毕业设计（论文）-国有企业经理人期权激励问题研究.doc

摘 要 我国的国有企业，在传统的计划经济体制下，既缺乏机动机制，又缺乏约束机制，运转效率十分低下。目前以股份制为主体的现代企业制度改革，取得了有目共睹的成就。但是，动力不足、约束无效的弊端仍然未从根本上解决问题。这种情况下国有企业引入经理人股票期权具有了重要的现实意义。 中国的股票期权激励制度经历了从无到有，从试点到大范围推广的过程。在这一过程中，国有企业经理人期权激励机制在实施过程中出现了很多问题，如国有企业治理结构不完善、缺乏有效的经理人市场、证券市场有效性不足等问题。因此，必须完善国有企业的治理结构，建立多元化的股权结构，发挥独立董事作用，加快形成完善的职业经理人市场，建立有效的证券市场。只有这样，才能更好的完善国有企业经理人期权激励机制，才能有效地促进国有企业的进步和发展。 关键词：期权激励机制；股权结构；内部人控制；经理人市场 Abstract Chinas state-owned enterprises, in the traditional planned economy, both lacks the mobile mechanism and the lack of constraint mechanism, the running efficiency is very low. At present by share-holding system as the main body of the modern enterprise system reform, has obtained the obvious achievements. But, the power shortage, constraints, invalid shortcomings still not from less to solve problems. This from cases state-owned enterprises into stock options have the manager important practical significance. Chinas stock option incentive system from scratch, from experienced pilot to big range promotion process. In this process, the state-owned enterprise managers option incentive mechanism in the process of implementing a lot of problems have arisen, such as the state-owned enterprise governance structure are imperfect, the lack of effective manager market, securities market efficiency such problems. Therefore, we must improve the state-owned enterprise governance structure, building a diversified ownership structure, play a role of independent directors, accelerate the establishment of a perfect market for professional managers, establish effective securities market. Only in this way can we better improve state-owned enterprise managers option incentive mechanism, can be effectively promoted the progress and development of state-owned enterprises. Keywords: Option incentive mechanism; Equity structure; Insider control; Manager market 目 录 一、国有企业经理人期权激励机制的发展现状 （一）期权激励的原理及作用………………………………………………………1 （二）国有企业经理人期权激励的发展历程及现状………………………………2 二、国有企业期权激励机制实施中出现的问题 （一）国有企业治理结构不完善……………………………………………………