创业板高新技术企业股票期权激励契约的完善

发布时间：2018-11-22 12:29

【摘要】：上世纪70年代,股票期权激励机制诞生,旨在解决现代企业股东和高级管理人员之间存在的委托代理问题,经过长期的实践发展证明,通过这种有效快速的方式足以大大提升企业的发展。不过,虽然股票期权激励制度出发点是好的,在国外的实施也取得了一定的成果,基于我国的基本国情有别于国外,所以股票期权激励在实际应用中会面临诸多的挑战与质疑。尤其许多高新技术企业实施股票期权激励更是存在不少问题,这些问题集中体现在契约设计不规范,股票期权激励在实际应用中不能发挥其应用的作用,还有就是绩效评价体系尚不规范,实施股票期权激励可能成为变相的利益输送手段等等,因此,高新技术企业股票期权激励契约的进一步研究具有一定的理论和现实意义,可以促进我国创业版上市公司股票期权激励契约的改进。本文首先介绍了股票期权激励机制的概念以及股票期权激励机制的理论基础,然后指出我国创业板上市公司实施股票期权激励的现状,根据多种筛选条件,选取出九家典型的高新技术公司作为案例,对它们的激励额度,行权条件,行权安排等内容进行分析、比较,发现它们的共同点和不同点,指出它们实施股票期权激励存在激励考核指标过于单一,有利益输送嫌疑等问题,并加以延伸,探究我国大环境存在的问题,就发现的问题及时提出有针对性的完善股票期权激励的有效的解决方法,以期我国创业板高新技术企业的股票期权激励能够更好地发挥作用,真正使企业的发展稳步提升。
[Abstract]:In the 1970s, stock option incentive mechanism was born to solve the principal-agent problem between shareholders and senior managers in modern enterprises. This efficient and fast way is enough to greatly enhance the development of enterprises. However, although the starting point of stock option incentive system is good, some achievements have been made in the implementation of stock option incentive system in foreign countries. Because the basic situation of our country is different from that of foreign countries, the stock option incentive system will face many challenges and doubts in its practical application. In particular, there are many problems in the implementation of stock option incentive in many high-tech enterprises. These problems are mainly reflected in the non-standard contract design, and the stock option incentive can not play its role in practical application. There is also the performance evaluation system is not standardized, the implementation of stock option incentive may become a disguised means of interest transmission and so on. Therefore, the further study of stock option incentive contract in high-tech enterprises has certain theoretical and practical significance. It can promote the improvement of stock option incentive contract. This paper first introduces the concept of stock option incentive mechanism and the theoretical basis of stock option incentive mechanism, and then points out the current situation of the implementation of stock option incentive in China's gem listed companies, according to a variety of screening conditions. Nine typical high-tech companies are selected as cases to analyze their incentive quota, exercise conditions, exercise arrangement and so on, and find their common points and differences. It is pointed out that there are some problems in the implementation of stock option incentive, such as the singleness of incentive assessment index and the suspicion of interest transmission, and the extension of these problems, so as to explore the problems existing in the general environment of our country. In order to improve the development of high and new technology enterprises in China, the paper puts forward some effective solutions to the problems in order to improve the development of enterprises.
【学位授予单位】：中国石油大学(华东)
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51;F276.44

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