国有上市公司经营者股票期权激励制度的研究.pdfVIP

国有上市公司经营者股票期权激励研究 据第三章的分析，总结出我国目前国有上市公司经营者股票期权激励过程 中存在的问题，为下文做好铺垫。第五章引入了美国、日本等国家实施经 营者股票期权激励制度的模式及经验，为第六章了提供了经验支撑。第六 章主要针对我国国有上市公司设计了一套经营者股票期权激励制度，主要 包括股票期权计划的设计原则、股票期权计划的制定与批准、受益人范围 的确定、股票来源的确定、行权价的确定、行权时间的确定、赠予数量的 确定等，基本构建了国有上市公司经营者股票期权激励制度的中国模式。 在确定股票期权行权价时引入指数化的思想，并利用black---schole模型 确定股票期权的内在价值，这也为本文的主要创新之处。第七章根据我国 现实情况，提出了规范经营者股票期权激励行为的对策措施，可以为我国 国有上市公司进一步推行经营者股票期权激励制度提供良好的政策与制 度环境。第八章为结束语，指出本文的结论、局限，及今后将要努力的方 向。 关键词：国有上市公司 股票期权激励制度 设计 Ⅱ 一．． 些查奎些奎堂堡主堂垡笙塞 ．．——●_-__——_--l—●_——-—————-_————————————_—_———————————一一 Abstract With the separation of ownership rights and management rights，the enterprise．Acting problem emerged gradually，the issue of encouragmg bebomes tO the major factor which constraints the development of the modem componies．For a long time，structural imbalances and incentive strength has been臼．0ubled listed companies of state-owned，listed companies of State．owned make the fundamental motivation for the development of the issue h嬲not been soluted，SO the clients how to design a set of effective i11centive SiStem and restraint mechanisms to meet the agents’order that maxirnize吐圮individual interests of enterprises and to maximize profR at the saIne tiIlle now becomes to the f戤problem which the company to solve· Stock options originated in the 1 970s in the United States，after years of practice in the western developed countries，its considered tO be the effective way tO solve the problem of long-term incentive and enhance the compefitiveness of companies．As the advancedrnent of share-trading reform of Chinas listed companies and the amendments of”Company Law。， ·，Sec毗ies Law”，and the publishedment of”shares of listed companies incentive management approach”，The environment of Chinas listed oo瑚lDanies tO implement the system of incentive stock options has improved， and it has provided good opportunities for development and guidelines more· However．with”Enrod’occurred，we grad砌ly realized that this system is a ”double．edged sword”，we should treat it rationall