我国上市公司股权激励问题及对策的研究-基于伊利股份.doc

PAGE PAGE 30 我国上市公司股权激励问题及对策的研究-基于伊利股份 摘要 股权激励作为一种对管理层激励的有效方式，在公司激励机制中发挥着重要的用。我国上市公司股权激励目前尚处于探索阶段，实施股权激励计划的上市公司数量较少，股权激励计划所涉及的标的股票占上市公司总股本的比重较低。股权激励的具体方式以股票期权方式为主，用于激励的标的股票来源较广。股权激励在西方发达国家已经得到了广泛应用，被实践证明是比较有效的企业激励机制。股权激励有助于克服“内部人控制”失控问题，在一定程度上还可以克服因收入分配制度滞后而带来的企业高管层的行为异化，保持或提升企业竞争力，解决传统激励机制弊端，有助于企业资本德战略性调整和有效配置。现代企业理论和国外实践也证明，股权激励对于改善公司治理结构，降低代理成本，提升管理效率增强公司凝聚力和市场竞争力等方面确实发挥了非常积极的作用。本文从我国上市公司股权激励现状入手，深入分析了股权激励的内外影响因素，找到了股权激励在我国上市公司存在的几点问题，最后提出几点相对应的建议和对策。 关键词：上市公司股权激励问题建议 Abstract Equity incentive as an effective way of management incentives, plays an important role in management incentives. Listed Companies in China is still in the exploratory stage incentive, equity incentive plan small number of listed companies, equity incentive plan involving the underlying stock listed companies accounted for a lower proportion of the total share capital. Incentive stock options, the specific method to form the main source of the underlying stock for a wide incentives. Equity Incentive in western countries has been widely used, has been proven to be more effective corporate incentives. Equity Incentive help to overcome internal control out of control problem, to a certain extent, can overcome the lag distribution system brought about the behavior of corporate executives layer of alienation, maintain or enhance the competitiveness of enterprises, solve the drawbacks of the traditional incentives to help enterprise capital and efficient allocation of German strategic adjustment. Theory and practice of modern business abroad also shows that equity incentives to improve corporate governance, reduce agency costs, improve management efficiency, enhance the company such as cohesion and market competition has indeed played a very active role. This incentive from our status quo of Listed Companies, in-depth analysis of the impact of factors internal and external equity incentive, equity incentive found the existence of listed companies in China a few points, corresponding to the las