【作者】 徐丽；

【导师】 张友棠；

【作者基本信息】 武汉理工大学 ， 会计学， 2007， 硕士

【摘要】 随着跨国公司的不断涌入，竞争激烈的市场经济在给企业带来机遇的同时，也使得企业的发展面临着已有经理人的稳定和新的人才引进的危机。目前我国上市公司流行的薪酬结构激励方式，都主要着重于短期激励，而忽视了长期激励机制效用的发挥。为了激励并约束经理人为企业的长期利益而努力，在上市公司中引入经理人股票期权制度应该是一种有效的方法．因此，对经理人股票期权激励模式进行研究，不但具有理论上的价值，对企业发展的实践也具有指导作用。如何引入股票期权制度对经理人进行有效的激励是理论界和实务界长期以来关注的热点问题之一，本文采用了比较分析与应用分析等方法，分五章对这个问题进行了研究。首先回顾了经理人股票期权研究历程，其次深入分析了其理论依据以及激励效率、经理人激励的业绩基础问题。对股票期权激励效率的测度的探讨是研究经理人股票期权激励的一个重要内容。测量股票期权激励的效率水平，主要是测量经理人报酬对业绩的敏感度。敏感度越高，则表示对经理人的激励效率水平越高。会计基础业绩和市场基础业绩则构成了企业实践中可供选择的经理人激励的业绩基础。再次，实施经理人股票期权制度需要一系列的内外部环境相配合，而不是简单的管理和分配形式的变化。本文比较详细介绍了经理人股票期权激励模式的构建，规范的股票期权计划主要包括七个基本要素：授予主体、授予对象、股票来源、授予数量、行权价格、行权期以及业绩评价指标。这是一个严密庞大的项目，公司一般设立薪酬委员会来专门负责这项工作。最后以中国联通股份有限公司为代表，通过详细的数据资料对比分析，呈现了其自实施股票期权计划以来六年间的具体实施情况，并对其激励效果进行了实证分析。依托经理人股票期权激励模式架构的研究分析证明，在我国目前阶段，股票期权还只是一种薪酬的补充支付方式。．相对于经理人的报酬来说，股票期权所占的比例并不高，激励作用并不明显，没有真正达到实施股票期权计划的目的。但是，随着股票市场的不断成熟和公司治理结构的完善，相信这一制度必将对我国的公司治理、企业改革和经理人的长期激励产生深远的影响。更多还原

【Abstract】 With the pouring of the trans-corporation constantly, highly competitive market economy brings the opportunity to enterprise, and also makes the development of enterprises face the manager’s stability and the crisis of new talent’s introduction. At present ,the popular salary structure of listed company in our country, all mainly focus on encouraging in a short time, and have ignored the utility of long-term incentive mechanism. In order to encourage and restrain the manager from striving for long-term interests of enterprises, it should introduce ESO system in the listed company which is a valid method. Research on incentive mode of ESO, not only have value in theory, but also make a guidance function of enterprise’s development in practice.It is one of the concerned hot questions for the theory and practice how to introduce the system of ESO to carry on effective encouragement to the managers. This thesis took the comparative analysis and applied analysis methods and studied this problem from five aspects. At first, on the basis of reviewing the studying process of executive stock option, the thesis analysed in depth the encouraging efficiency and encouraging form. Discussion the estimates of encouraging efficiency is an important content of studying ESO. Measuring the encouraging efficiency level mainly measure the sensitivity of manager’s remuneration to achievement. The higher the sensitivity is, the higher encouraging efficiency level to the managers. Accounting basic performance and market basic performance form the suitable choosen foundation in enterprise’s practice. Implement of ESO are in need of a series of environment to cooperate, but are not the change of simple management and distribution forms. This thesis has introduced the basic frame of ESO in detail. The normal ESO plan mainly includes seven basic key elements: authorized subject, authorized target, stock source, authorized quantity, executive price, executive date and performance evaluation indexes. This is a tight and huge project. The company generally sets up salary committee to be responsible for this project specially. Finally represented by China Unicom Limited Company, it showed the detailed data materials through comparing and analysing, and appeared that the concrete implement performance of ESO plan during the six years .Also it has carried on the data analysis of encouraging efficiency.Relying on the research and analyse of building up ESO incentive mode ,it proved that the stock option is only the supplementary means of payment at present in our country.As to the manager’s remuneration, the proportion of the stock option is not high. It has not obvious encourage function, and has not really achieved the goal of ESO plan. In addition, it also brought some negative effects demanding prompt solution in implementation. However, with the ripe of the stock market, and the constant completion of company administration structure, we will design and operate the plan scientifically.At last we believe that it will exert a far-reaching influence on company administration structure and enterprise’s reform and the manager’s long-term encouragement.更多还原