关于完善上市公司股权激励税收政策的思考

Research on Improving Tax Policy for Equity Incentive Plan in Listed Companies

在实施“大众创业、万众创新”的战略大背景下,股权激励作为一种长期薪酬激励制度与促进创业创新的重要手段备受关注。股权激励效应的充分发挥有赖于税收政策的大力支持与有效配合。而我国现行股权激励税收政策设计遵循的是“公平优先、兼顾效率”原则,未能有效地引导、促进股权激励的发展,尚存在一些问题:一是股权激励税收政策设计目的与股权激励目标有冲突;二是股票期权计划分类不科学、税收政策导向不明确;三是授权日或行权日纳税的规定影响股权激励效用的发挥,极易诱发高管的机会主义行为;四是股权激励税收优惠政策不完善、税收优惠力度不足;五是上市公司与非上市公司、个人所得税与企业所得税有关股权激励的税收政策不协调。文章回顾了股权激励税收政策的已有研究,梳理了上市公司股权激励征税的国际经验,提出了完善我国上市公司股权激励税收政策的建议。

Under the strategic background of"Mass Entrepreneurship and Innovation",equity incentive,as a long-term salary incentive system and an important means to promote entrepreneurship and innovation,has attracted much attention.The full play of equity incentive effect depends on the great support and effective cooperation of tax policy.However,the design of China's current equity incentive tax policy follows the principle of"fairness priority,and also give consideration to efficiency",which fails to effectively guide and promote the development of equity incentive,and it still has some problems as follows.Firstly,the designing purpose of equity incentive tax policy conflicts with the equity incentive target.Secondly,the classification of stock option plans is unscientific,and the orientation of tax policy is unclear.Thirdly,the tax payment regulations on the authorization date or exercise date affect the effectiveness of equity incentive,and easily induce executive opportunism behavior.Fourthly,the preferential tax policy for equity incentive is imperfection and the tax preference being insufficient.Finally,the tax policies of listed companies and non-listed companies,personal income tax and corporate income tax on equity incentive are not coordinated.How to solve the above problems?This article reviews the existing research on equity incentive tax policy,refers to the international experience of equity incentive taxation in listed companies and puts forward some suggestions which can improve the equity incentive tax policy of China's listed companies.