制度约束下的上市公司动态股权激励模型的修订与改进

System-restricted Revision and Improvement of Dynamic Equity Incentive Model in Listed Companies

郑玉刚提出的动态股权激励模型是在初始静态股权的基础上,按员工负责的项目给公司带来贡献(按照个别项目与公司整体利润的比值)计算,是一种按资与按绩分配相统筹的方法,能有效弥补传统按股(按资)分配方式的不足。国家相关法规制度对上市公司实施股权激励进行约束,对股权激励模型的运用产生了直接的影响。依据对约束的详细阐述和分析,提出修订建议,使修订后的模型适用于上市公司,体现效率优先、兼顾公平的股权激励原则。

Dynamic Equity Incentive Model proposed by Zheng Yugang, based on initial static equity, is calculated on the basis of contribution resulted from employees＇ assigned project, combining capital with performance, which effectively compensate the shortage of traditional distribution. Restrictions of national relative regulations to listed companies implementing equity incentive directly affect how the model is applied. According to the detailed interpretation and analysis, the paper proposes suggestion to revise and make the model more applicable to listed companies, which represents efficiency priority but considering fairness as well.