上市公司股权激励问题研究

Problems on Stock Option Incentive in Public Listed Companies

以管理学理论及人力资本理论为基础,对上市公司股权激励问题进行研究,发现上市公司在实施股权激励过程中普遍存在的问题是:股权激励实施受限,股权激励对象考核方法单一,激励对象存在辞职套现行为等。问题产生的成因在于股票期权行权价设定不当影响激励效果,企业的业绩评价体系不完善,股权激励约束机制不健全等方面。解决上市公司股权激励问题的对策,主要包括完善公司治理结构,健全独立董事制度,实施企业文化理念激励等措施。

Based on management science and human capital theory,the author analyzes the stock option incentive in listed companies and finds that problems prevail including the implementation limitation of the incentive project,the oversimplified assessment for the incentive parties,and some incentive recipients＇ resigning and cashing their stock.Causes to these problems are the unsuitable exercise price of stock option,which impacts the incentive result;the imperfect performance assessment system in enterprises;and the unsound incentive restraint mechanism,etc.Coping strategies are proposed in terms of improving the corporate governance structures,setting up a sound systemof independent director of the board,conducting inspiration strategies bymeans of enterprise culture.