【正文】 北 京 郵 電 大 學(xué) 工商管理碩士研究生學(xué)位論文 企業(yè)股票期權(quán)激勵制度研究與 方案設(shè)計 Study on Incentive Mechanism of Stock Option and Program Design 趙 愚 指導(dǎo)教師： 忻 展 紅 申請學(xué)位： 工商管理碩士 專業(yè)名稱： 工商管理 二零零二年十二月 企業(yè)股票期權(quán)激勵制度研究與方案設(shè)計 中文摘要 我國的國有企業(yè)，在傳統(tǒng)的計劃經(jīng)濟(jì)體制下，既缺乏動力機(jī)制，又缺乏約束機(jī)制，運(yùn)轉(zhuǎn)效率十分低下。改革以來，先后實行了承包制、 租賃制，正在進(jìn)行以股份制為主體的現(xiàn)代企業(yè)制度改革，取得了有目共睹的成就。但是，動力不足、約束無效的弊端仍未從根本上解決，偷懶行為和機(jī)會主義廣泛存在，尤其是經(jīng)營者行為短期化問題嚴(yán)重。因此，迫切需要一種行之有效的對經(jīng)營者產(chǎn)生長期效果的激勵、約束機(jī)制。 股票期權(quán)激勵計劃（以下簡稱 ESO）便是這樣一種新型的激勵機(jī)制。其突出特點(diǎn)是能把個人未來財富和當(dāng)前業(yè)績、個人利益和公司長期發(fā)展有機(jī)地結(jié)合起來。 在國有企業(yè)實行 ESO，也就是使經(jīng)營者持股，可以使委托人和代理人的利益趨于一致，使經(jīng)營者的工作業(yè)績與經(jīng)濟(jì)利益直接 相關(guān)，使其承擔(dān)相應(yīng)的資產(chǎn)責(zé)任，分享相應(yīng)的資產(chǎn)利潤，以使權(quán)利與責(zé)任、激勵與約束相對稱。 本文既是要通過對中外理論、實踐的分析對比，對在中國實行 ESO 進(jìn)行可行性分析，建立一套適用于國有企業(yè)的股票期權(quán)激勵方案。 基于上述目的，本文通過查閱大量中外文獻(xiàn)，對國外實行 ESO 的基本理論、發(fā)展方向、實施要素、法律環(huán)境、出現(xiàn)的問題與弊端等進(jìn)行了詳細(xì)論述，對國外公司實施 ESO 的案例進(jìn)行了介紹與分析。 本文在對我國國有企業(yè)現(xiàn)狀分析的基礎(chǔ)上，論述了在國有企業(yè)實行 ESO 的重要意義，并通過實證研究，將我國現(xiàn)已設(shè)計或試行 ESO 的各個模式 進(jìn)行了分析、比較，對國有企業(yè)實行 ESO 的特點(diǎn)和面臨的各種問題進(jìn)行了總結(jié)。 在最后一章，本文對設(shè)計實務(wù)中的重點(diǎn)要素進(jìn)行了分析，并在上述分析研究的基礎(chǔ)上，結(jié)合企業(yè)的實際情況，提出了一套適用于部分國有上市公司的股票期權(quán)激勵方案，不僅對部分上市公司有很強(qiáng)的可操作性，同時對一些非上市公司也有一定的借鑒意義。 關(guān)鍵字： 股票期權(quán)，激勵，約束，國有企業(yè) Study on Incentive Mechanism of Stock Option and Program Design ABSTRACT Under traditional Planned Economy System, the Stateowned Enterprises (SOEs) in our country lack the incentive and restraining mechanism which has caused low operating efficiency. Since the reform of SOEs, contract system and lease system has been introduced to these enterprises successively, and the reform of Modern Enterprise System with shareholding character has achieved notable success. However, malpractice of poor incentive and weak restraining mechanism has not yet been eradicated pletely, shirking behavior and opportunism pervade widely, and shortsighted behavior of operators has led to serious oute. Therefore, effective incentive and restraining mechanism with longterm effect on SOEs’ operators are badly needed. Executive Stock Options (ESO) plan is such kind of incentive mechanism whose prominent characteristic is to bine closely individual’s future fortune and current performance, and also individual’s interest and longterm development of pany. To run ESO in SOEs is to let the operator hold shares that will be beneficial to both principal and agent. In addition that will make operators’ performance relate directly to their economic profit, promote the operators to take corresponding capital responsibility, share the corresponding profit. Therefore, profit will be in proportion to responsibility, and incentive and restraint will be also balanced. Through analyzing and contrasting domestic and foreign theory, this dissertation analyzes the feasibility of the ESO plan in China, and establishment of ESO program suitable for SOE in China. Based on the above mentioned purpose, this dissertation, through referring to a large amount of domestic and foreign material, discusses in details basic theory, development direction, implementation ponents, legal environment problems and setbacks of ESO, and analyzes and mends some cases of implementation of ESO in foreign countries. Based on analysis as to status quo of SOEs, this dissertation discusses the significance of implementation of ESO plan in SOEs. Furthermore, though case studying, this dissertation analyzes and contrast ESO models, and concludes characters and problems of establishing ESO in SOEs. In the final chapter, this dissertation points out the key factors in designing program for ESO. Based on actual situation of SOEs, this dissertation puts forward a ESO program which is suitable for some listed SOEs. This program is not only exercisable to listed SOEs， but also useful for nonlisted panies for their reference. Key Word: stock option, incentive, restraint, the Stateowned Enterprises 企業(yè)股票期權(quán)激勵制度研究與方案 第一章 引言 ......................................................................................................................................................... 1 雇員股票期權(quán)的概念及分類 ...................................................................................................................... 3 雇員股票 期權(quán)概念 ................................................................................................................................ 3 雇員股票期權(quán)（以下簡稱股票期權(quán)）的分類 .......................................................................... 4 股票期權(quán)的起源和發(fā)展 .............................................................................................................................. 4 股票期權(quán)計劃的發(fā)展 .......................................................................................................................... 4 股票期權(quán)的思想淵源 ....................................................................................................................... 5 股票期權(quán)計劃在世界范圍內(nèi)興起 ............................................................................................... 6 MBO 經(jīng)理人融資收購簡介 ........................................................................................................................ 7 第二章 股票期權(quán) —— 美國企業(yè)薪酬制度的創(chuàng)新 ................................................................................... 9 傳統(tǒng)的薪酬制度 ............................................................................................................................................ 9 基本工資水平的確定 ........................................................................................................................10 年度獎金的確定 ..............................................................................................................................10 長期激勵機(jī)制 ............................................................................................................................................... 10 股票期權(quán)計劃實施要素分析 ................................................................................................................... 11 第三章 美