中国上市公司股权激励制度的现状及改进建议

Analysing Stock Options Motivation System Based on Options Division Reformation

针对中国上市公司股改前后实施股权激励制度的理论及实践,认为中国上市公司应用股票期权激励制度不仅是必要的而且是可行的。股权激励制度的有效实施可以将经营者的利益和股东的利益紧密结合在一起,真正统一公司的经营目标,从根本上解决公司治理过程中的委托代理问题。股权分置导致的同股不同权,造成实施股权激励制度的基本条件缺失,同时由于股改前相关法律法规的诸多限制,致使中国上市公司的股权激励制度无法实施。为确保股权激励制度的有效实施,必须建立完善的职业经理人市场,建立科学民主的业绩考核制度,同时加快股权激励制度的配套制度建设及相关法律法规建设。

According to the theory and practice from beginning to end, it is necessary and feasible that carrying out the stock options motivation system in our companies on the market. Carrying out ef-fectively the stock options motivation system can unite closely the benefit both of managers and stock-holders and unify the managing target and solve thoroughly the trust-proxy problems in the process of corporate governance. There are a lot of problems in the process of corporate governance. Options divi-sion lead to the same stock has the different rights, Many restrictions come from the laws and regula-tions bring about the long-term motivation methods almost lost completely. For insure accomplishment that options motivation system that validity into practice, it is necessary to establish the market of per-fect occupation agent, and establish the science democracy to investigate the system, at the same time quickly options motivation system of kit system developments and related law laws developments.