新型股权激励机制与新兴企业上市研究

发布时间：2018-04-19 14:42

本文选题：新型股权激励机制 + 新兴企业　；参考：《上海对外经贸大学学报》2017年01期

【摘要】：知识与资本密集型创新型企业的一个显著特征是大多都已实施了大面积的员工持股或持续滚动的新型股权激励计划。然而,保荐机构与监管层基于首发管理办法中对公司股权稳定性的规定,存在着操作层面上的保守操作或"一刀切"的简单处理,即一般要求公司终止该计划后再上市,而这与公司核心团队的稳定性需求相违背,成为这类拟上市公司被迫赴海外上市的重要因素之一。本文通过分析带有股权激励机制新兴企业的特征,发现股权激励机制与上市准入制度在财务指标、股权结构及操作层面链接不畅,并从法律、规章制度层面及风险防范角度进行可行性分析,最后提出了在新形势下对金融支持产业发展的改革建议,具有一定的理论意义和实践价值。
[Abstract]:A prominent feature of Knowledge-intensive and capital-intensive innovative enterprises is that most of them have implemented a large area of employee ownership or a rolling new equity incentive plan.However, recommendation agencies and regulators, based on the provisions on the stability of the company's equity in the initial management measures, have conservative operations or a "one-size-fits-all" treatment at the operational level, that is, they generally require the company to terminate the plan before listing on the stock market.This is contrary to the need for stability of the company's core team and has become one of the important factors for such companies to be forced to list overseas.By analyzing the characteristics of emerging enterprises with equity incentive mechanism, this paper finds that the financial index, ownership structure and operation level are not well linked between equity incentive mechanism and listed access system, and from the law,This paper analyzes the feasibility of regulation and risk prevention, and finally puts forward some suggestions for the development of financial support industry in the new situation, which has certain theoretical significance and practical value.
【作者单位】：上海对外经贸大学工商管理学院;上海证券交易所;
【基金】：2015年上海市人民政府决策咨询重点课题(2015-A-71-1) 2015年上海科研创新课题(15ZSO81)的阶段性成果
【分类号】：F272.92;F832.51

【参考文献】