股权激励制度的历史解读与法律构建——以晋商“顶身股”为视角

Historical Interpretation and Legal Construction of Equity Incentive System——From the Perspective of “Labor-sharing” of Shanxi Merchants

股权激励制度法律构建研究应关注与此有关的商事习惯。中国股权激励制度历史悠久、源远流长,最早可以追溯到晋商的“顶身股”。因此,在构建中国股权激励制度时,不仅要考虑时代因素,也应从商事习惯中汲取养分。“顶身股”制度与现代股权激励在激励功能、信用基础和对“人力资本”重视等方面存在很大的契合,具有历史传承的制度基础。然而“顶身股”与银股比例失衡、责权利不对等、分红比例过大、缺乏有效的监督等问题也为股权激励制度法律构建提供反思。因此,股权激励制度的法律构建应从“顶身股”制度中汲取养分,取其精华,去其糟粕,秉承“自治为主,引导为辅”“扬弃历史”“系统化”等原则,构建适合中国国情的股权激励法律制度。

Research on the legal construction of equity incentive system should pay attention to the relevant commercial custom.The earliest equity incentive system in China can be traced back to the “labor-sharing” of Shanxi merchants.Therefore, in the construction of China’s equity incentive system, we should not only consider the factors of the times, but also draw nutrients from the commercial custom.There is a great agreement between “labor-sharing” system and modern equity incentive in terms of incentive function, credit trust, and emphasis on “human capital”,which provides a historical heritage of the institutional basis.However, the imbalance between “labor-sharing” and silver stock, the unequal rights and responsibilities, the large proportion of dividends, the lack of effective supervision and other problems also provide reflection for the legal construction of equity incentive system.The legal construction of the system of equity incentive should absorb the nutrients from the system of “labor-sharing”,take its essence and discard its dregs, and adhere to the principles of “autonomy is the main, and guidance is complementary”,“discarding history” and “systematization”,so as to construct the legal system of equity incentive that is suitable for China’s national conditions.