacking of momentum the has development．So far，though government work—effectlinked designed system，high system，contracting bonus andannual incentive- system salarysystem，the restrictive ofstate owned has system enterprise notbeen manager laidout state efficientlyyet．Manyowned still enterprises maintained theirdistributiveand method system formed managing under in traditionalframe．Andthe market—oriented economy which becharacterizedofsevererand severer competition，the otherkindsof alsohave defectsinterms enterprisessystematic of stimulation to andrestriction ithasbecomethe manager．And of bottleneck sustainable development increasingly． backthe of to western inthe Looking developmententerprises near30 stimulation isthe years，stock system mosteffective andefficient it one．And tothe providesprominent propulsion of and of rapiddevelopment sustainable enterprises growth domestic Stockstimulationrelatesto economy． system of development and enterprisedomestic economy．The professjonaljsm， and regularitiesexercisable ofthis ability have system influenceon great its utility．Thisarticle