【作者】 黄铎；

【导师】 陈爱娟； 陈敬东；

【作者基本信息】 西安理工大学 ， 工商管理， 2002， 硕士

【摘要】 随着我国市场化的不断深入，许多已经适应了计划经济体制的国有企业在激烈的市场竞争面前，显得束手无策。这时有人提出将国有企业推向市场，使其在市场竞争中增强活力，求得生存；也有有人提出应明晰产权，进而增强企业活力，等等。但无论是以竞争求生存还是将产权作为改进企业效率的要素，都是把职业企业家或经营者追求效益的积极性和能力作为“中间变量”来传递产权或竞争对企业效率的作用的。这样如何激励和约束企业家或经营者，使其做出符合所有者利益的决策也就成为了倍受关注的问题了。 同众多的国有企业一样，银河仪表有限公司为了在市场中求得生存和发展进行了改制，从原有的国有企业改制为股份合作制企业。但是由于一些客观原因，企业的改制并不是很彻底，仍存在着许多的问题，如股权过于分散，管理力度不大等问题，严重地阻碍着企业的发展。针对这些问题笔者提出引入期股期权，通过期股期权方案的实施，使管理层成为企业的大股东，并使其一部分收入同企业效益挂钩，形成有效的激励约束机制，诱导出管理层的“正确”行为，最终激发企业的活力。 本文采用了理论联系实际的研究方法，运用了企业家理论、产权理论、委托代理理论以及激励理论等经济学理论，并在对银河仪表有限公司的现状进行了充分研究的基础上，提出了期股期权的具体实施方案，该方案已得到了该公司董事会的认可。本文的探讨对于众多的国有企业建立有效的管理者的激励约束机制有着一定的参考价值。更多还原

【Abstract】 Deepening of Market Economy, many state enterprises, which had been fit in with planned economy feel quite helpless when they face the intensive market competition. So someone advocates that make enterprise join the competition, reinforce the competition capacity and get developing during competition, someone suggests that reinforce the enterprises’ competition capacity through clarifying property-structure, and so on. But whatever method would be adopted, the enterpriser or management would pass the effect of competition or property as a middle-variable. So the problem of how-to stimulate and restrict enterpriser or management, make them adopt ’’right measure" to stand up for the benefit of owner is more important than ever.As some as many state enterprises, Yinhe Instrument co. ltd. reorganized in order to survive in intensive competition. During reorganizing from an old state enterprise to a Stock Cooperate Company, due to some objective reasons, there are still some questions, for example stock equity is egalitarian, management is ineffective, etc. For those questions, author advocates adopting Stock Futures and Options, and the group of management could obtain enough shares to control the enterprise by the project of stock futures and options. At the same time, a part of enterprisers’ income would be linked with enterprise’s performance. Then an effective incentive system would be established, it could motivate the "right behavior" of enterprisers, and strengthen the enterprise’s competition capacity.This article applies four theories: theory of enterpriser, theory of property, theory of agent and theory of incentive. We also took an extensive investigation. On the base of the investigation, combining those theories, wepresented a project of stock futures and options, and the enterprise’s board had accepted the project. The author believes that the topic discussed in this article is valuable to refer for many state enterprises to build some incentive system.更多还原