论文标题:股票期权法律制度研究
The Responsibility of States in International Law
论文作者 姚林胜
论文导师 夏国强,论文学位 硕士,论文专业 经济法学
论文单位 中国政法大学,点击次数 97,论文页数 45页File Size403k
2004-05-01论文网 http://www.lw23.com/lunwen_17274887/ 刑罚; 刑罚目的; 理性建构
criminal policy; system; factor structure; function; condition movement; evolvement
现代公司中，所有权与经营权分离，并且经营者对公司的控制日益增强。在这种情况下，经营者很可能会偷懒乃至以权谋私，损害股东利益。为防止此种情形并激励经营者努力工作，金融市场上的衍生品——股票期权被引入公司治理中。赋予经营者股票期权会促使经营者努力工作使公司不断增值，公司股票价格不断上升，经营者便能获得行权时股票市价与行权价间的差额收益。股票期权被认为是一种良好的、长期的激励工具，它使剩余索取权与剩余控制权在一定程度上挂钩，从而有利于公司价值的最大化。我国企业，特别是国有企业的薪酬制度对经营者的激励明显不足，且未能将经营者的薪酬与经营者的控制权、企业的效益很好地挂钩，使经营者怠于工作乃至损公肥私。因此我国企业有必要引入股票期权报酬制度。事实上，我国已有不少企业开始这方面的尝试，国家也在政策层面上给了不少的支持。但股票期权在我国终究还是一个新事物，人们对它的认识并不是很全面、很深刻，实践中此方面的操作也不规范、不统一，使股票期权的激励性未能充分发挥，反而产生了一些负面效应。导致该种结果的一个重要原因是相关法律制度的欠缺。故要在我国有效地建立股票期权制度并使其发挥应有的效应就需完善相关的法律制度，包括公司法、证券法、税法和会计法等。本论文的主旨就在于为此类相关法律制度的完善提出一些见解与建议。本论文主要采用比较的研究方法，在比较、借鉴美、日、法、德等国的有关法律制度的基础上，结合我国当前的实际情况提出了笔者的观点。本论文共分四部分。第一部分主要阐述了股票期权的内涵，即应用于公司治理中的股票期权是指公司赋予满足一定条件的员工有在未来的一段时间内按照某一事先规定的价格购买公司一定比例股份的权利。在此基础上，笔者指出股票期权在法律上属于一种形成权。为了进一步厘清股票期权的一些基本问题，笔者还分别对股票期权与标准股票期权、股票期权与认股权证、股票期权计划与员工持股计划作了区别，从而也为下面的论述奠定基础。第二部分笔者按自己的理解概述了股票期权的理论根源，在此基础上指出股票期权制度的激励性源于该制度的一种安排，即将剩余索取权与剩余控制权在一定程度上挂钩。但也正是因为这仅是一种一定程度的挂钩，并不排除脱钩情形，所以股票期权制度存有内在缺陷，有时不但不能激励经营者反而成为经营者进行投机的工具。股票期权制度的这种双重性使它的激励效应模糊不定。不过与传统的薪酬制度相比，股票期权报酬制度存在诸多优点，而我国日显落后的薪酬体系更是有必要引入此种新型报酬制度。第三部分首先指出我国当前的公司法、证券法中存在诸多阻碍股票期权制度实施的因素，如公司法中的法定资本制度、严格的新股发行条件和程序等限制股票期权制度所需股票的来源，而证券法中对公司高级管理人员出售本公司股票的限制性规定使股票期权制度对经营者的吸引力降低。同时这两个法律制度中缺乏针对股票期权制度的专门规定，不利于股票期权制度得到统一、规范的实施。笔者在借鉴美、日、德等国相关法律制度的基础上提出了相应的建议。第四部分指出我国的税法、会计法律对股票期权缺乏必要的规定，不利于股票期权制度的有效开展。笔者在借鉴美国税法、会计准则的基础上提出了一些自己的浅见。总之，笔者认为虽然股票期权存有内在缺陷，但它终究是一种符合历史潮流的激励工具与报酬手段。我们要做的是为它的顺利前行创造一个良好的法制环境。
Safeguard measures are restrictions on import which are taken by a government under certain conditions. They are fair trade remedies and signs of trade protection. In recent years, more and more safeguard measures were taken by WTO members. Before China became a member of WTO, she had no related law or regulations, study on safeguard is also at early stage. However, in only 2 years from China’s WTO accession, several products of China have been targeted by safeguard measures of other WTO members. China’s commitments on “transitional product-specific mechanism” in the Protocol on the Accession of the People’s Republic of China and “special safeguard on textiles and apparel products” in the Report of the Working Party on the Accession of China are now becoming a barrier to the exports of China. It is urgent and meaningful to study this issue.In this dissertation, beginning with the history of the safeguard measures, I thoroughly discussed safeguard-related issues, as well as specific safeguard measures on the product of China in four chapters. And finally I drew a conclusion on the development of safeguard issues in the future.Chapter 1 outlines the origin of safeguard measures. The 1st section of this chapter explores the definition and types of these measures, and specifically focuses on the safeguard measures on products from China. It also examines the characteristic of these measures and illustrates that, different from anti-dumping and countervailing measures, safeguard measures target fair trade activities in the international trade, they have higher application standards, their application shall be applied to a product on MFN basis, and those affected members can take compensation for the adverse effects of the measures on their trade. The last part of this section discusses the history of safeguard measures. It covers the origin of safeguard regulations(US “escape clause”, its development in different periods of US history, and its development in several rounds of negotiations after it was introduced into the GATT, the “gray area”, and the Agreement on Safeguards reached in Uruguay Round. The 2nd section introduces and analyzes 5 theories which support the safeguards. They are “Restoring Competitiveness”, “Orderly Contraction”, “Equity and Redistribution”, “Safety Valve” and “Public Choice”. I also showed my support for the last two theories. Chapter 2 takes up the safeguards under the WTO legal system. In this chapter, the proliferation of safeguard measures in trade agreements is introduced and analyzed, including Article 19 of GATT 1994( the outline of the legal basis to safeguard measures, Agreement on Safeguards( the result after many debates in several negotiation rounds and one of the achievements of Uruguay Round, Article 6 of Agreement on Textiles and Clothing(hereinafter “ATC”)(transitional safeguard specifically targeting textile and clothing products and Article 5 of Agreement on Agriculture. The content, meaning and development of several important articles are analyzed in depth. Besides, the other section turns to the analyses on safeguard cases under the WTO. Up to now, there are 7 related cases settled by Appellate Body, which are “Argentina-Footwear”, “Korea-Dairy”, “US-Wheat Gluten”, “US-Cotton Yarn”, “US-Line Pipe” and recent “US-Steel”. I thoroughly analyzed all of above cases and gave my comments, summarized the clarification on several important legal terms, including “extraordinary nature of safeguard measures”, “increased import”, “serious injury and threat of serious injury”, “causation”, “domestic industry”, “parallelism in investigation and application”, “the application on developing country”, “the ‘no attribution’ requirement on other factors”, “reasoned and adequate explanation”, “standard of review”, and etc. Also, I made clear several application requirements, such as: Agreement on Safeguards does not require that increased import per se causes serious injury ; “unforeseen development”, as a matter of fac
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