股票期权制度研究

发布时间：2018-03-14 21:12

本文选题：股票期权　切入点：委托代理　出处：《郑州大学》2005年硕士论文　论文类型：学位论文

【摘要】：激励与风险并存的股票期权制度在理论上和实践中争议颇多。本文从分析股票期权一般理论出发,在对股票期权所涉及的基本法律问题开展较为系统探讨的基础上,重点就我国股票期权进行了实证考察和问题解析,并结合中国国情提出了解决中国股票期权法律问题的若干思路。股票期权制度这一舶来品如若能够在制度传播的进程中,伴随着本土环境的改造达到“创造性的转化”的境界,那么这样的引进将是成功的。本文试图为促进这一目标的实现作出努力。股票期权的涵义、法律特征、理论基础以及价值等构成股票期权的一般理论。股票期权是指经营者享有在与企业约定的期限内,以某一预先确定的价格购买一定数量本企业股票的权利。其法律特征主要体现为:限定性、选择性、激励性、股票流通性和股东决策性。它建立在委托代理理论、人力资本价值理论和激励效益理论的理论基础之上。文章分析了股票股权所体现在经理和公司两个方面的价值,认为它是一种旨在解决企业“委托代理矛盾”,“以未来收益激励现在奋斗、以长远发展约束短期行为”的制度安排。股票期权的基本法律问题主要包括三个方面,即股票期权行权股票来源中的法律问题、股票期权授予中的法律问题和股票期权行权中的法律问题。本文以在美国等西方发达国家得到广泛应用的成熟做法为参考,力图在一个经济制度中分析其中的法律问题,并将两者紧密联系起来探讨。首先,涉及股票期权行权股票来源中的法律问题。公司必须储备一定数量的股票,才能实行股票期权计划。国外的通行做法有三种:发行预留、增发新股与股份回购。其次,在股票期权授予方面,主要牵涉到授予和管理主体、授予时机和数目等法律问题。最后,在概括股票期权行权中的法律问题时,分析了行权价格、行权方式、等待期和实施计划的执行和调整等要素。中国股票期权的实证考察与问题解析是本文研究的重点。股票期权的实施对中国公司具有典型的时代需求意义,因为它可以平衡各方,是一种双赢策略。通过述评现阶段中国股票期权计划的运行实践,比较我国股票期权实践模式与国际惯例做法的差异,发现我国的“股票期权”不是真正意义上的股票期权。这种具有中国特色的激励机制是在我国现有法律体系所能容纳的限度下形成的,
[Abstract]:The system of stock option, where incentive and risk coexist, is controversial in theory and practice. Based on the analysis of the general theory of stock option, this paper makes a systematic discussion on the basic legal issues involved in stock option. This paper focuses on the empirical investigation and problem analysis of stock options in China, and puts forward some ideas to solve the legal problems of stock options in China in the light of China's national conditions. With the transformation of the local environment to the level of "creative transformation", such an introduction will be successful. This paper tries to make efforts to promote the realization of this goal. The meaning, legal characteristics, theoretical basis and value of stock option constitute the general theory of stock option. The right to buy a certain number of shares at a predetermined price. Its legal characteristics are: limitation, selectivity, incentive, stock circulation and shareholder decision-making. It is based on the principal-agent theory. On the basis of human capital value theory and incentive benefit theory, this paper analyzes the value of stock ownership in two aspects: manager and company. It is considered to be a kind of institutional arrangement which aims at solving the "principal-agent contradiction", "encouraging the present struggle with future income, and restraining short-term behavior with long-term development". The basic legal problems of stock option mainly include three aspects, namely, the legal problem in the stock source of stock option exercise. The legal problems in the granting of stock options and the legal problems in the exercise of stock options. This paper tries to analyze the legal problems in an economic system with reference to the mature practices widely used in western developed countries such as the United States. First of all, it involves the legal problems in the stock source of stock option exercise. The company must reserve a certain number of stocks in order to implement the stock option plan. Secondly, in the aspect of granting stock option, it mainly involves the subject of grant and management, the timing and number of grant, etc. Finally, when summarizing the legal problems in the exercise of stock option, it analyzes the price of exercise right. Mode of exercise, waiting period and implementation and adjustment of the implementation plan. The empirical investigation and problem analysis of Chinese stock option is the focus of this paper. The implementation of stock option has typical time demand significance for Chinese companies, because it can balance all sides. It is a win-win strategy. By reviewing the current practice of stock option plan in China, this paper compares the difference between the practice mode of stock option in China and the practice of international practice. It is found that the "stock option" in our country is not a real stock option. This kind of incentive mechanism with Chinese characteristics is formed within the limits of the existing legal system of our country.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2005
【分类号】：D922.291.91

【相似文献】