股权激励机制在公司治理中的作用.doc

摘要 公司治理问题包括高级管理阶层、股东、董事会和公司其他利益相关者的相互作用中产生的问题，公司治理问题的核心是解决所有者和经营管理者之间的“委托—代理”的问题。如何解决公司大股东追求股东价值最大化和经营管理者追求自身报酬最大化和人力资本的增值的趋同，股权激励是将二者结合起来的最好工具。 股权激励是公司以自己的本公司的股权为根本，将公司的股权分发给经营管理者，从而达到对经营管理者实施中长期的激励，进而形成经营管理者与所有者利益取向相同、利益共赢。股权激励最显著的特点就是实现了公司价值与经营管理者薪酬紧密结合。 股权激励具有激励、约束及与经营管理者自我实现的作用。 通过公司治理价值内核、企业内部治理结构、激励对象的行为影响三个方面可以认识股权激励对公司治理更趋合理的传导和影响。 股权激励在我国的实施过程中还存在很多问题，要使股权激励实施真正对完善公司治理，提高公司经营管理和规范运作水平起到应有的作用，我们还需要从企业外部（资本市场、职业经理人市场、股权激励实施法规）和企业内部（公司治理结构、财务治理、业绩考核体系）等诸多方面进行完善。 关键词：股权激励 股权激励作用 股权激励实施建议 Abstract Corporate governance issues include those arising from the interaction between senior management, shareholders, board of directors and other stakeholders. The core of corporate governance issues is to solve the principal-agent problem between owners and managers. How to solve the convergence between the maximization of shareholdersvalue by major shareholders and the maximization of returns by managers and the increment of human capital? Equity incentive is the best tool to combine the two. Equity incentive is that the company distributes the companys equity to managers based on its own companys equity, so as to achieve long-term and medium-term incentives for managers, and then form a win-win situation in which managers and owners share the same interest orientation. The most notable feature of equity incentive is the combination of company value and management compensation. Equity incentive has the function of encouragement, restriction and self realization by managers. Through three aspects: the core of corporate governance value, the internal governance structure of enterprises and the behavior influence of incentive objects, we can understand the more reasonable transmission and influence of equity incentive on corporate governance. There are still many problems in the implementation of equity incentive in our country. In order to make the implementation of equity incentive play its due role in improving corporate governance, improving company management and sta