股票期权制度的法律问题研究
摘要
股票期权制度作为现代公司，尤其是上市公司内部有效的激励约束机制，主要是为了解决公司经营权与所有权分离导致的委托代理成本问题的一种制度设计安排。本文首先阐述了股票期权的基本内涵、制度产生发展和国内外实践，介绍了我国推行股票期权制度中具有代表性的四种模式。之后，以典型意义的美国股票期权制度为例，具体论述了股票期权计划中授予、授权、行权和处置四个主要阶段。从契约的视角，运用合同法理论对股票期权计划的实施过程加以分析。认为股票期权授予协议是附生效条件合同。在股票期权实施之初，公司向员工寄送的授予协议书所作出的一系列意思表示，可视为是股票期权授予协议订立中的要约阶段。当特定的员工接到公司向其发出的授予协议书时，若在规定的期限内未提出异议，并按照要求将授予协议书签章送达公司，视为同意公司要约，即构成承诺，股票期权授予协议成立。员工此时并不能够行权获得期权股票，而必须等到授权日，所附条件成就时协议方才生效。所附条件是指期权受益人在公司规定的期限内持续授聘并努力工作。行权阶段，公司向员工转让约定数量的期权股票，员工提供规定期间的持续劳务并支付购股价金，协议履行完毕。另外，当出现公司变更、员工雇佣关系终止或期权股票价格低于行权价格等情形时，股票期权计划应当进行调整。可见，该合同成立于授予阶段，生效于授权日，履行完毕于行权日。并论述了公司在其中应尽的信息披露、送达、通知、注意等管理义务。在此基础上对股票期权的一些基本法理问题进行了探讨。一是法律性质。目前学术界主要有形成权说、期待权说、债权说三种观点。本文对此提出不同看法，认为形成权的观点仅侧重于股票期权的外在表现和特征，而期待权或债权的观点只是静态地分析其性质，忽视了股票期权的特殊性。应当把股票期权作为一种特殊的权利形态，放在其计划实施的动态过程中，随着其所依附的法律关系的不断变化，其权利性质也随之发生变化。在合同成立后生效前这段期间，所附条件未成就，此时股票期权性质是期待权；在合同生效生履行完毕前，其性质是债权。二是法律特征。股票期权是双务法律行为，权利主体特定，权利客体仍是权利(即购买期权股票的选择权)，权利具有不可转让性及一定的人身依附性。三是法理基础。股票期权是股东权自由处分
原则的体现。股票期权的主要模式有:激励型股票期权、员工股票购买
计划、非法定型股票期权以及虚拟股票、股票增值权等衍生形式，对其
特点进行比较。其中法定和非法定型股票期权主要区别在于:前者一般
享有税收政策优惠，应纳税额是以股票售出收入与行权价格之间的差额
来计算的，并按资本利得税率纳税。而后者不受税法约束，可以由各公
司自行予以规定，但不享受税收政策优惠，个人收入必须按照普通收入
缴纳个人所得税。我国推行股票期权制度过程中，在公司资本制度、股
票来源、授予主体、行权方式、行权能力、税收政策、会计处理和权利
救济等方面存在诸多法律障碍。结合我国立法和公司实践，提出一些针
对性的立法建议。首先必须把股票期权制度用法律形式加以明确，修改
与之配套的有关法律规定。改革现有的公司法定资本制，主张采用折衷
资本制;通过设立“库存股”制度、从发行新股、配股中提取一定比例
股票、国有股减持等途径解决期权股票的来源问题;明确股票期权计划
的授予主体为股东大会，进一步完善股东大会决议机制，实行累积投票
制，限制大股东表决权，广泛采用代理表决和书面表决形式;扩大期权
受益人的购买能力，允许通过公司外部渠道将拟购股份作为抵押向银行
贷款购买股票;借鉴美国“窗口期”制度，解决公司经理层任职期间的
股票转让问题;按照股票期权计划类型的不同，分别采取不同的税收政
策;在会计处理方面，借鉴美国ApB25中的“内在价值法”，即以期权
授予日或者其它计量日股票市场公允价格超过行权价格的差额计量股票
期权的成本;重点保护中小股东的权益，完善民事赔偿机制，正式引入
股东代表诉讼制度和股东直接诉讼制度。
The system of stock option, as an effective mechanism of encouragement and restriction is a kind of designs and arrangements on system inside the listed company. It mainly in order to solve the problem about the cost of agency by agreement that is caused by the separation of the management power from the ownership power of the company. First this dissertation explains the basic meanings of stock option, formulation and development of the system and its domestic and international practice. It lays stress on four typical patterns in the process of carrying out the system of stock option. Taking the system of the stock option of USA which of typical significance as an example, the four main stages in the plans of stock option have been concretely expounded: Vest, Authorize, Execute and Dispose. From the angle of the contract the theory of the law of contract is used to analyze the course of implementing the plan of stock option, and the agreement of stock option is regarded as the contract
enclosed the conditions that can come into force. On the initial stage of implementing stock option, a series of declarations made in the written agreement that the company sends to the staff are considered to be offer-sending stage. One of specific staff receives the agreement that the company sends out, if the one has not put forward the objection within fixed time limit and sent the stamped signature of the agreement to the company as requested, which should be viewed as agreeing to the company, namely coming to be an acceptance of offer. And the agreement of stock option is established. At this moment staff can not execute the rights and obtain the option stocks, but must wait until on the authorization day when the enclosed conditions are tenable, and the agreement could come into force. These enclosed conditions mean that the income people of the option are continued to be employed and work hard within the limited time that company requested during the period of executing rights, the com
pany makes over the option stocks which quantity is appointed and the staff continuously offer their labor and pay for purchase of the stocks within the stipulated time, and the agreement is fulfilled. In addition, when presenting the situations that the change takes place in the company, staff s employer-employee relationship are ceased or the option price is lower than the price made while executing the rights, etc, the plan of stock option should be adjusted. Therefore this contract is established in vesting period, come into force on the authorization day and fulfilled and
finished on executing rights day. The company management obligations at these stages have been described in detail: disclosure, delivery notice and attention of the information, etc. It probes into and expounds for some essential problems of the theory of law science about stock option on the basis of above-mentioned contents. First, Legal Nature. Presently there are Constitutional Right, Expectant Right and Obligatory Right, three kinds of views mainly in the academia; However, different views concerning this theory are advanced in this dissertation: the external and internal characteristics of stock option are particularly emphasized in the viewpoint of Constitutional Right. In the opinions of Expectant Right and Obligatory Right, only the static analysis on it's nature is carried on , but the particularity of stock option is ignored. Stock option should be considered as a kind of special modes of right and placed in the dynamic course of implementation of the plan and changed its right nature with the constant change of legal relation that it depends on. During the period before the enforcement and after establishment of the contract the enclosed conditions are unavailable ,the nature of stock option is Expectant Right; And where the contract has been come into operation and has not been fulfilled and finished, It is Obligatory Right. Second, Legal Characteristic. Stock option is a legal act of mutual obligati
原则的体现。股票期权的主要模式有:激励型股票期权、员工股票购买
计划、非法定型股票期权以及虚拟股票、股票增值权等衍生形式，对其
特点进行比较。其中法定和非法定型股票期权主要区别在于:前者一般
享有税收政策优惠，应纳税额是以股票售出收入与行权价格之间的差额
来计算的，并按资本利得税率纳税。而后者不受税法约束，可以由各公
司自行予以规定，但不享受税收政策优惠，个人收入必须按照普通收入
缴纳个人所得税。我国推行股票期权制度过程中，在公司资本制度、股
票来源、授予主体、行权方式、行权能力、税收政策、会计处理和权利
救济等方面存在诸多法律障碍。结合我国立法和公司实践，提出一些针
对性的立法建议。首先必须把股票期权制度用法律形式加以明确，修改
与之配套的有关法律规定。改革现有的公司法定资本制，主张采用折衷
资本制;通过设立“库存股”制度、从发行新股、配股中提取一定比例
股票、国有股减持等途径解决期权股票的来源问题;明确股票期权计划
的授予主体为股东大会，进一步完善股东大会决议机制，实行累积投票
制，限制大股东表决权，广泛采用代理表决和书面表决形式;扩大期权
受益人的购买能力，允许通过公司外部渠道将拟购股份作为抵押向银行
贷款购买股票;借鉴美国“窗口期”制度，解决公司经理层任职期间的
股票转让问题;按照股票期权计划类型的不同，分别采取不同的税收政
策;在会计处理方面，借鉴美国ApB25中的“内在价值法”，即以期权
授予日或者其它计量日股票市场公允价格超过行权价格的差额计量股票
期权的成本;重点保护中小股东的权益，完善民事赔偿机制，正式引入
股东代表诉讼制度和股东直接诉讼制度。
The system of stock option, as an effective mechanism of encouragement and restriction is a kind of designs and arrangements on system inside the listed company. It mainly in order to solve the problem about the cost of agency by agreement that is caused by the separation of the management power from the ownership power of the company. First this dissertation explains the basic meanings of stock option, formulation and development of the system and its domestic and international practice. It lays stress on four typical patterns in the process of carrying out the system of stock option. Taking the system of the stock option of USA which of typical significance as an example, the four main stages in the plans of stock option have been concretely expounded: Vest, Authorize, Execute and Dispose. From the angle of the contract the theory of the law of contract is used to analyze the course of implementing the plan of stock option, and the agreement of stock option is regarded as the contract
enclosed the conditions that can come into force. On the initial stage of implementing stock option, a series of declarations made in the written agreement that the company sends to the staff are considered to be offer-sending stage. One of specific staff receives the agreement that the company sends out, if the one has not put forward the objection within fixed time limit and sent the stamped signature of the agreement to the company as requested, which should be viewed as agreeing to the company, namely coming to be an acceptance of offer. And the agreement of stock option is established. At this moment staff can not execute the rights and obtain the option stocks, but must wait until on the authorization day when the enclosed conditions are tenable, and the agreement could come into force. These enclosed conditions mean that the income people of the option are continued to be employed and work hard within the limited time that company requested during the period of executing rights, the com
pany makes over the option stocks which quantity is appointed and the staff continuously offer their labor and pay for purchase of the stocks within the stipulated time, and the agreement is fulfilled. In addition, when presenting the situations that the change takes place in the company, staff s employer-employee relationship are ceased or the option price is lower than the price made while executing the rights, etc, the plan of stock option should be adjusted. Therefore this contract is established in vesting period, come into force on the authorization day and fulfilled and
finished on executing rights day. The company management obligations at these stages have been described in detail: disclosure, delivery notice and attention of the information, etc. It probes into and expounds for some essential problems of the theory of law science about stock option on the basis of above-mentioned contents. First, Legal Nature. Presently there are Constitutional Right, Expectant Right and Obligatory Right, three kinds of views mainly in the academia; However, different views concerning this theory are advanced in this dissertation: the external and internal characteristics of stock option are particularly emphasized in the viewpoint of Constitutional Right. In the opinions of Expectant Right and Obligatory Right, only the static analysis on it's nature is carried on , but the particularity of stock option is ignored. Stock option should be considered as a kind of special modes of right and placed in the dynamic course of implementation of the plan and changed its right nature with the constant change of legal relation that it depends on. During the period before the enforcement and after establishment of the contract the enclosed conditions are unavailable ,the nature of stock option is Expectant Right; And where the contract has been come into operation and has not been fulfilled and finished, It is Obligatory Right. Second, Legal Characteristic. Stock option is a legal act of mutual obligati
引文
1、陈清泰、吴敬琏主编：《美国企业的股票期权计划》，2001年版，中国财政经济出版社。
2、梅慎实著：《现代公司机关权力构造论》，2000年版，中国政法大学出版社。
3、张维迎著：《企业理论与中国企业改革》，2002年版，北京大学出版社。
4、张民安著：《现代英美董事法律地位研究》，2000年版，法律出版社。
5、王泽鉴著：《民法学说与判例研究》(第1缉)，1998年版，中国政法大学出版社。
6、胡康生主编：《中华人民共和国合同法释义》，1999年版，法律出版社。
7、蒋大兴著：《公司法的展开与评判》，2001版，法律出版社。
8、崔建远主编：《民法9人行》(第1卷)，2003年版，金桥文化出版社。
9、蒋大兴主编：《公司法律报告》(第1卷)，2003年版，中信出版社。
10、顾功耘主编：《公司法律评论》，2001年卷。
11、李国光：《中国合同法条文解释》，1999年版，新华出版社。
12、胡康生：《中华人民共和国合同法释义》，1999年版，法律出版社。
13、史际春：《企业公司法》，2001年版，中国人民大学出版社。
14、陈红：《我国实行股票期权制度的法律障碍及对策》，载于《法商研究》，2002年第1期。
15、李增泉：《激励机制与企业绩效》，载于《会计研究》，2000年第1期。
16、张维迎著：《企业制度须解决的两个问题》，载于《经济信息报》，1994年1月17日，第98期。
2、梅慎实著：《现代公司机关权力构造论》，2000年版，中国政法大学出版社。
3、张维迎著：《企业理论与中国企业改革》，2002年版，北京大学出版社。
4、张民安著：《现代英美董事法律地位研究》，2000年版，法律出版社。
5、王泽鉴著：《民法学说与判例研究》(第1缉)，1998年版，中国政法大学出版社。
6、胡康生主编：《中华人民共和国合同法释义》，1999年版，法律出版社。
7、蒋大兴著：《公司法的展开与评判》，2001版，法律出版社。
8、崔建远主编：《民法9人行》(第1卷)，2003年版，金桥文化出版社。
9、蒋大兴主编：《公司法律报告》(第1卷)，2003年版，中信出版社。
10、顾功耘主编：《公司法律评论》，2001年卷。
11、李国光：《中国合同法条文解释》，1999年版，新华出版社。
12、胡康生：《中华人民共和国合同法释义》，1999年版，法律出版社。
13、史际春：《企业公司法》，2001年版，中国人民大学出版社。
14、陈红：《我国实行股票期权制度的法律障碍及对策》，载于《法商研究》，2002年第1期。
15、李增泉：《激励机制与企业绩效》，载于《会计研究》，2000年第1期。
16、张维迎著：《企业制度须解决的两个问题》，载于《经济信息报》，1994年1月17日，第98期。