我国上市公司股权激励问题分析摘要我国上市公司股权激励问题的破解，有助于提升公司管理水平和员工工作积极性，对于公司长远发展具有非常重要的意义。本文首先阐述了我国股权激励制度的发展历程和主要模式，主要分为股权制度酝酿期、试点期和成熟期，而模式主要有授予经理人股权和限制性股票，然后提出了我国上市公司股权激励制度面临的法律不完善、公司内部治理结构不合理和激励模式单一问题，接着剖析了美国股权制度的发展历程和出现的一些问题及对我国的启示，最后对我国上市公司股权制度的未来发展提出了一些建议，提出健全的法律法规、完善的内部治理结构以及有效的资本市场等是成功推行股权计划的几大关键要素，建议的目的是为了推动中国上市公司股权的改革及发展。关键词：股权；期权价值；上市公司治理；期权激励机制AnalysisonstockoptionincentiveofListedCompaniesinChinaAbstractStockoptionistherightthatacompanygivesemployeestobuyacertainnumberofsharesinthecompanyatasuitablepriceinthefuture.Sincetheemployeesarebuyingthestockofthecompany,theirinterestsarecombinedwiththeinterestsofthecompany,whichcaneffectivelymotivatetheemployees'enthusiasm.Atthesametime,theenterprisedoesnothavetopayhighwages.Itisakindofinstitutionalarrangementthatcanmotivatetheemployeestoworkhard.China'sstockoptionincentivemechanismhasashortdevelopmenttime.Ifwewanttoproceedsmoothly,weshoulddrawonthemanagementmodelofwesterndevelopedcountries,especiallyintheUnitedStates,andcanpromotethelong-termandeffectivestockoptionsforbusinessoperation.ButtheincentivemechanismofstockoptionisnotperfectintheUnitedStates.Ithasalsoappearedinthehistoryofdevelopment,suchasfinancialfraud,avoidingtheproblemsthathaveappearedintheUnitedStatesandestablishingalong-termmechanismofequityincentive,whichisthedirectionofourlistedenterprisesandsupervisiondepartments.Theintroductionofthisarticlemainlyexpoundstheconceptandtheoreticalfoundationoftheincentivemechanismofstockoption.ThefirstandthesecondpartexpoundsthecurrentsituationandproblemsoftheequityincentivesysteminChina.ThethirdpartmainlyexpoundsthedevelopmentcourseandsomeproblemsoftheAmericanstockoptionsystem,andthefourthpartisonourcountry.Somesuggestionsareputforwardforthefuturedevelopmentofthestockoptionsystemofthecitycompany.Asoundcorporategovernancestructure,thedevelopedmanagermarketandtheeffectivecapitalmarketarethekeyelementsofthesuccessfulimplementationofthestockoptionplan.ThepurposeoftheproposalistopromotethereformanddevelopmentofthestockoptionsofChineselistedcompanies.Keywords:StockOption;OptionValue;ListedCompanyGovernance;OptionIncentiveMechanism目录引言............................................................11我国上市公司股权激励制度概况......................................21.1股权激励制度的发展历程..........................................21.1.1第一阶段：股权激励制度酝酿期...................................21.1.2第二阶段：股权激励制度改革试点时期..............................21.1.3第三阶段：股权激励制度成熟期...................................21.2我国股权激励的模式..............................................31.2.1授予经理人股权.................................................31.2.2授予限制性股票.................................................31.2.3两者区别.....................................................32我国上市公司股权激励制度存在的问题.............................52.1法律不完善....................................................52.2公司对激励监管不够..............................................52.3激励模式过...
