中小型高科技企业在创业期的期权激励制度
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摘要
上世纪90年代以来，我国的高科技企业尤其是中小型的高科技企业得到了飞速的发展，为我国的国民经济和社会发展作出了极大的贡献，政府也为高科技企业的发展制定了优惠的政策并提供了良好的宏观环境。但是，由于中小型高科技企业在要素结构、主营方向、组织特征、创新管理、成长性、风险性等方面拥有与传统企业显著不同的特征，而且绝大多数处于创业期，他们几乎都面临如下两个难题急需解决：如何对员工进行持续而有效的激励？如何建立一个有效的可持续发展的企业体制？
答案是期权激励制度。笔者在文中比较深入地阐述了期权制度的概念、所涉及的基础理论（委托代理理论、契约的不完备性理论和剩余索取权理论）、期权制度在国内外产生和发展的历史、类型、要素等，同时也指出了期权制度的正反效应。同时，笔者还对创业期的中小型高科技企业实施期权制度的宏观环境和政策因素进行了讨论，针对中小型高科技企业的特点，笔者指出，中小型高科技企业实施期权制度具有阶段性的特征。在对具体问题的分析中，笔者运用了生命周期理论、双因素理论和需求层次理论等理论来说明问题。
由于现行的一些法律法规的限制和股票市场的高门槛导致中小型高科技企业难以实施传统意义上的股票期权，因此，笔者引入了股份期权的概念。股份期权是指给予员工在未来确定的年份按照固定的价格购买一定数量公司股份的权利。股份期权同样具有四个基本要素，其中最重要的是股份来源，股份来源可以通过预留、出让、增资扩股等方法解决。笔者还建立了一个简单的股份期权模型来说明问题。总之，只要经过合理设计，创业期的中小型高科技企业就可以实施有效的期权激励制度，解决企业面临的激励和体制困境，笔者的论文在这个意义上对类似的企业有一定的参考意义。
笔者在最后以自己所供职的企业为例作出了一个创业期高科技企业股份期权的实例设计。这个设计是根据实际情况，在如下几个方面做出了具体的安排：期权制度的决策和执行机构、受益人、期
权来源、期权分配方式、特殊情况的处理。虽然这个设计从理论上来说并不是完全严格的期权制度，但笔者期望它能真正适合于企业实际，并能在企业未来的创业发展中发挥重大的作用
Since 1990s, high-tech enterprises ( especailly high-tech SMEs ) in China have been greatly developed, and highly contributed to GDP and society development. The government has established favourable policy and good economic condition for high-tech SMEs development. But, because the high-tech SMEs are quite different from the triditional enterprises in factors construction, operation direction, organization features, innovation administration, expansibility, venture, etc. and most high-tech SMEs is in establishing period, they face two problems to solve: How to active employees constantly and effectively? How to establish a durative developing enterprise system effectively?
The answer is "Option Activation". In the article, the auther deeply expatiates on the concept of stock option, basic principles ( including devolving-deputizing theory, half-baked contract theory, and the theory of demanding surpluse value right ), the history of origin and
development of option activation, types, factors, etc. and indicates the affirmative and negative effects of option activation. At the same time, the auther discusses macro-environment and policy factors about the option activation in high-tech SMEs. In allusion to the features of high-tech SMEs, the author points out, that the option activation in high-tech SME has the phase feature. In the analysis, the author uses the life-period theory, double-factors theory, and demand-level theory.
Because of the limit of laws and stock market, the high-tech SMEs can not bring the triditional stock option into effect, the author inducts a new concept "Allotment Option" to solve this problem. Allotment option is a right that an employee can buy allotment of the enterprise in affirmatory amount at a certain time in the future. Allotment option also has four basic factors. In the four factors, the most important factor is allotment sources. There are three allotment sources: obligating, remising and enlarging allotment. The author has built a simply model of allotment option in this article to explain how to operate it. In conclusion, after designing in reason, high-tech SMEs can bring effective option activation into effect, solve the problems. This article makes refference sense to the high-tech SMEs.
In the end, the author has built a design of allotment option activation for his enterprise. This design is based on the fact circus of the enterprise, arranges the next aspects: decision-making organization,
beneficiary, option sources, means of distributing, especial condition, etc. The author wishes this design could take great role on the development of his enterprise
答案是期权激励制度。笔者在文中比较深入地阐述了期权制度的概念、所涉及的基础理论（委托代理理论、契约的不完备性理论和剩余索取权理论）、期权制度在国内外产生和发展的历史、类型、要素等，同时也指出了期权制度的正反效应。同时，笔者还对创业期的中小型高科技企业实施期权制度的宏观环境和政策因素进行了讨论，针对中小型高科技企业的特点，笔者指出，中小型高科技企业实施期权制度具有阶段性的特征。在对具体问题的分析中，笔者运用了生命周期理论、双因素理论和需求层次理论等理论来说明问题。
由于现行的一些法律法规的限制和股票市场的高门槛导致中小型高科技企业难以实施传统意义上的股票期权，因此，笔者引入了股份期权的概念。股份期权是指给予员工在未来确定的年份按照固定的价格购买一定数量公司股份的权利。股份期权同样具有四个基本要素，其中最重要的是股份来源，股份来源可以通过预留、出让、增资扩股等方法解决。笔者还建立了一个简单的股份期权模型来说明问题。总之，只要经过合理设计，创业期的中小型高科技企业就可以实施有效的期权激励制度，解决企业面临的激励和体制困境，笔者的论文在这个意义上对类似的企业有一定的参考意义。
笔者在最后以自己所供职的企业为例作出了一个创业期高科技企业股份期权的实例设计。这个设计是根据实际情况，在如下几个方面做出了具体的安排：期权制度的决策和执行机构、受益人、期
权来源、期权分配方式、特殊情况的处理。虽然这个设计从理论上来说并不是完全严格的期权制度，但笔者期望它能真正适合于企业实际，并能在企业未来的创业发展中发挥重大的作用
Since 1990s, high-tech enterprises ( especailly high-tech SMEs ) in China have been greatly developed, and highly contributed to GDP and society development. The government has established favourable policy and good economic condition for high-tech SMEs development. But, because the high-tech SMEs are quite different from the triditional enterprises in factors construction, operation direction, organization features, innovation administration, expansibility, venture, etc. and most high-tech SMEs is in establishing period, they face two problems to solve: How to active employees constantly and effectively? How to establish a durative developing enterprise system effectively?
The answer is "Option Activation". In the article, the auther deeply expatiates on the concept of stock option, basic principles ( including devolving-deputizing theory, half-baked contract theory, and the theory of demanding surpluse value right ), the history of origin and
development of option activation, types, factors, etc. and indicates the affirmative and negative effects of option activation. At the same time, the auther discusses macro-environment and policy factors about the option activation in high-tech SMEs. In allusion to the features of high-tech SMEs, the author points out, that the option activation in high-tech SME has the phase feature. In the analysis, the author uses the life-period theory, double-factors theory, and demand-level theory.
Because of the limit of laws and stock market, the high-tech SMEs can not bring the triditional stock option into effect, the author inducts a new concept "Allotment Option" to solve this problem. Allotment option is a right that an employee can buy allotment of the enterprise in affirmatory amount at a certain time in the future. Allotment option also has four basic factors. In the four factors, the most important factor is allotment sources. There are three allotment sources: obligating, remising and enlarging allotment. The author has built a simply model of allotment option in this article to explain how to operate it. In conclusion, after designing in reason, high-tech SMEs can bring effective option activation into effect, solve the problems. This article makes refference sense to the high-tech SMEs.
In the end, the author has built a design of allotment option activation for his enterprise. This design is based on the fact circus of the enterprise, arranges the next aspects: decision-making organization,
beneficiary, option sources, means of distributing, especial condition, etc. The author wishes this design could take great role on the development of his enterprise
引文
[1]马应伍.创业型企业的股权激励—以科技型企业为中心的探讨 http://www.mykj.gov.cn/forum/excite/2002-6-5/48.htm
[2]张驰.我国科技型企业现行股权激励政策分析 http://www.mykj.gov.cn/forum/excite/2002-3-15/47.htm
[3]黄钟苏，高晓博编著.经理激励与股票期权.北京：中华工商联合出版社.2001：15-25
[4]张维迎.企业的企业家—契约理论.上海：上海三联书店，上海人民出版社.1995：33-40
[5]Grossman, Sanford and Hart, Oliver, 1986, The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy, Vol.94.
[6]The National Center for Employee Ownership.The Stock Options Book. Hongkong：Science & Culture Publishing House Ltd. .2000:102-108
[7]The National Center for Employee Ownership.Current Practices in Stock Option Plan Design. Hongkong：Science & Culture Publishing House Ltd. .2000:97-99
[8]肖金泉，徐永前著.经营者持股与股票期权计划的规范设计.北京：企业管理出版社.2001：67-73
[9]张昕海，于东科等编著.股权激励.北京：机械工业出版社.2000：230-235
[10][美]美国国家所有权中心编;张志强译.股票期权计划的现实操作.上海：上海远东出版社.2001：44-45
[11][美]李普曼（Lipman,F.D.）著;张新海，吴增涛，刘敏恒译.员工持股计划实施指南.北京：电子工业出版社.2002：61
[12]陈清泰，吴敬琏.美国企业的股票期权产设计.北京：中国财政经济出版社.2001：120-128
[13]陈清泰，吴敬琏.股票期权实证研究.北京：中国财政经济出版社.2001：33
[14]辛向阳.薪资革命：期股制激励操作手册.北京：企业管理出版社.2001：90
[15]崔镇南，明星著.激励机制与管理层持股.北京：中国经济出版社.2000：168-172
[16]张剑文.公司治理与股权激励.广州：广东经济出版社.2001：122-124
[17][美]安妮·布鲁斯，詹姆斯·S·伯比顿著.员工激励.北京：中国标准出版社.2000：87-88
[18]张亮.股份期权—高科技企业实施股权激励的理想选择.中国科技产业.2002-2
[19]方时雄.股份期权：风险企业的有效激励机制.北方经济.2001-10
[20]张小兰，马伯乐，翟刚.我国实行股票期权的现实难点和对策.企业经济.2002-1
[21]吴贵生.技术创新管理.北京：清华大学出版社.2000：188-190
[22]石建勋.中国企业家的股权革命：理论、案例与操作方案.北京：机械工业出版社.2003：77-102
[2]张驰.我国科技型企业现行股权激励政策分析 http://www.mykj.gov.cn/forum/excite/2002-3-15/47.htm
[3]黄钟苏，高晓博编著.经理激励与股票期权.北京：中华工商联合出版社.2001：15-25
[4]张维迎.企业的企业家—契约理论.上海：上海三联书店，上海人民出版社.1995：33-40
[5]Grossman, Sanford and Hart, Oliver, 1986, The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy, Vol.94.
[6]The National Center for Employee Ownership.The Stock Options Book. Hongkong：Science & Culture Publishing House Ltd. .2000:102-108
[7]The National Center for Employee Ownership.Current Practices in Stock Option Plan Design. Hongkong：Science & Culture Publishing House Ltd. .2000:97-99
[8]肖金泉，徐永前著.经营者持股与股票期权计划的规范设计.北京：企业管理出版社.2001：67-73
[9]张昕海，于东科等编著.股权激励.北京：机械工业出版社.2000：230-235
[10][美]美国国家所有权中心编;张志强译.股票期权计划的现实操作.上海：上海远东出版社.2001：44-45
[11][美]李普曼（Lipman,F.D.）著;张新海，吴增涛，刘敏恒译.员工持股计划实施指南.北京：电子工业出版社.2002：61
[12]陈清泰，吴敬琏.美国企业的股票期权产设计.北京：中国财政经济出版社.2001：120-128
[13]陈清泰，吴敬琏.股票期权实证研究.北京：中国财政经济出版社.2001：33
[14]辛向阳.薪资革命：期股制激励操作手册.北京：企业管理出版社.2001：90
[15]崔镇南，明星著.激励机制与管理层持股.北京：中国经济出版社.2000：168-172
[16]张剑文.公司治理与股权激励.广州：广东经济出版社.2001：122-124
[17][美]安妮·布鲁斯，詹姆斯·S·伯比顿著.员工激励.北京：中国标准出版社.2000：87-88
[18]张亮.股份期权—高科技企业实施股权激励的理想选择.中国科技产业.2002-2
[19]方时雄.股份期权：风险企业的有效激励机制.北方经济.2001-10
[20]张小兰，马伯乐，翟刚.我国实行股票期权的现实难点和对策.企业经济.2002-1
[21]吴贵生.技术创新管理.北京：清华大学出版社.2000：188-190
[22]石建勋.中国企业家的股权革命：理论、案例与操作方案.北京：机械工业出版社.2003：77-102