股票期权激励机制理论及其在我国应用研究.pdfVIP

ABSTRACT These years，in order to attract，encourage and keep staffs，more and more companies have adopted Sock Option．In Western countries，especially in The United States，Stock 0ption has ever bccn considered its the key factor for the SUCCess and development of modern companies But after the emergence of Enron event,Stock Option has been believed as the factor that guides Amebean companies to publish their performance in the deception way to increase the stock price Some scholars in our country bcgml to have doubt on continuing to apply Sock Option in our eoun舡y Stock option is available or not in our present environment?What kind of important problems will occur in the executing process?How to improve it?All these are the main content which this dissertation wilI study． This dissertation is divided into six parts．First。this dissertation discusses the study background and purpose and generalizes the past researching results．Chapter one simply introduces the Stock Option，which is made up of theoretical foundation， poskive and negative influences and the status quo about the overseas application of the Stock Option At this basis，chapter two discusses the necessity and feasibility about the application of the Stock Option in our coRntry．Then chapter three simply depicts the practice of the Stock 0pdOil in our COlIntry,Chapter four deeply studies the obstacles the implememation ofthe Stock Option in our country will face In the end，chapter five provides some advice for better application of the Stock Option 011 the foundation． Key Words： Stock opdon， Incentive mechanism Obstacles ofthc implementation 股票期权激励机制理论及其在我国的应用研究iiii宣宣iml T-iii宣iiii宣iiiiiiii每i|宣昌宣iiiii；譬iiiiii羞宣i嗣 引言 自从上世纪50年代以来，股票期权对公司的发展一直发挥着相当大的激励 作用，对高科技企业尤为如此，最值得炫耀的“业绩”当属美国的硅谷奇迹。然 而，令人遗憾的是，近几年来股票期权能否继续实施受NT--些N内外学者的广 泛质疑。这些质疑与国内外发生的～系列事件有关。2001年，世界能源巨头、 排名财富杂志世界500强第20位的美国安然公司爆出财务丑闻：三年虚报利润 近6亿美元，然而该公司居然还在2000年发行了价值1．55亿美元的股票期权。 2003年5月，深圳证管办下发了要求中兴通讯(000063)限期整改的通知，其 焦点就是中兴通讯未经董事会审议而实行的期权制度。2003年7月8日，微软 宣告取消