经理股票期权研究

【作者】 陈勇；

【导师】 陈友邦；

【作者基本信息】 东北财经大学 ， 会计学， 2005， 硕士

【摘要】 完善的公司治理结构由约束机制和激励机制两部分构成。而我国企业,尤其是国企中激励机制的不健全由来已久。虽然我国企业已经进行了诸如扩大企业自主权、承包制、年薪制等做法,激发了经营者的积极性,但却诱导了短期行为的发生。而产生于美国的股票期权为我国企业的这一改革提供了一个新的思路。尽管经理股票期权在中国的实践已有三、四年的时间,但由于中国现实条件的限制,真正意义上的股票期权并没有得到实施,而是演变出了很多的相近的股票期权模式,这些模式各有其优缺点,为真正的股票期权在中国的实行进行了有意义的探索。本文旨在前人理论研究成果的基础上,结合经理股票期权在中国的实践情况,对这一制度在我国的前景进行讨论。 本文共分为四个部分: 第一部分是对经理股票期权的概述。首先介绍了经理股票期权的内涵、特点及其一般的实施环节,其后是经理股票期权的分类,介绍了激励型与非标准型股票期权各自的特点、比较及两者之间的相互转化。最后是对股权激励其它形式的简介,并将其与经理股票期权进行了区分。 第二部分探讨经理股票期权的理论依据及其实施的必要性。理论依据主要介绍了期权理论、委托—代理理论和人力资本理论。其后,从完善公司治理结构的角度谈了实施经理股票期权的必要性。 第三部分探讨在目前的形势下经理股票期权与创业板结合的可行性。首先介绍了到目前为止我国企业实施经理股票期权的现状,总结其特点。然后,在此基础上说明我国目前实施真正的经理股票期权存在的障碍。最后,为使经理股票期权得以实施,探讨其与我国创业板市场结合的可行性,得出在现有条件下可以先在创业板上实行股票期权的结论。 最后一部分对经理股票期权进行冷思考。说明其负效应和其可能带来的道德风险。更多还原

【Abstract】 A sound structure of Corporate Governance consists of restraint mechanism and motivation mechanism. However, as to the enterprises in China, especially in the state-owned enterprises, the imperfection of motivation mechanism has been existing for a long time. Although some reforms have been taken, which motivated the initiative of the managers, they lead to the short-term conducts. Meanwhile, stock option born in America provided a new way to tackle this problem. Although stock option emerged in China three or four years ago, the real mechanism still were not implemented for the sake of China’s realistic conditions. What we called ’stock option’in China with merits and demerits as well were indeed transformed from the west, and paved the way for the implementation of the real one. The dissertation intends to discuss this system on the basis of the existing achievements and the practice in China.The dissertation is divided into four parts:The first part is the general narration of stock option, which is started with the definition, characters and the general implementation processes. Secondly, the classification of stock option is introduced. At last, some other incentive methods by stock are presented.The second part is about the theoretical foundations and the necessity of stock option. The former is mainly about option theory, principal-agent theory and human capital theory. Then I discuss the necessity of implementing stock option in the perspective of perfecting the Corporate Governance.The third part is about the possibility of combining the Manager stock option with growth enterprise market under China’s present circumstances. Firstly, the present situation of stock option followed by its characteristics is introduced. Thenit comes to the existing barriers of executing the real stock option. At last, for the purpose of implementing the real stock option, I research on the likelihood of incorporating it with our newly-established growth enterprise market, making a conclusion that it can be done in this stock market for the time being in China.The last part is the cool consideration on stock option, which is mainly about the negative influents and the possible moral risks it will bring.更多还原