上市公司股票期权激励制度的法律问题研究

发布时间：2018-05-08 19:13

本文选题：股票期权 + 股票来源　；参考：《上海外国语大学》2017年硕士论文

【摘要】：2005年,我国开始实施股权分置改革,顺应这一潮流的《公司法》和《证券法》相继出台,成为我国上市公司股票期权激励制度的法律基础。同年12月,证监会发布《上市公司股权激励管理办法(试行)》,对我国上市公司进行股票期权股权激励措施,做出了明确的规定,进一步为我国实施股票期权激励制度扫除了法律上的障碍,大多数上市公司在此期间也展开了其股票期权激励的实践。2016年,《上市公司股权激励管理办法》正式出台,对于上市公司股权激励实践中出现的问题予以了回应,在原有的基础上解决了部分已存在的问题。但与此同时,我国股票期权激励实践中仍存在法律障碍。因此,从法律的角度,结合公司法、证券法、股票期权相关的法规,研究股票期权激励制度中所存在的法律问题,指出我国上市公司实施股票期权所面临的法律障碍,并对其提出完善的建议,为以后上市公司实施股票期权激励方案提供正确的指引,显得尤为重要。在立足我国国情的基础上,适当借鉴股票期权起源地美国的股票期权制度方面的经验,以完善我国与股票期权激励相关的法律法规,以发挥股票期权激励制度的效用,激励高级管理人员,调动员工的工作积极性,提高企业的生产效率,真正促进上市企业的持续发展。上市公司股票期权不同于金融市场衍生品的期权。股票期权是一种长期性的激励方式,是公司授予激励对象在未来满足一定条件以一定的价格购买一定公司份额股票的权利。上市公司股票期权具有可选择性、无偿性兼有偿性、人身性的法律特征。股票期权授予合同是双务合同,是附义务的赠与合同,而股票期权的法律性质应当按授予阶段和行权阶段来分别看待。股票期权的理论学说有“委托代理理论”、“人力资本理论”、“法人治理结构理论”。上市公司股票期权在实施中,主要面临被授权主体和股票期权计划具体内容中所存在问题的制约。被授权主体中存在的问题:一是规则内容的冲突,二是被授予主体范围过小,可适当地扩大。股票期权计划具体内容中主要选取了股票来源和行权方面存在的问题来进行分析。股票来源中存在的法律问题体现在定向增发、回购、大股东转让和库存股四个不同来源中所存在的问题;行权方面存在的问题主要体现在授予数量、行权价格、行权资金、行权时间和重定价方面。上市公司股票期权在管理中,主要面临的问题主要体现在股票期权争议的性质认定、股票期权的信息披露和股票期权的税收管理。股票期权争议的性质认定,表现为股票期权争议纠纷在司法诉讼中处理不明,实践中有按照劳动法律关系调整,也有按照一般民商事法律关系调整。信息披露制度中的问题在我国主要表现为宏观上披露信息的不及时、不充分;微观上未充分披露激励对象的个人信息。股票期权的税收管理上存在的问题,主要是股票期权的个人所得税征收过高,股票期权的企业所得税相关规定欠缺。针对我国股票期权实施和管理中存在的问题,应当完善我国股票期权激励制度。从股票期权制度内部方面要完善股票期权自身法律法规。一是要建立健全股票期权法律保障体系;二是要完善我国股票期权制度中存在问题的法律法规。从股票期权制度外部,要建立与之相适应的管理制度,例如明确股票期权争议的性质认定、税收以及信息披露制度。股票争议性质的认定中要识别劳动关系与普通民商事关系,将劳动者资格的问题独立出来,由劳动法进行调整,剩余争议由普通民商事法律进行调整;税收制度中要明确股票期权中关于个人所得税与企业所得税的规定;信息披露制度中要建立专项或临时股票期权信息披露,加强对激励对象个人信息的披露。
[Abstract]:In 2005, China began to implement the split share reform, which was followed by the company law and the securities law, which became the legal basis for the stock option incentive system of the listed companies in China. In December of the same year, the SFC issued the stock option incentive management method for listed companies (Trial), and carried on stock option incentive measures to listed companies in China. We have made clear regulations to further remove the legal obstacles to the implementation of stock option incentive system in China. Most listed companies also launched the practice of stock option incentive in the.2016 years. In response, some existing problems have been solved on the basis of the original basis, but at the same time, there are still legal obstacles in the practice of stock option incentive in our country. Therefore, from the legal point of view, the legal problems in the incentive system of stock options are studied in combination with the laws of company law, securities law and stock option, and the listed companies in China are pointed out. It is particularly important to implement the legal obstacles faced by the stock options and provide the correct guidance for the future listed companies to implement the stock option incentive scheme. On the basis of our national conditions, we should draw on the experience of the stock option system in the United States to perfect the stock option system in order to improve our country and stock. It encourages the relevant laws and regulations to give full play to the utility of the incentive system of stock options, to motivate the senior managers, to mobilize the enthusiasm of the employees, to improve the production efficiency of the enterprises and to promote the sustainable development of the listed companies. The stock options of the listed companies are different from those of the derivatives in the financial market. The incentive mode is the right of the company to grant the incentive object to meet certain conditions at a certain price in the future. The stock options of the listed company are optional, free and compensable, and the personal legal characteristics. The stock option contract is a double contract, a gift contract with the obligation, and the stock period. The legal nature of the right should be treated separately according to the stage of granting and the stage of power. The theory of stock options is "principal-agent theory", "human capital theory" and "corporate governance structure theory". In the implementation of listed companies, the stock options are mainly faced with the problems in the specific content of the authorized subject and the stock option plan. The problems existing in the authorized subject are: the first is the conflict of the rules and contents, the two is that the scope of the subject is too small and can be extended locally. The specific contents of the stock option plan mainly select the problems existing in the source and the right of the stock. The legal problems in the stock source are embodied in the directional increase, the repurchase, the big stock. The problems existing in the four different sources of the East transfer and stock stock; the main problems in the aspects of the right to exercise are the quantity, the price, the capital, the time and the pricing of the stock options. In the management of the stock options of the listed companies, the main problems facing the stock options are mainly in the nature of the stock option dispute, and the letter of the stock option. Interest disclosure and stock option tax management. The nature of the stock option dispute shows that the dispute dispute in the stock option is unidentified in the judicial proceedings. In practice, it is adjusted according to the labor law relationship, and also in accordance with the general civil and commercial legal relations. The problems in the information disclosure system are mainly manifested in the macro disclosure letter in China. The interest rate is not timely and insufficient; the personal information of the incentive object is not fully disclosed at the micro level. The problems existing in the tax management of stock options are mainly the exorbitant expropriation of the individual income tax of the stock option and the lack of the relevant regulations on the enterprise income tax of the stock option. National stock option incentive system. From the internal aspects of the stock options system, we should perfect the laws and regulations of stock options. One is to establish and improve the legal security system of stock options; two, to perfect the laws and regulations in the stock options system in China. To identify the nature of the stock option dispute, tax and information disclosure system. The nature of the stock disputes should be identified by identifying the relationship between labor relations and ordinary civil business, independent of the problem of labourer qualification, adjusted by labor law, and the remainder dispute adjusted by the law of ordinary civil and Commercial Law; and the stock option should be clearly defined in the tax system. In the information disclosure system, the information disclosure of special or temporary stock options should be set up in the information disclosure system, and the disclosure of personal information of the motivating object should be strengthened.

【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287;D922.291.91

【参考文献】