经营者股票期权的若干理论和实务问题研究.pdf

Abstract Executive stock option(ESO)，dated from America in 1 970s，refers to operator’ right to purchase certain amount oftheir company’S comnlon stock at a pre—fixed price during a specified period，which is granted by the incorporated company on the approval of general meeting of shareholders，Executive stock o埘on，as an incentive system in modem corporate，aims to bring effective long-term incentives to operators and thus to realize the binding of interests between operator and shareholders． However,researches on this new legal system are still at the initial stage in our country This thesis employing the integrating of theories and practice elaborates on this topic． In Chapter One，this article discusses ESO’S concept．，and pros and cons of ESO，and main content of ESO legal system in foreign countries．In Chapter Two，this article using others’research achievements for reference expounds On characteristics of law, legal nature，law relation of ESO．In Chapter Three，this article discusses ESO plans and agreement of conferring ESO．In Chapter Four,this article introduces the practice conditions of ESO in our country．It points out that ESO system in operation in Our country is essentially an expectant stOck rather than an option．and it obviously lags behind．In Chapter Five，this article analyses law obstacles to the practice of ESO system，and then offers solutions．This article suggests that the establishment of ESO legal system is a systematic project that will involve scores of branch laws．It states a framework witll corporate law as its beam．assisted by relating regulations in securities law,tax law,accounting law,and labor law,will eventually develop into a complete and perfect ESO legal system． Key words：Executive stock option theory ofoption practice ofoption II 引言 中国经济正在经历一场深刻的制度变迁，加入WTO后大大加速了这一变迁的 进程，企业开始面临全面开放带来的挑战和机遇。我国企业要具备世界性的竞争 力，企业体制必须充满生机与活力，这就要求建立产权明晰、管理科学、激励与 约束相结合的现代企业制度。而现代企业制度的基本特征之一是所有权与经营权 相分离，股东与经营者之间的关系是“委托一代理关系”，由此产生“代理成本” 问题。【l】因此，如何对企业经营者进行有效的激励，以调动经营者