股票期权激励制度的探讨
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摘要
股票期权最初于20世纪70年代产生于美国，经过二十多年的发展，89％的美国公司实行了股票期权激励制度。在企业管理人员的薪酬结构中，股票期权占到30％甚至更高。近十年来股票期权激励制度给美国管理人员带来的收入增长了200多倍，有效解决了委托代理的矛盾。股票期权在我国目前来说还是一个新的概念，模仿也是一种创新，我国企业可以对成熟市场经济中的股票期权激励制度进行模仿，将其引入到企业的人力资源管理中。
本文首先阐述了股票期权的概念和产生的背景及理论依据，详细介绍了美国股票期权激励制度的种类．操作方法以及达到的效果，剖析了我国企业的现状及实行股票期权激励制度的必要性和可行性，最后提出了在我国实施股票期权激励制度的基本原则和具体的设计方案。
Originated from 70s' in Century 20 in U.S, developed for 20 years, Stock Option system has been adopted by 89 percent of the companies in U.S currently. Stock options make up of 30 above of the income of the enterprise administrators, and in the last ten years, benefiting from stock option, administrators' income is improved 200 times, the contradiction of the delegation proxy is diminished. Now, Stock Option is a new concept in China, but domestic enterprises can imitate from western countries, apply the stock option system to the management of human resources.
First, this article describes the background and basic theory of stock option. Second, analyzes how the Stock Option is used in America and what improvement to be achieved. Then, profiles the current status of domestic enterprises, the necessary condition and possibility to apply Stock Option incentive system in these enterprises. Last, the basic principle to implement a stock option incentive system in China is prompted, and a design of the system is discussed in detail.
本文首先阐述了股票期权的概念和产生的背景及理论依据，详细介绍了美国股票期权激励制度的种类．操作方法以及达到的效果，剖析了我国企业的现状及实行股票期权激励制度的必要性和可行性，最后提出了在我国实施股票期权激励制度的基本原则和具体的设计方案。
Originated from 70s' in Century 20 in U.S, developed for 20 years, Stock Option system has been adopted by 89 percent of the companies in U.S currently. Stock options make up of 30 above of the income of the enterprise administrators, and in the last ten years, benefiting from stock option, administrators' income is improved 200 times, the contradiction of the delegation proxy is diminished. Now, Stock Option is a new concept in China, but domestic enterprises can imitate from western countries, apply the stock option system to the management of human resources.
First, this article describes the background and basic theory of stock option. Second, analyzes how the Stock Option is used in America and what improvement to be achieved. Then, profiles the current status of domestic enterprises, the necessary condition and possibility to apply Stock Option incentive system in these enterprises. Last, the basic principle to implement a stock option incentive system in China is prompted, and a design of the system is discussed in detail.
引文
[1] 吴叔平等．股权激励．上海远东出版社．2000．7
[2] 唐俊等．公司股份期权与员工持股．中国金融出版社．2000．8
[3] 约瑟夫．沃克 期权市场运作．清华大学出版社．1998．1
[4] 周三多．管理学原理与方法．复旦大学出版社．1998
[5] 张五常．经济学解释．商务印书官．2000．8
[6] 魏杰．现代产权制度分析．首都经济贸易大学出版社．2000．2
[7] 陈舜．期权定价理论及其应用．中国金融出版社．1998．8
[8] 约翰·郝尔．期权期货及衍生证券．华夏出版社．1997．1
[9] 王一军．公平、效率、稳定．中国证券报．2001．3．23
[10] 萧宁．解决一个问题、抓好五个环节．中国证券报．2001．4．5
[11] 奚玉芹．股权激励．中国证券报．2002．3．20
[12] 吴叔平等．股权激励活跃起来．中国证券报．2110．4．5
[13] 周立群等．实施股票期权有待探讨的几个问题
[14] 吴小钢等．国有企业股权激励的创新设计
[15] 孙玉梅．股权激励的理论与实践
[16] 曲宏政．期权制能否终结国企顽症
[17] 陈卓勇．股权激励的不同类型和运用
[18] 张剑文．股票期权计划的操作要点
[19] 谭波等．中国企业如何实施股票期权激励计划
[20] 徐汇气．股票期权激励的意义与问题
[21] 陈云贤等．美国证券市场投资税收概况
[22] 陈婷．仿真股票
[23] 付雪君．对上市公司实施股票期权的思考
[24] 韩复龄．外资并购中国企业的方式
[25] 刘海啸．债券定价：期权理论的应用
[26] 吴月辉．股票期权成为美国公司延揽人才的重要手段
[27] 杨建平．股票期权：解决委托代理问题的有效手段
[28] 章峰．独立董事重在独立
[29] 袁国良，王怀芳．股票期权实证分析《资本市场》1999．10期
[30]李克穆．我国社会主义市场经济进程中面临的两个问题《管理世界》1999．4期
[31]青木昌彦，钱颖．转轨经济中的公司治理结构1995 中国经济出版社
[32]张维迎．企业理论与中国企业改革 1999 北大出版社
[33]斯蒂格利茨．经济学(上)，梁晓民译 2000年 中国人民大学出版社
[34]Jensen Michael C and William H Meckling 1976 Theory of the firm: Managerial behavior, agency cost and ownership Journal of Financial Economics Vol 3305—3360
[35]Jerson Michael C and Kevin J Murphy 1990 Performance pay and top-management incentives Journal of Political Economy
[36]Brian J Hall and Jeffrey B Liebman 1997 Are CEOs Really Paid Like Burearcrats?
[37]DeFusco Richard a Thomas s Zorn and Robert R Johnson 1991 The association between executive stock option changes and managerial decision making Financial management
[38]Hague, Robert A and lemma W Senbet 1981 Resolving the agency problems of external capital though options Journal of Finance
[39]Lewellen wilbur G Claudio Loderer, and Kenneeth Martin 1987 Executive compensation and Executive incentive problems: AN empirical analysis Journal of Accounting and Economic
[40]Forbes'executive compensation survey" in every May 90-98
[2] 唐俊等．公司股份期权与员工持股．中国金融出版社．2000．8
[3] 约瑟夫．沃克 期权市场运作．清华大学出版社．1998．1
[4] 周三多．管理学原理与方法．复旦大学出版社．1998
[5] 张五常．经济学解释．商务印书官．2000．8
[6] 魏杰．现代产权制度分析．首都经济贸易大学出版社．2000．2
[7] 陈舜．期权定价理论及其应用．中国金融出版社．1998．8
[8] 约翰·郝尔．期权期货及衍生证券．华夏出版社．1997．1
[9] 王一军．公平、效率、稳定．中国证券报．2001．3．23
[10] 萧宁．解决一个问题、抓好五个环节．中国证券报．2001．4．5
[11] 奚玉芹．股权激励．中国证券报．2002．3．20
[12] 吴叔平等．股权激励活跃起来．中国证券报．2110．4．5
[13] 周立群等．实施股票期权有待探讨的几个问题
[14] 吴小钢等．国有企业股权激励的创新设计
[15] 孙玉梅．股权激励的理论与实践
[16] 曲宏政．期权制能否终结国企顽症
[17] 陈卓勇．股权激励的不同类型和运用
[18] 张剑文．股票期权计划的操作要点
[19] 谭波等．中国企业如何实施股票期权激励计划
[20] 徐汇气．股票期权激励的意义与问题
[21] 陈云贤等．美国证券市场投资税收概况
[22] 陈婷．仿真股票
[23] 付雪君．对上市公司实施股票期权的思考
[24] 韩复龄．外资并购中国企业的方式
[25] 刘海啸．债券定价：期权理论的应用
[26] 吴月辉．股票期权成为美国公司延揽人才的重要手段
[27] 杨建平．股票期权：解决委托代理问题的有效手段
[28] 章峰．独立董事重在独立
[29] 袁国良，王怀芳．股票期权实证分析《资本市场》1999．10期
[30]李克穆．我国社会主义市场经济进程中面临的两个问题《管理世界》1999．4期
[31]青木昌彦，钱颖．转轨经济中的公司治理结构1995 中国经济出版社
[32]张维迎．企业理论与中国企业改革 1999 北大出版社
[33]斯蒂格利茨．经济学(上)，梁晓民译 2000年 中国人民大学出版社
[34]Jensen Michael C and William H Meckling 1976 Theory of the firm: Managerial behavior, agency cost and ownership Journal of Financial Economics Vol 3305—3360
[35]Jerson Michael C and Kevin J Murphy 1990 Performance pay and top-management incentives Journal of Political Economy
[36]Brian J Hall and Jeffrey B Liebman 1997 Are CEOs Really Paid Like Burearcrats?
[37]DeFusco Richard a Thomas s Zorn and Robert R Johnson 1991 The association between executive stock option changes and managerial decision making Financial management
[38]Hague, Robert A and lemma W Senbet 1981 Resolving the agency problems of external capital though options Journal of Finance
[39]Lewellen wilbur G Claudio Loderer, and Kenneeth Martin 1987 Executive compensation and Executive incentive problems: AN empirical analysis Journal of Accounting and Economic
[40]Forbes'executive compensation survey" in every May 90-98