经营者股票期权的若干理论与实务问题研究
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摘要
经营者股票期权渊源于20世纪70年代的美国，是股份有限公司经股东大会同意，给予公司经营者在未来某特定的时间按某一预先确定的价格购买一定数量的本公司普通股的权利。作为现代公司的一种激励机制，经营者股票期权旨在对公司经营者进行有效的长期激励，实现经营者与股东之间的利益捆绑。我国法学界对这一新兴法律制度的研究尚处于起步阶段，本文以理论与实践相结合的方法对此展开了研讨。在第一章中，作者阐述了经营者股票期权的概念、经营者股票期权制度的优缺点以及国外经营者股票期权制度的主要内容。在第二章中，作者对经营者股票期权的法律特征、法律性质、经营者股票期权法律关系等问题，在借鉴他人研究成果的基础上阐述了自己的观点。在第三章中，作者对经营者股票期权计划与经营者股票期权授予协议进行了研究。在第四章中，作者介绍了我国在经营者股票期权方面的实践情况，指出我国现阶段推行的经营者股票期权实际上是一种“期股”而非“期权”，与国外相应制度存在明显差距。在第五章中，作者分析了我国现阶段推行经营者股票期权制度面临的法律障碍，并提出了相应的对策。作者认为：建立我国的经营者股票期权法律制度是一项法律系统工程，涉及诸多部门法，主张修订与推行经营者股票期权制度不相适应的现行法律规定，以公司法为主体构筑起我国经营者股票期权法律制度的基本框架，辅之以证券法、税法、会计法、劳动法的相关规定，最终形成完善的经营者股票期权法律制度。
Executive stock option (ESO), dated from America in 1970s, refers to operator' right to purchase certain amount of their company's common stock at a pre-fixed price during a specified period, which is granted by the incorporated company on the approval of general meeting of shareholders. Executive stock option, as an incentive system in modern corporate, aims to bring effective long-term incentives to operators and thus to realize the binding of interests between operator and shareholders. However, researches on this new legal system are still at the initial stage in our country. This thesis employing the integrating of theories and practice elaborates on this topic. In Chapter One, this article discusses ESO's concept, and pros and cons of ESO, and main content of ESO legal system in foreign countries. In Chapter Two, this article using others' research achievements for reference expounds on characteristics of law, legal nature, law relation of ESO. In Chapter Three, this article discusses ESO plans and agr
eement of conferring ESO. In Chapter Four, this article introduces the practice conditions of ESO in our country. It points out that ESO system in operation in our country is essentially an expectant stock rather than an option, and it obviously lags behind. In Chapter Five, this article analyses law obstacles to the practice of ESO system, and then offers solutions. This article suggests that the establishment of ESO legal system is a systematic project that will involve scores of branch laws. It states a framework with corporate law as its beam, assisted by relating regulations in securities law, tax law, accounting law, and labor law, will eventually develop into a complete and perfect ESO legal system.
Executive stock option (ESO), dated from America in 1970s, refers to operator' right to purchase certain amount of their company's common stock at a pre-fixed price during a specified period, which is granted by the incorporated company on the approval of general meeting of shareholders. Executive stock option, as an incentive system in modern corporate, aims to bring effective long-term incentives to operators and thus to realize the binding of interests between operator and shareholders. However, researches on this new legal system are still at the initial stage in our country. This thesis employing the integrating of theories and practice elaborates on this topic. In Chapter One, this article discusses ESO's concept, and pros and cons of ESO, and main content of ESO legal system in foreign countries. In Chapter Two, this article using others' research achievements for reference expounds on characteristics of law, legal nature, law relation of ESO. In Chapter Three, this article discusses ESO plans and agr
eement of conferring ESO. In Chapter Four, this article introduces the practice conditions of ESO in our country. It points out that ESO system in operation in our country is essentially an expectant stock rather than an option, and it obviously lags behind. In Chapter Five, this article analyses law obstacles to the practice of ESO system, and then offers solutions. This article suggests that the establishment of ESO legal system is a systematic project that will involve scores of branch laws. It states a framework with corporate law as its beam, assisted by relating regulations in securities law, tax law, accounting law, and labor law, will eventually develop into a complete and perfect ESO legal system.
引文
[1]Robert W.Hamilton. The Law of Corporations. Fourth Edition. ST. Paul, Minnesota: West Publishing Co., 1996
[2]罗伯特·C·克拉克著，胡平，林长远，徐庆恒等译．公司法则．第1版．北京：工商出版社，1999
[3]Robert Jarrow, Stuart Tumbull. Derivative Securities. First Edition. South-Westem College Publishing, 1996
[4]周正庆．证券知识读本．第1版．北京：中国金融出版社，1998
[5]Survey Results. Employee Stock Purchase Plans in the U.S., Hewitt Associates LLC., 1999
[6]段亚林，李信民．我国上市公司实施员工持股计划的问题和对策．中国证券报．2001，8(20)：13
[7]彭小泉，钟惠玲．中外员工持股计划比较研究．中国证券报，2000，12(2)：11
[8]A.A.Berle, G.C.Means. The Modem Corporation and Private. First Edition. The Macmillan Co., 1994
[9]Jensen, M.C.J.Murphy. Performance pay and top-managerment incentives.Journal of Political Economy 1990,98(2).at p.103～139
[10]北京大学光华管理学院课题组．上证联合研究计划第三期课题报告：员工持股计划与股票期权制度研究．资料来源：http://www.cs.com.cn 2002，4(12)，15：18：23
[11]Brian Cheffins. Company Law: Theory, Structure and Operation. First Edition.London: Oxford University Press, 1997
[12]荆林波．大公司财务丑闻：都是期权惹的祸．资料来源：http://finance.sina.com.cn 2002，7(12)，10：41中国经济时报
[13]Lewis D.Sdomon, Donald E.Schwartz, Jeffrey D.Bauman. Corporations Law and Policy: Materials and Problems. Second Edition. ST.Paul, Minnesota: West Publishing Co., 1988
[14]国通证券公司课题组．股票期权计划的主要技术设计．中国证券报．2001，1(15)：11
[15]杨振强．期货法．第1版．北京：法律出版社，1999
[16]刘和平．认股权法律制度研究．见民商法论丛．总第17卷．香港：金桥文化出版(香港)有限公司，2000
[17]颜延，张文贤．我国推行股票期权制度的法律问题．中国法学，2001，3：28～39
[18]史尚宽．民法总论．第1版．北京：中国政法大学出版社，2000
[19]佟柔．中国民法学·民法总则．第1版．北京：中国人民公安大学出版社，1990
[20]余能斌，马俊驹．现代民法学．第1版．武汉：武汉大学出版社，1995
[21]Henry Campbell Black. Black's Law Dictionary. sixth Edition. ST. Paul, Minnesota: West Publishing Co., 1990
[22]王泽鉴．民法学说与判例研究．第1册．第1版．北京：中国政法大学出版社，1997
[23]申卫星．期待权研究导论．见清华法学．第一卷2002．第一期．北京：清华大学出版社，2003
[24]李龙．法理学．第1版．武汉：武汉大学出版社，1996
[25]蒋大兴．公司法的展开与评判一方法·判例·制度．第1版．北京：法律出版社，2001
[26]Robert Charles Clark. Corporate Law. First Edition. Little, Brown and Company, 1986
[27]姚铮，陈菲菲．创业企业股票期权制度探讨．见证券法律评论．总第2期．北京：法律出版社，2002
[28]郑立，王作堂．民法学．第2版．北京：北京大学出版社，1995
[29]刘连煜．公司法原理．第1版．北京：中国政法大学出版社，2002
[30]叶永刚，宋晓燕，黄卓立．股票期权．第1版．武汉：武汉大学出版社，2000
[31]吴颂明．预约合同研究．见民商法论丛．总第17卷．香港：金桥文化出版(香港)有限公司，2000
[32]E.Farnsworth. Precontractual Liability and Preliminary Agreement. Columbia Law Review [vol.87: 1987]. at p.247～292
[33]孔祥俊．公司法要论．第1版．北京：人民法院出版社，1997
[34]江平．新编公司法教程．第1版．北京：法律出版社，1994
[35]毛亚敏．公司法比较研究．第1版．北京：中国法制出版社，2001
[36]L.C.B.Gower. The Principles of Modem Company Law. Fourth Edition.
Stevens & Sons Limited, 1979
[37]胡晓静．我国公司资本制度的几个问题——关于《公司法》的修订．见商法研究．第三辑．北京：人民法院出版社，2001
[38]张冰，马民虎．我国实施股权激励的法律障碍及其对策研究——关于《公司法》的修订．见商法研究．第三辑．北京：人民法院出版社，2001
[39]张训苏，金晓斌，张后奇．股份回购和库存股制度研究．见证券法律评论．总第2期．北京：法律出版社，2002
[40]Janet Dine. Company Law. Fourth Edition. Palgrave Publishers Ltd., 2001
[41]Lewis Solomon, Ala, Palmiter. Corporations. First Edition. Little, Brown and Company, 1994
[42]Larry D.Soderquist, Theresa A.Gabaldon. Securities Law. First Edition. New York: New York Foundation Press, 1998
[2]罗伯特·C·克拉克著，胡平，林长远，徐庆恒等译．公司法则．第1版．北京：工商出版社，1999
[3]Robert Jarrow, Stuart Tumbull. Derivative Securities. First Edition. South-Westem College Publishing, 1996
[4]周正庆．证券知识读本．第1版．北京：中国金融出版社，1998
[5]Survey Results. Employee Stock Purchase Plans in the U.S., Hewitt Associates LLC., 1999
[6]段亚林，李信民．我国上市公司实施员工持股计划的问题和对策．中国证券报．2001，8(20)：13
[7]彭小泉，钟惠玲．中外员工持股计划比较研究．中国证券报，2000，12(2)：11
[8]A.A.Berle, G.C.Means. The Modem Corporation and Private. First Edition. The Macmillan Co., 1994
[9]Jensen, M.C.J.Murphy. Performance pay and top-managerment incentives.Journal of Political Economy 1990,98(2).at p.103～139
[10]北京大学光华管理学院课题组．上证联合研究计划第三期课题报告：员工持股计划与股票期权制度研究．资料来源：http://www.cs.com.cn 2002，4(12)，15：18：23
[11]Brian Cheffins. Company Law: Theory, Structure and Operation. First Edition.London: Oxford University Press, 1997
[12]荆林波．大公司财务丑闻：都是期权惹的祸．资料来源：http://finance.sina.com.cn 2002，7(12)，10：41中国经济时报
[13]Lewis D.Sdomon, Donald E.Schwartz, Jeffrey D.Bauman. Corporations Law and Policy: Materials and Problems. Second Edition. ST.Paul, Minnesota: West Publishing Co., 1988
[14]国通证券公司课题组．股票期权计划的主要技术设计．中国证券报．2001，1(15)：11
[15]杨振强．期货法．第1版．北京：法律出版社，1999
[16]刘和平．认股权法律制度研究．见民商法论丛．总第17卷．香港：金桥文化出版(香港)有限公司，2000
[17]颜延，张文贤．我国推行股票期权制度的法律问题．中国法学，2001，3：28～39
[18]史尚宽．民法总论．第1版．北京：中国政法大学出版社，2000
[19]佟柔．中国民法学·民法总则．第1版．北京：中国人民公安大学出版社，1990
[20]余能斌，马俊驹．现代民法学．第1版．武汉：武汉大学出版社，1995
[21]Henry Campbell Black. Black's Law Dictionary. sixth Edition. ST. Paul, Minnesota: West Publishing Co., 1990
[22]王泽鉴．民法学说与判例研究．第1册．第1版．北京：中国政法大学出版社，1997
[23]申卫星．期待权研究导论．见清华法学．第一卷2002．第一期．北京：清华大学出版社，2003
[24]李龙．法理学．第1版．武汉：武汉大学出版社，1996
[25]蒋大兴．公司法的展开与评判一方法·判例·制度．第1版．北京：法律出版社，2001
[26]Robert Charles Clark. Corporate Law. First Edition. Little, Brown and Company, 1986
[27]姚铮，陈菲菲．创业企业股票期权制度探讨．见证券法律评论．总第2期．北京：法律出版社，2002
[28]郑立，王作堂．民法学．第2版．北京：北京大学出版社，1995
[29]刘连煜．公司法原理．第1版．北京：中国政法大学出版社，2002
[30]叶永刚，宋晓燕，黄卓立．股票期权．第1版．武汉：武汉大学出版社，2000
[31]吴颂明．预约合同研究．见民商法论丛．总第17卷．香港：金桥文化出版(香港)有限公司，2000
[32]E.Farnsworth. Precontractual Liability and Preliminary Agreement. Columbia Law Review [vol.87: 1987]. at p.247～292
[33]孔祥俊．公司法要论．第1版．北京：人民法院出版社，1997
[34]江平．新编公司法教程．第1版．北京：法律出版社，1994
[35]毛亚敏．公司法比较研究．第1版．北京：中国法制出版社，2001
[36]L.C.B.Gower. The Principles of Modem Company Law. Fourth Edition.
Stevens & Sons Limited, 1979
[37]胡晓静．我国公司资本制度的几个问题——关于《公司法》的修订．见商法研究．第三辑．北京：人民法院出版社，2001
[38]张冰，马民虎．我国实施股权激励的法律障碍及其对策研究——关于《公司法》的修订．见商法研究．第三辑．北京：人民法院出版社，2001
[39]张训苏，金晓斌，张后奇．股份回购和库存股制度研究．见证券法律评论．总第2期．北京：法律出版社，2002
[40]Janet Dine. Company Law. Fourth Edition. Palgrave Publishers Ltd., 2001
[41]Lewis Solomon, Ala, Palmiter. Corporations. First Edition. Little, Brown and Company, 1994
[42]Larry D.Soderquist, Theresa A.Gabaldon. Securities Law. First Edition. New York: New York Foundation Press, 1998