我国上市公司股票期权法律问题研究

发布时间：2018-05-08 23:11

本文选题：上市公司 + 股票期权　；参考：《辽宁大学》2017年硕士论文

【摘要】：股票期权源于20世纪50年代,80年代前后欧美等西方发达国家开始实施上市公司股票期权,被誉为现代企业激励员工的“金手铐”。而我国最早实施这上市公司股票期权计划的是1992年万科集团,由此新开辟了股票期权在我国资本市场中的新天地。随着2005年上市公司股权分置改革促成了我国上市公司股票期权方案的全面开展。《上市公司股权激励管理办法》于2016年8月13日起实施。这一办法的颁布,对我国上市公司股票期权的发展具有里程碑式的意义,同时营造更为良好的国内法律环境。但由于我国特殊的国内环境,使得资本主义社会的产物在我国成为“鸡肋”。股票期权这一“舶来品”在我国实施中过程中仍然存在相当多的法律问题问题,本文以此为切入点展开选题。本文研究的是我国上市公司股票实施期权存在的法律问题。主要由序言,正文,结语三部分组成,其正文分为四个方面进行探讨。第一部分是对股票期权的总体概括,首先提出了什么是股票期权,其次是关于对股票期权的法律性质进行分析。然后对上市公司股票期权的理论基础进行简单概括,即委托代理理论,契约理论,人力资本产权理论,效率市场假说等等。此章节结合现行理论界和实务界的主流观点,为股票期权在我国的适用提供坚实的理论基础。第二部分主要运用比较的分析方法,通过对美日德等发达国家在上市公司股票期权的立法规定和发展现状进行分析比较,其主要意义在于坚持从我国资本市场和国情出发,在适合我国上市公司现实条件的基础上借鉴其成功的经验和教训。第三部分从宏观和微观的角度对我国实施上市公司股票期权存在的法律问题进行分析,总结存在以下问题厄待解决:如股票期权的来源渠道狭窄,行权条件标准过低,所得收益性质认定不清,信息披露制度不健全等法律问题。第四部分是针对股票期权存在的主要法律问题提出若干法律建议。此部分是本文的重点和落脚点,也是笔者研究股票期权的重要归宿之所在。针对性的提出拓宽股票期权的来源渠道,提高股票期权的行权标准,明确认定股票期权所得收益的性质,规范股票期权信息披露制度等一系列措施来解决上述存在的主要法律问题从而实现其有效的激励机制,以期供实践参考,发挥其更大效能。
[Abstract]:Stock option originated from the western developed countries such as Europe and the United States in the 1950s and 1980s, which began to implement the stock option of listed companies. It is regarded as the "golden handcuff" to motivate employees in modern enterprises. The stock option plan of this listed company was first implemented in China in 1992, which opened up a new world of stock option in the capital market of our country. With the reform of the split share structure of listed companies in 2005, the stock option scheme of listed companies in China has been carried out in an all-round way. The measures for Stock incentive Management of listed companies came into effect on August 13, 2016. The promulgation of this method is of milestone significance to the development of stock options of listed companies in China, and at the same time creates a better domestic legal environment. But because of our country's special domestic environment, the product of capitalist society becomes "chicken rib" in our country. There are still many legal problems in the process of implementation of stock option in China. This paper studies the legal problems existing in the implementation of stock options for listed companies in China. It is mainly composed of preface, text and conclusion, which is divided into four aspects. The first part is the general summary of the stock option, which first puts forward what is the stock option, and then analyzes the legal nature of the stock option. Then the theoretical basis of stock options of listed companies is briefly summarized, that is, principal-agent theory, contract theory, human capital property rights theory, efficiency market hypothesis and so on. This chapter provides a solid theoretical basis for the application of stock options in China. The second part mainly uses the comparative analysis method, through the analysis and the comparison to the American, Japan and Germany and other developed countries in the listed company stock option legislation stipulation and the development present situation, its main significance lies in insists embarks from our country capital market and the national conditions. On the basis of adapting to the realistic conditions of listed companies in our country, we can learn from its successful experiences and lessons. The third part analyzes the legal problems existing in the implementation of stock options of listed companies in China from macro and micro perspectives, and concludes that the following problems remain to be solved: for example, the source channels of stock options are narrow, and the standard of exercise conditions is too low. The nature of income is not clear, information disclosure system is not perfect and other legal issues. The fourth part is to put forward some legal suggestions in view of the main legal problems of stock option. This part is the focal point of this paper and the important destination of the author's research on stock option. Aiming at widening the source channels of stock options, improving the exercise standard of stock options, and clearly determining the nature of the income from stock options, A series of measures, such as standardizing the information disclosure system of stock options, are used to solve the main legal problems mentioned above so as to realize its effective incentive mechanism, so as to provide a reference for practice and give full play to its greater efficiency.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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