我国股票期权激励法律制度研究
发布时间：2018-12-12 16:24
【摘要】：股票期权激励制度作为一项长效激励机制，自其产生以来便对企业激励制度的构建和完善奠定了坚实的基础。经过半个多世纪的不断变革和发展，股票期权激励制度已经在全球范围内得到广泛推广，并且越来越多的被运用在企业管理当中，成为企业最有效的一种激励机制。但是，该项制度也不可避免地具有两面性，即在这柄“双刃剑”为公司发展不断提供助力的同时，潜伏于其中的道德风险也日渐显示出其惊人的破坏力。2001年底，曾经盛极一时的美国安然公司迅速破产，股权激励制度下的公司欺诈问题成为人们热议的话题，也正是从这时开始，如何在促进股权激励制度正面效应的同时约束其负面效应成为学界研究的重点所在。在我国，股权激励制度的发展仅仅二十余载，在理论和实践方面与国外先进国家还存在很大差距：在理论上，研究的广度与深度都还有待加强，尤其是需要进一步增强核心制度与配套制度的契合性研究；在实践上，尚不健全的公司治理结构无法为股权激励制度提供发展平台，而处在发展初期的资本市场更是为其激励效果的实现设置了巨大障碍。以此为背景，本文选择以美国作为对比研究的范例，旨在期望通过对比美国的股权激励制度为完善我国相关制度提出有益探索。 本文共包含六个部分，除了引言和结语外，其余四部分的主要内容如下： 第一部分，“股票期权激励制度概述”。该部分首先明确了股权期权的定义、特性与法律属性，并特别对比辨析了股票期权激励与其它相关股权激励；其次，分别从委托代理理论、人力资本理论、利益相关者理论和公司治理理论四个维度剖析了股票期权激励制度的理论基础；最后着眼于该制度的两面性，在深入研究其正面效应的同时也积极总结其负面效应，，力求全面揭示取票期权制度的综合效应。 第二部分，“我国股票期权激励制度的本土化实践及评析”。该部分以梳理我国股票期权激励制度的发展历程为基础，从授予主体、授予对象、股票来源等七个角度阐释我国股票期权激励制度的基本框架，重点提出法律规范体系不健全、 核心制度设计不完善与配套机制不充分三方面的不足，并结合具体制度进行了深入剖析。 第三部分，“美国股票期权激励制度评介及对我国的启示”。该部分以美国为研究样本，在简单介绍美国股票期权激励制度的产生与发展脉络后，系统研究了现有制度的法律体系、核心制度与配套制度三方面内容，并就其中值得借鉴吸收的部分进行了详细阐述。 第四部分，“完善我国股票期权激励制度的法律建议”。作为整篇论文的重点，该部分以第二部分提出的制度不足为目标，结合第三部分介绍的美国经验为参照，从健全股票期权激励的法律规范体系、完善股票期权激励的核心制度、充实股票期权激励的配套制度三个角度出发，详细阐述了完善我国股票期权激励制度的路径与对策。
[Abstract]:The stock option incentive system, as a long-term incentive mechanism, has laid a solid foundation for the construction and improvement of the enterprise incentive system since its production. After more than half a century of continuous change and development, the stock option incentive system has been widely promoted in the world, and more and more is applied in the enterprise management, and becomes the most effective incentive mechanism of the enterprise. However, the system inevitably has two sides, that is, when the double-edged sword provides power for the development of the company, the moral hazard lurks in it is also showing its devastating destructive power. At the end of 2001, the United States Enron Company, which used to be a very short time, went bankrupt. The issue of corporate fraud under the system of equity incentive has become a hot topic, and it is from this time that how to restrain the negative effect of the positive effect of the equity incentive system becomes the focus of the research of the academic circle. In our country, the development of the equity incentive system is only twenty-one, and there is a great gap in the theory and practice with the advanced countries in the world: in theory, the scope and depth of the research are still to be strengthened, in particular, it is necessary to further enhance the fit of the core system and the supporting system. On the other hand, the unsound corporate governance structure cannot provide the development platform for the equity incentive system, and the capital market in the early stage of development has set a great obstacle to the realization of the incentive effect. Based on this background, this paper chooses the United States as an example of the comparative study, and it is to look forward to the beneficial exploration of the improvement of the relevant system in China by comparing the American equity incentive system. In addition to the introduction and the conclusion, the main contents of the four parts are as follows: 涓嬶細 绗竴閮ㄥ垎,鈥淎n Overview of the Stock Option Incentive System鈥
本文编号：2374903
[Abstract]:The stock option incentive system, as a long-term incentive mechanism, has laid a solid foundation for the construction and improvement of the enterprise incentive system since its production. After more than half a century of continuous change and development, the stock option incentive system has been widely promoted in the world, and more and more is applied in the enterprise management, and becomes the most effective incentive mechanism of the enterprise. However, the system inevitably has two sides, that is, when the double-edged sword provides power for the development of the company, the moral hazard lurks in it is also showing its devastating destructive power. At the end of 2001, the United States Enron Company, which used to be a very short time, went bankrupt. The issue of corporate fraud under the system of equity incentive has become a hot topic, and it is from this time that how to restrain the negative effect of the positive effect of the equity incentive system becomes the focus of the research of the academic circle. In our country, the development of the equity incentive system is only twenty-one, and there is a great gap in the theory and practice with the advanced countries in the world: in theory, the scope and depth of the research are still to be strengthened, in particular, it is necessary to further enhance the fit of the core system and the supporting system. On the other hand, the unsound corporate governance structure cannot provide the development platform for the equity incentive system, and the capital market in the early stage of development has set a great obstacle to the realization of the incentive effect. Based on this background, this paper chooses the United States as an example of the comparative study, and it is to look forward to the beneficial exploration of the improvement of the relevant system in China by comparing the American equity incentive system. In addition to the introduction and the conclusion, the main contents of the four parts are as follows: 涓嬶細 绗竴閮ㄥ垎,
本文编号：2374903
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