摘要
经营者和所有者的分离充分体现了现代公司制度的实质,通过力资本所有者和非人力资本所有者的分工凸显人力资本的能动性作用。对经营者的长期激励集中体现在股权激励和利润分享的制度设计上,而这些内部制度的有效性还基于相对完善的产品市场、资本市场和经理人市场。本文以我国上市公司经营者为研究对象,通过对我国目前资本市场和经理人市场不完备的分析,结合零-βCAPM对B-S股权定价模型进行修正,设计合理的经营者股权激励方案。
The separation of the operator and owner had fully reflected the essence of the modern company＇s system; showed the deterministic function of the human resource capital especially through the division of human resource owners and impersonal capital owners. Concentrating on the system of long-term encouragement to the operator, the validity of these inside systems was also encouraged on the basis of relatively perfect product market, capital market and managers＇ market. This text regarded operator of listed company of our country as research object, analyzed the incompletion of the capital market and manager＇s market in our country, revised the B-S model based on zero-β-APM, and designed rational operator＇s stock right to encourage the scheme.
出处
《预测》
CSSCI
2005年第6期37-40,共4页
Forecasting
基金
安徽省社联资助项目(200328)
合肥工业大学校基金资助项目(041103F)
