浅谈我国上市公司股权激励.doc

浅谈我 上市公司股权激励 ［才商要］公司治理是一个世界性研究和实践的课题，如今现代企业所有权和经营权相分离， 使得公司治理屮“委托一代理”问题的研宄成为了重点。在今国际大企业屮，有90%的公司 己对高级管理人员实施了股权激励机制。股权激励在我国已不是一个陌生词汇，早在20世纪 90年代就开始了股权激励的早期探索，这包括海尔，联想等诸多企业。但早期它的成效并不 显著，随着2005年股权分置改革的全面展开，2006年相关法律法规的出台，相关政策和资 本市场等环境不断改善，近几年成为了中国企业中涌现的新热点。 因此在这个背景下，木文探讨了我国上市公司在实施股权激励的相关问题。全文共分为5 个部分。第一部分介绍了上市公司股权激励管理层、股权激励等重耍概念，第二部分对我国 股权激励制度的发展历程及现状作了描述，第三部分分析了股权激励产生的积极作用，第四 部分对我国上市公司股权实践屮存在的问题作了深入分析，最后提出了解决途径及相关的政 策建议。 ［关键字］上市公司股权激励绩效评估 On the Equity Incentive of Listed Companies [Abstract] Corporate governance is a subject of worldwide research and practice. The modern enterprise ownership and management rights of separationmaking the commission - Acting issues of corporate governance is the focus of the study. According to statistics，the worlds top 500 large industrial enterprises, 90 percent of companies have implemented a senior management stock options incentive mechanism. Equity incentive in China is not a strange word. China’s listed companies in the 1990s began in the early equity incentive to explorejncluding Haier,Lenovo and many other companies.However,early results it is not significant, as the 2005 split share structure reform in full swing， 2006，the related laws and regulations of the promulgation of relevant policies and capital market environment continuesed to imporovejn recent years，Chinese enterprises have emerged to become the new hot spot.Therefore. Therefore, under this background，this paper discusses China’s listing Corporation in the issues related to the implementation of equity incentive.The full text is divided into 5 parts. The first part introduces the listing Corporation equity incentive management important concept layer, equity incentive, the second part of the development and the status quo of Chinas equity incentive system is described, the third part analyzes the positive effects of equity incentive is generated, the fourth part makes a thoroughanalysis on the existing domestic listing Corporation equity problems in the practice, a