股权分置改革后的国有控股上市公司股权激励方案设计及相关问题研究

摘　要
股权分置改革是中国资本市场以及国有资产管理体系中的一项非常具有历史性意义的重大事件。股权分置改革的主轴是对价的支付，即非流通股股东通过对流通股鼓动支付一定的对价以换取原非流通股的上市流通权。在股权分置改革之后，国有上市公司如何设计股权激励计划一直受到国内外理论界、政府和公司的高度关注。股权激励被视为解决现代企业委托——代理问题的重要途径，是促进公司高管与股东形成利益共同体的有力手段，因此国有控股上市公司的股权激励计划是关系到国有资产的重大问题。但在实践中，由于政策环境和法律规定的制约，股权分置改革的影响，股权激励方案的设计面临许多法律、政策和环境的障碍。上市公司和资本市场都急需建立健全公司高管的股权激励制度。
本文从有关上市公司的政策法规入手，对股权分置改革后的资本市场环境进行研究，并结合国有控股上市公司的实际情况，探讨国有控股上市公司的股权激励计划，并对相关问题进行研究。最后提出完善我国国有控股上市公司的股权激励应采取的对策和建议，以期解决国有控股上市公司的股权激励问题。
关键词：股权分置改革 国有控股上市公司 股权激励 方案
ABSTRACT
Split-share reform is a historical and important reform in capital market of China and the management system of State-owned companies. The main content of Split-share reform is the paid consideration; it means uncirculating shares will pay some consideration to circulating shares, in order to circulate. After split-share reform, the ownership incentive mechanism of listed companies in our country has received close attention of the domestic and foreign theorists, the government and company continuously. Equity incentive regarded as the solution to the entrust-agent problem of modern enterprises to promote corporate executives and the shareholders to form a powerful means of the benefit community, so equity incentive refers to the benefit of China. But due to the constraints of the original policy environment, the law rule in prac无忧论文 【http://www.uklunwen.com】tice and the reform’s influence, equity incentive plan to promote confronted many obstacles. Listed companies and the capital market all need urgently to establish the advanced executive equity incentive system and mechanism.
This paper researched system environment of executive equity incentive from policies and regulations promulgated under the new circumstances, and combining state-controlled listed companies of the actual situation, discussing on the equity incentive plan for state-controlled listed companies and interrelated problems. Then I will design and make recommendations to speed up the equity incentive system in this paper.
KEY WORDS: Split-Share Reform; State-Controlled Listed Companies; Equity Incentive; Incentive Planning
目  录
摘　要 2
ABSTRACT 3
第一章  导论 5
1.1 研究背景 5
1.1.1  问题的提出 5
1.1.2  政策及法律研究 7
1.2 本文的研究思路、分析框架和研究方法 9
1.2.1  本文的研究思路 9
1.2.2  本文的分析框架 10
1.2.3  本文的主要研究方法 11
1.3 本文可能的创新点与不足 11
第二章  文献综述 13
2.1 国外相关文献综述 13
2.2 国内相关文献综述 17
2.3 小结 19
第三章  美国股权激励模式经验 20
3.1  背景 20
3.2  成因 22
3.3 模式、类型 23
3.4 中美股权激励模式的比较分析 24
第四章 国有上市公司股权激励设计 27
4.1 股权激励的主导因素 27
4.2 假设条件 27
4.3 股权激励的设计要素 29
4.3.1 实施主体与授予对象 29
4.3.2 股票来源 30
4.3.3 授予数量与时机 31
4.3.4 等待期与行权期限 31
4.3.5 业绩考核&nb