發(fā)布時(shí)間：2018-11-17 15:44

【摘要】：現(xiàn)在，人類社會(huì)已經(jīng)進(jìn)入知識(shí)經(jīng)濟(jì)時(shí)代。此時(shí)，公司之間的競(jìng)爭(zhēng)歸根結(jié)底是知識(shí)的競(jìng)爭(zhēng)，更是人才的競(jìng)爭(zhēng)。也正是如此，國(guó)內(nèi)外的公司都極力引進(jìn)優(yōu)秀人才，擴(kuò)大自身智囊團(tuán)，積極探索并實(shí)施針對(duì)公司高管以及高級(jí)技術(shù)人員的多種激勵(lì)措施。股權(quán)激勵(lì)制度作為其中一種激勵(lì)措施也得到了很大程度的發(fā)展。但由于我國(guó)資本市場(chǎng)不成熟，股權(quán)激勵(lì)機(jī)制不完善等原因，股權(quán)激勵(lì)機(jī)制在實(shí)施過(guò)程中出現(xiàn)了一些問(wèn)題，其最主要的表現(xiàn)就是眾多上市公司尤其是創(chuàng)業(yè)板的上市公司高管紛紛辭職套現(xiàn)，給我國(guó)的許多公司以及市場(chǎng)經(jīng)濟(jì)帶來(lái)了很大的沖擊。但究其實(shí)質(zhì)，股權(quán)激勵(lì)機(jī)制真正的問(wèn)題是其沒有充分考慮高管在長(zhǎng)遠(yuǎn)的未來(lái)能真正帶來(lái)的公司成長(zhǎng)性。正因如此，眾多高管趁機(jī)高估公司未來(lái)成長(zhǎng)性，抬高股價(jià)，一方面為自己創(chuàng)造出公司認(rèn)可的業(yè)績(jī)，另一方面，可以通過(guò)辭職等手段實(shí)現(xiàn)套現(xiàn)目的。 本文首先分析了上市公司高管辭職套現(xiàn)這一經(jīng)濟(jì)行為，進(jìn)而深入分析了這一行為出現(xiàn)的緣由：現(xiàn)行股權(quán)激勵(lì)機(jī)制存在的內(nèi)在問(wèn)題——高估公司未來(lái)成長(zhǎng)性。其次分析高估公司未來(lái)成長(zhǎng)性的性質(zhì)極其危害，并提出了防止高估公司未來(lái)成長(zhǎng)性的途徑和對(duì)策。為了防止公司成長(zhǎng)性受到損害，公司必須嚴(yán)格限制出資者通過(guò)高估成長(zhǎng)性獲得股票發(fā)行價(jià)的虛高，進(jìn)而通過(guò)套現(xiàn)損害股票市場(chǎng)發(fā)展，而具體手段就是以承諾收益法進(jìn)行出資估價(jià)、人力資本出資者退出即注銷其股權(quán)和公開募股價(jià)與特殊股權(quán)持有者保證的最低成長(zhǎng)性掛鉤。 本文從一個(gè)新穎的角度對(duì)現(xiàn)行股權(quán)激勵(lì)機(jī)制存在的問(wèn)題進(jìn)行了深入的分析和研究，并提出了相應(yīng)的對(duì)策，筆者認(rèn)為這一研究具有非常現(xiàn)實(shí)的意義：一方面，可以解決現(xiàn)行股權(quán)激勵(lì)機(jī)制存在的問(wèn)題，將管理者的利益真正與公司的長(zhǎng)遠(yuǎn)利益相結(jié)合，防止人才的流失，有利于公司的健康發(fā)展；另一方面，可以促進(jìn)整個(gè)市場(chǎng)經(jīng)濟(jì)的平穩(wěn)發(fā)展，避免股票市場(chǎng)產(chǎn)生大的波動(dòng)。
[Abstract]:Now, the human society has entered the era of knowledge economy. At this time, the competition between companies is ultimately the competition of knowledge, but also the competition of talent. It is also true that companies at home and abroad are trying their best to introduce talents, expand their own think tanks, and actively explore and implement a variety of incentives for company executives and senior technical personnel. Equity incentive system as one of the incentives has also been greatly developed. However, due to the immature capital market and imperfect equity incentive mechanism, there are some problems in the implementation of the equity incentive mechanism. Its main performance is that many listed companies, especially the gem listed company executives have resigned to cash, to our country's many companies and the market economy has brought a great impact. But in essence, the real problem of equity incentive mechanism is that it does not fully consider the company growth that executives can bring in the long-term future. For this reason, many executives take the opportunity to overestimate the future growth of the company, driving up the stock price, on the one hand, to create a recognized performance for the company, on the other hand, through resignation and other means to achieve the purpose of cash. This paper first analyzes the economic behavior of executive resignation and cash in listed companies, and then deeply analyzes the causes of this behavior: the inherent problem of the current equity incentive mechanism-overestimating the future growth of the company. Secondly, the paper analyzes the nature and harm of the future growth of overestimated companies, and puts forward the ways and countermeasures to prevent the future growth of overestimated companies. In order to prevent the growth of the company from being damaged, the company must strictly limit the investors to obtain the false high price of the stock issue by overestimating the growth, and then damage the development of the stock market by cash. But the concrete means is to use the promise income method to carry on the investment appraisal, the human capital investor withdraws namely cancels its stock right and the public offering price and the special equity holder guarantees the lowest growth. This paper makes a deep analysis and research on the problems existing in the current equity incentive mechanism from a novel angle, and puts forward the corresponding countermeasures. The author thinks that this research has very practical significance: on the one hand, It can solve the problems existing in the current equity incentive mechanism, combine the interests of managers with the long-term interests of the company, prevent the brain drain, and benefit the healthy development of the company. On the other hand, can promote the smooth development of the whole market economy, avoid the stock market produce big fluctuation.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F272.92;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 婁皎虹;章一清;朱惠芹;;高新技術(shù)企業(yè)股權(quán)激勵(lì)效果影響因素分析[J];財(cái)會(huì)月刊;2011年23期

2 伍中信,張榮武;人力資本觀念變革與財(cái)務(wù)理論體系創(chuàng)新[J];財(cái)貿(mào)研究;2005年02期

3 趙世君;沈路;;企業(yè)所有權(quán)配置與優(yōu)化公司治理——兼談人力資本產(chǎn)權(quán)激勵(lì)機(jī)制[J];國(guó)際商務(wù)研究;2008年01期

4 黃潔;蔡根女;;股權(quán)激勵(lì)效果和影響因素經(jīng)驗(yàn)分析——基于兩《辦法》出臺(tái)后實(shí)施股權(quán)激勵(lì)的上市公司數(shù)據(jù)[J];華東經(jīng)濟(jì)管理;2009年03期

5 陳憶;;論人力資本剩余索取權(quán)的實(shí)現(xiàn)[J];湖南財(cái)經(jīng)高等�？茖W(xué)校學(xué)報(bào);2007年06期

6 金相郁;段浩;;人力資本與中國(guó)區(qū)域經(jīng)濟(jì)發(fā)展的關(guān)系——面板數(shù)據(jù)分析[J];上海經(jīng)濟(jì)研究;2007年10期

7 陳笑雪;;管理層股權(quán)激勵(lì)對(duì)公司績(jī)效影響的實(shí)證研究[J];經(jīng)濟(jì)管理;2009年02期

8 俞鴻琳;;國(guó)有上市公司管理者股權(quán)激勵(lì)效應(yīng)的實(shí)證檢驗(yàn)[J];經(jīng)濟(jì)科學(xué);2006年01期

9 吳國(guó)燦;宮義飛;;財(cái)務(wù)治理機(jī)制創(chuàng)新:基于所有權(quán)安排演變的視角[J];經(jīng)濟(jì)社會(huì)體制比較;2010年01期

10 黃乾;人力資本產(chǎn)權(quán)的概念、結(jié)構(gòu)與特征[J];經(jīng)濟(jì)學(xué)家;2000年05期

，

本文編號(hào)：2338341