中国上市公司股权激励研究

• 영문명: A Study on the Stock Option in Chinese Listed Companies
• 발행기관: 글로벌경영학회
• 저자명: 柳兰 (Liu, Lan) 金春洙(Kim, Chun-Soo)
• 간행물 정보: 『글로벌경영학회지』글로벌경영학회지 제12권 제3호, 443~463쪽, 전체 21쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2015.09.30

국문 초록

20世纪80年代，伴随着股份制改造的顺利进行，股权激励作为公司治理机制的一部分，开始在中国 大地上萌芽。在证券市场稳步发展的背景下，2005年12月31日，中国证监会发布了《上市公司股权 激励管理办法(试行)》(以下简称《管理办法》)，至此中国终于开始了股权激励制度体系的建设。随 后几年内，与股权激励相关会计准则、税收政策及其他制度建设的日益完善，有力地推动了股权激励 制度在中国的发展。 不可否认，股权激励制度在中国的实施对上市公司的经营管理起到了一定的积极作用。然而，中国 上市公司股权激励机制在实施过程中存在着这样或那样的问题，如决策机制不独立，管理层对股权激 励实施控制、引起道德风险和分配不公、无法实现长效激励、激励条件过低、缺乏配套机制、盈余管 理以及制度层面的问题等。加之中国尚未形成职业经理人市场，资本市场与产品市场发展尚不完善， 部分配套法律法规不合理，使得外部市场体系对于企业经营者的激励约束难以到位，强化了股权激励 机制与现有制度环境之间的矛盾。企业内部与外部约束机制的乏力等原因，使股权激励在中国上市公 司运用中产生了一些问题，同时也引起了一些争论。本文以2011年1月1日-2014年12月31日之间 沪深两市实施股权激励的公司为研究对象，共选取了554个样本作为研究对象。本文通过对实施股权 激励的公司所在行业、实施时间、实施主体特征、激励模式选择、激励规模、激励有效期、激励对象 与权益分配、授予与行权条件的分析，剖析了中国上市公司实施股权激励的现状和问题。为规范中国 上市公司实施股权激励的行为提出合理化建议，对于当前制约中国股权激励发展的制度上的顽疾提出 了解决方案。

영문 초록

In the 1980’s, with the accomplishment of shareholding reform, as a part of the corporate governance mechanism, stock option has sprouted in china. Chinese Securities Regulatory Commission promulgated the Management Approach about Stock Option Incentive in the Listed Company (Trial) in Dec. 31st, 2005, hereinafter referred to as Management Approach, so far china had started the construction of stock option system. In the following years, accounting standard, tax policy relating to stock option and other system were increasingly perfected, powerfully promoting the development of the stock option incentive system in China. Undeniably, the implement of stock option system in China has some positive impact to the listed company. However, the stock option incentive mechanism in the listed company in China has many problems, such as the independence of decision-making mechanism, the control of stock option incentive from management layer, moral hazard, unfair distribution, unobvious effects in a long time, low incentive conditions, lack of supporting mechanisms, accounting and tax problem in earnings management and institution and so on. In addition, the lack of forming of professional manager market, the imperfection of capital and product markets, some unreasonable supporting laws and regulations make the external market system hard to be incentive and restrictive to managers, strengthen the contradiction between incentive mechanism and current institutional environment. Since there’re less power in internal and external restriction mechanism and other reasons, there’re some problems with the stock incentive using in the Chinese listed companies and there’re also some controversies. This article makes the implementing incentive companies that are listed in the stock markets of Shanghai and Shenzhen from 01/01/2011 to 31/12/2014 as the objects of study, including in implement (award and exercise) and completed projects. There are totally 554 samples after collating as objects of study. Through inducting and reorganizing the industry, time of implement, features of implementation executor of companies implementing incentive and items of incentive projects, this article analyzes the current situation and existing problems of incentive implement in Chinese listed companies. In order to regulate the behavior of Chinese listed companies when implement incentive, it proposes reasonable suggestions. Besides, it suggests solutions to ‘chronic diseases’ in the institution and system which restrict the development of Chinese incentive.

목차

Ⅰ.序 论

Ⅱ.理论背景及文献探讨

Ⅲ.中国上市公司股权激励的现状分析

Ⅳ.中国上市公司股权激励制度滞后存在的问题

Ⅴ.完善中国上市公司股权激励制度的建议

Ⅵ.结 论

키워드

中国 上市公司 股权 激励 人力资 源 China Listed Company Stock Option Human Resource