证券公司股权激励改革的路径及模式选择

Initiating Equity Incentive Plan in China Securities Companies

本文认为,激励不足是目前我国证券公司中存在的最大问题。研究表明,证券公司人力资本的所有者拥有证券公司的所有权是一个必然的趋势,WTO过渡期结束后,国内券商必须探索适应市场竞争要求的、与国际接轨的股权激励方式。从我国证券行业发展和外部环境的变化来看,实施股权激励计划是可行的。在激励机制的实际方案设计上,可考虑对管理层主要实行股权激励,对员工实施持股计划。

Lack of incentive is a serious problem in China securities companies. Studies reveal that it is an inevitable trend that he owns the company who owns its human resources. Pursuant to the transitional period of WTO, Chinese securities companies must seek for incentive measures that adapt to market competition and in line with international experience. At present stage, equity incentive plan is feasible in China securities industry given the level of its development as well as the external environment. When it comes to the implementation design, equity incentive is more appropriate to the management and stock option to staff members.