我國上市公司管理層股票期權(quán)激勵制度研究-資料下載頁
2025-04-17 13:43本頁面
【正文】 e and the specific contracts and in the future regulatory violations have more work, brokerage and trust institutions to provide the relevant stock exchange and financing services. Also, General Manager and other relevant managers in the program actively cooperate with the implementation process, and various departments within the enterprise and between internal and external to play a coordinating role. Most of the current plan or by the Board of Directors or the stateowned assets management pany (majority shareholder)sponsored, and the pany board members and even the small proportion of outside directors is not, therefore, difficult to ensure the plan39。s fairness and impartiality. In addition, the design of this plan requires a lot of specialized knowledge, the need for cooperation and consultation between departments is limited to members of the Board39。s knowledge and ability and time constraints, it is difficult to ensure that the program design is reasonable. Thus, ultimately it would be difficult to ensure that the incentive effects, even among executives and stimulate the internal conflict between executives and employees, not only did not play a stimulating, but also a great negative impact. Some panies hire outside professional firms to design the program, which is now a better way but the external advisory body to the understanding of the business is limited, so the pany still needs the assistance of relevant personnel. In addition, longterm implementation of the plan for the pany, the management of the scheme and not all entrusted to external consultants to be responsible, therefore, for the implementation of stock option plans of the pany, set up a special agency in charge of this program is necessary. I suggest that preparations for the implementation of the plan of listed panies can refer to the practice of foreign enterprises in the Board under the Incentive Compensation Committee or the Committee to administer the program (such as Tianjin Tide). Meanwhile, the more important members of the Committee is to ensure the independence and plementarily of knowledge between members.股票期權(quán)計(jì)劃的管理股票期權(quán)計(jì)劃作為企業(yè)薪酬體系中的一個組成部分，是這一體系中最為復(fù)雜的方案，其包括多種時間限制、復(fù)雜的稅收計(jì)算、會計(jì)核算、公司法和證券法等相關(guān)法律法規(guī)的規(guī)定等。因而這一計(jì)劃的采用、實(shí)施、運(yùn)作和管理一般都由專門的部門來負(fù)責(zé)。在國外，一般公司董事會下設(shè)薪酬委員會，負(fù)責(zé)股票期權(quán)計(jì)劃的管理和整個薪酬體系各組成部分間的配合。為了保證該計(jì)劃的公平性和合理性，薪酬委員會的成員一般由外部董事構(gòu)成。薪酬委員會負(fù)責(zé)制定股票期權(quán)計(jì)劃的方案，報(bào)董事會和股東會批準(zhǔn)。根據(jù)總體方案，薪酬委員會有權(quán)決定每年的期權(quán)授予額度、授予時間表、以及出現(xiàn)突發(fā)事件時對股票期權(quán)計(jì)劃進(jìn)行解釋和做出重新安排。但董事會有權(quán)終止股票期權(quán)計(jì)劃或終止薪酬委員會對股票期權(quán)計(jì)劃的管理權(quán)限。因而，董事會及董事會下的薪酬委員會是股票期權(quán)計(jì)劃最重要的負(fù)責(zé)機(jī)構(gòu)。一般由公司董事會決定總的指導(dǎo)思想和方針，明確這一計(jì)劃所要實(shí)現(xiàn)的目標(biāo)；在上述方針和指導(dǎo)思想下，薪酬委員會對股票期權(quán)的各要素進(jìn)行合理設(shè)計(jì)，設(shè)計(jì)出的方案經(jīng)董事會和股東大會審批后，形成最終方案。在制定這一方案及以后的具體實(shí)施中，還需要其他部門的協(xié)助：人力資源部為薪酬委員會決策提供業(yè)務(wù)信息服務(wù)，在方案確定后實(shí)施方案并承擔(dān)以后的實(shí)施管理，財(cái)務(wù)部主要負(fù)責(zé)有關(guān)的融資、稅務(wù)方面的咨詢及交易處理，法律顧問在制定方案時要提供法律咨詢，并在以后的具體合同和違規(guī)監(jiān)管方面有更多的工作，券商和信托機(jī)構(gòu)等要提供有關(guān)的股票交易及融資服務(wù)。此外，還要總經(jīng)理等有關(guān)管理人員在方案實(shí)施過程中積極配合，并在企業(yè)內(nèi)部各部門及內(nèi)部與外部間發(fā)揮協(xié)調(diào)作用。我國目前的計(jì)劃大都還是由公司董事會或國有資產(chǎn)管理公司（大股東）一手操辦，而公司董事會成員中外部董事的比例很小甚至沒有，因而，很難保證這一計(jì)劃的公平性和公正性。另外，這一計(jì)劃的設(shè)計(jì)需要許多專門的知識，需要各部門間的合作和協(xié)商，限于董事會成員的知識和能力及時間限制，很難保證這一計(jì)劃設(shè)計(jì)的合理性。因而，最終的激勵效果也就很難保證，甚至激發(fā)內(nèi)部高管間及高管與員工間的矛盾，不但沒起到激勵作用，而且還有很大的負(fù)面影響。一些公司聘請外部的專業(yè)公司來設(shè)計(jì)這一方案，這在目前是一個比較好的方法，但外部咨詢機(jī)構(gòu)對企業(yè)的了解畢竟有限，因而仍然需要公司相關(guān)人員的協(xié)助。另外，對于長期實(shí)施這一計(jì)劃的公司而言，該計(jì)劃的管理并不能全部委托給外部顧問公司來負(fù)責(zé)，因而，對于實(shí)施股票期權(quán)計(jì)劃的公司而言，成立專門的負(fù)責(zé)這一計(jì)劃的機(jī)構(gòu)是必要的。本人建議我國準(zhǔn)備實(shí)施該計(jì)劃的上市公司可以參照國外企業(yè)的作法，在董事會下設(shè)薪酬委員會或激勵委員會來管理這一計(jì)劃（如天津泰達(dá)）。同時，更重要的是保證委員會成員的獨(dú)立性和成員間知識的互補(bǔ)性。12 / 12
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