论文标题:A公司期股、期权激励方案研究
Research on the Encouraging Scheme of A Company"s Stock Futures、Stock Options
论文作者 李春玲
论文导师 扈文秀,论文学位 硕士,论文专业 工商管理
论文单位 西安理工大学,点击次数 282,论文页数 119页File Size5795k
2004-06-01论文网 http://www.lw23.com/lunwen_1282982/ 期股;期权;激励约束机制;员工持股计划
Stock options; Stock futures; Employee stock owner plans; Mechanism for encouraging and restraining
随着我国企业员工薪酬制度改革的深入，我国的股份制公司尤其是上市公司的员工薪酬结构开始发生深刻的变化。越来越多的上市公司除了给员工支付工资、奖金等现金报酬之外，开始尝试给高级管理人员、核心技术人员发放股票期股、期权等股票薪酬，或者以员工持股计划的方式让全体员工参与公司持股。股票期权等新的激励方式的涌现改变了我国企业长期以来的单一现金薪酬体系，使员工与企业的利益联系更加紧密，降低了企业的委托-代理成本。期权、期股的最大优点是将企业价值作为经营者个人收入函数的一个重要变量，从而作为一种长期激励约束机制，实现了所有者与经营者利益的一致性。期权、期股对我国企业改革具有特别意义，是解决企业经营者激励约束机制较好的方式之一。 1998年以来，一些企业积极探索期股、期权激励方案，但是在政策与法律环境不完善的条件下，能够真正实施方案的企业屈指可数。随着国有资产监管的重要法规——《中央企业负责人经营业绩考核暂行办法》正式出台，标志着国资委开始以出资人的身份对中央企业负责人进行业绩考核，也为企业实施期股、期权薪酬体系的推广提供了依据。从研讨期股、期权激励机制阶段，发展到现在要准备实施期股、期权激励机制阶段。在这样的背景下，笔者将对A公司几年前提出的期股、期权激励方案做初步的介绍和进一步的探讨。 现代企业的竞争，人力资本的重要性显而易见的。A股份有限公司将高科技培育为新的利润增长点，如何留住和吸引有价值员工恰好是公司面临的最关键的问题。随着A公司规模的扩大，现有的激励—约束机制已不能适应A公司发展的需要。如何建立起A公司高级管理人员的激励约束机制，建立规范的期权、期股持股计划，对A公司未来能够持续发展具有深远的意义。 针对上述问题，本文对A公司现有的期权、期股激励机制进行了深入西安理工大学工商管理硕士(MBA)论文的研究，并在此基础上，分析此方案最终没有实施的一些具体原因，对一些不足的地方提出了改进方案。希望本文所提出的方案和运作方式能够解决A公司存在的一些问题。通过完善的期权期股方案，来替代高额现金报酬，来吸引、激励、留住优秀核心技术人才与高级管理人员，鼓励他们与股东风险共担、利润共享。并通过期权、期股制约与激励企业经营者，遏制短期行为。【关键词]:期股期权激励约束机制员工持股计划【研究类型】:应用研究
During the past few years, the stock-based employee compensation plans have been gradually used by some china"s listed companies. They start to design and implement stock options, stock purchase plans, ESOPs etc. to motivate their employees, especially high-level managers and important technicians. The stock-based employee compensation plans can remarkably narrow the gap between employees" and companies" interests and reduce company"s principal-agent cost. It"s the most advantage of stock options and futures that it takes enterprise value as an important variable in function of manger income, and makes the interest of owner be consistent with that of manager as long-term encouraging and restraining mechanism. It is of special significance for reforming enterprise to carrying on stock options and futures in our country, and it is a better way to resolve mechanism for encouraging and restarting in enterprise.Since 1998, some enterprises researched actively stock options the scheme, but few enterprises can implement the scheme under the imperfect policy and legal environment. The regulation about state-run assets managed and supervised issue formally, The main content of regulation is to examine the central enterprise business performance. It indicate that the state-run assets committee begins to examine the achievement to the central enterprise"s director in the capacity of contributor, According to this regulation, the enterprises can implement stock options, stock purchase plans of salary system. From discussing stock options mechanism for encouraging and restraining stage to performing stage till now. Under such background, the author introduces stock options scheme of A company that put forward plan several years ago, and improves the plan.The competitions of modem enterprises, the importance of the manpower capital is obvious . A limited Company develops Hi-Tech projects as the new growth point of profit, how to keep and attract valuable staff is the most key problem that the company will face. As A Company, after development of scale, existing mechanism of encouraging and restraining isn"t adapted to developing of A company. How to set up mechanism for encouraging and restraining of A company"s senior executive, and set up canonical stock options, it is of special significance for developing continuously of A Company in the future.For the above-mentioned problems, the author has carried on deep research to stock options that A Company existed incentive mechanisms. On this basis of studying, it analyses some reasons why this scheme was not implemented finally. The author pointed out the weakness of this scheme, and proposed improving the scheme. Hope that the new scheme was put forward of the paper can solve some problems that A Company existed. We can replace the great amount of cash remuneration with the new stock options scheme in order to attract, encourage, keep outstanding technician and senior executive, also we hope that they will share with shareholder in risks and profit. By means of stock options incentive mechanisms, it may restrict and encourage enterprise"s operator, and contain the acts and efforts for expediency.
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