【摘要】：上世紀(jì)70年代,股票期權(quán)激勵(lì)機(jī)制誕生,旨在解決現(xiàn)代企業(yè)股東和高級(jí)管理人員之間存在的委托代理問(wèn)題,經(jīng)過(guò)長(zhǎng)期的實(shí)踐發(fā)展證明,通過(guò)這種有效快速的方式足以大大提升企業(yè)的發(fā)展。不過(guò),雖然股票期權(quán)激勵(lì)制度出發(fā)點(diǎn)是好的,在國(guó)外的實(shí)施也取得了一定的成果,基于我國(guó)的基本國(guó)情有別于國(guó)外,所以股票期權(quán)激勵(lì)在實(shí)際應(yīng)用中會(huì)面臨諸多的挑戰(zhàn)與質(zhì)疑。尤其許多高新技術(shù)企業(yè)實(shí)施股票期權(quán)激勵(lì)更是存在不少問(wèn)題,這些問(wèn)題集中體現(xiàn)在契約設(shè)計(jì)不規(guī)范,股票期權(quán)激勵(lì)在實(shí)際應(yīng)用中不能發(fā)揮其應(yīng)用的作用,還有就是績(jī)效評(píng)價(jià)體系尚不規(guī)范,實(shí)施股票期權(quán)激勵(lì)可能成為變相的利益輸送手段等等,因此,高新技術(shù)企業(yè)股票期權(quán)激勵(lì)契約的進(jìn)一步研究具有一定的理論和現(xiàn)實(shí)意義,可以促進(jìn)我國(guó)創(chuàng)業(yè)版上市公司股票期權(quán)激勵(lì)契約的改進(jìn)。本文首先介紹了股票期權(quán)激勵(lì)機(jī)制的概念以及股票期權(quán)激勵(lì)機(jī)制的理論基礎(chǔ),然后指出我國(guó)創(chuàng)業(yè)板上市公司實(shí)施股票期權(quán)激勵(lì)的現(xiàn)狀,根據(jù)多種篩選條件,選取出九家典型的高新技術(shù)公司作為案例,對(duì)它們的激勵(lì)額度,行權(quán)條件,行權(quán)安排等內(nèi)容進(jìn)行分析、比較,發(fā)現(xiàn)它們的共同點(diǎn)和不同點(diǎn),指出它們實(shí)施股票期權(quán)激勵(lì)存在激勵(lì)考核指標(biāo)過(guò)于單一,有利益輸送嫌疑等問(wèn)題,并加以延伸,探究我國(guó)大環(huán)境存在的問(wèn)題,就發(fā)現(xiàn)的問(wèn)題及時(shí)提出有針對(duì)性的完善股票期權(quán)激勵(lì)的有效的解決方法,以期我國(guó)創(chuàng)業(yè)板高新技術(shù)企業(yè)的股票期權(quán)激勵(lì)能夠更好地發(fā)揮作用,真正使企業(yè)的發(fā)展穩(wěn)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.
【學(xué)位授予單位】：中國(guó)石油大學(xué)(華東)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.51;F276.44

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