我国上市公司股票期权激励的信息披露研究

Information Disclosure of Listed Companies in China Stock Options Incentive Research

选取25家中国上市公司,采用定性分析与定量分析结合的方法分析其2017-2019年所公开披露的信息,从披露的充分性、及时性、真实性、准确性的角度思考,发现目前股票期权的信息披露存在的问题,包括确认与计量粗略、公允价值确定方法披露不充分、部分公司实施盈余管理、自愿性披露内容较少或失真等。主要原因在于以下几点:披露制度中对其解释力不足,准则的实行没有普遍性和协调性;内部治理结构不完善,股东大会流于形式,外部监管不到位;公司对股票期权激励的披露问题不够重视。对上市公司相关信息披露质量进行评价并据此从制度、监管、公司三个层面提出了改进建议。

This paper selected 25 Chinese listed companies to analyze the information disclosed by them from 2017 to 2019 by combining qualitative analysis and quantitative analysis.From the perspective of the adequacy,timeliness,authenticity and accuracy of disclosure,it found that the current information disclosure of stock options existedthe problems including rough recognition and measurement,inadequate disclosure of fair value determination methods,earnings management implemented by some companies,and less or distorted voluntary disclosure.It thought that the main reasons were as follows:the lack of explanatory power in the disclosure system,the lack of universality and coordination in the implementation of the standards;the internal governance structure beingno perfect,the general meeting of shareholders being a mere formality,and the external supervision being not in place;the company doing not pay enough attention to the disclosure of stock option incentive.Finally,it evaluated the quality of information disclosure of listed companies,and put forward suggestions for improvement from three aspects of system,supervision and company.