上市公司股权激励管理办法的改进及其实施分析

上市公司股权激励管理办法的改进及其实施分析(论文16000字)
摘要
随着经济的高速发展，企业所有者与经营者的矛盾不断涌现，对经营者的监管激励问题也越来越受到企业所有者的重视。股权激励作为一种长期激励机制，可以促进形成资本所有者与劳动者的利益共同体，调动公司管理层的积极性，提升企业的核心竞争能力。2005年底，中国证监会发布了《上市公司股权激励管理办法（试行）》（以下简称《激励办法》），正式拉开了股权激励在我国实践的序幕。虽然其从政策上给予了股权激励制度一定的保障，但在实施的过程中，由于我国资本市场不健全、法律制度不完善等原因，现行的《激励办法》依然存在一些问题。因此，2016年证监会根据现行的实施情况和市场发展状况对《激励办法》做出一些调整和完善，从而来更好地适应市场发展的需要。
本文在概述股权激励的概念、原理和作用的基础上，通过总结归纳的方法对旧《激励办法》的实施现状进行分析，指出其存在的问题，从而引出新《激励办法》修订的必要性，并对修订后的《激励办法》内容进行阐述，对比出修订前后的差异，最后提出推进新办法实施的措施，以期为我国更好地实施股权激励提供经验。

关键词： 股权激励；股权激励管理办法；股权激励计划

Improvement and Implementation Analysis of the Equity Incentive Management Method for Listed Companies

Abstract
With the rapid development of the economy， the contradictions between owners and operators emerge and the business owners are attaching more and more importance to the operators of regulatory incentive problem. Equity incentive as a kind of long-term incentive mechanism， can promote the formation of the benefit communities between capital owners and laborers.It arouse the enthusiasm of company managements and can improve enterprise's core competitive ability. At the end of 2005， China securities regulatory commission issued “Measures for the management of equity incentive for the listed company (try out) "(hereinafter referred to as the" incentive method ")， which officially opened the prelude of equity incentive practice in our country. Although it has given  some guarantees in policy，the current incentive method in the process of implementation still exists some problems，since our country capital market is not perfect and the legal system is defective.Therefore，in 2016，the CSRC make some adjustments and improvements in the current incentive method to better adapt to the needs of the development of the market，according to the current situation.
Based on the overview of the concept of equity incentive， on the basis of the principle and the function， through analyzing the present situation of the old "incentive method"by using the summary method， pointing out its existing problems， and thus leading to the necessity of a new "incentive method"revision.Then， contrasting the differences between new and old.Finally the implementation of measures to promote the new method are proposed，which can provide experience for better implementation of equity incentive in our country.

Keywords: Equity incentives; Measures for the management of equity incentives; Equity incentive plans
 
目录
摘要
Abstract
1 股权激励概述    1
1.1 股权激励的概念以及原理    1
1.1.1 股权激励的概念    1
1.1.2 股权激励的原理    1
1.2 股权激励的基本操作流程    2
1.3 股权激励的作用    2
1.3.1 有效缓解上市公司委托代理矛盾    2
1.3.2 降低上市公司委托代理成本    2
1.3.3 完善上市公司治理结构    2
1.3.4 优化上市公司人力资源结构    3
2 上市公司股权激励管理办法修订的必要性    4
2.1 旧办法的实施现状    4
2.1.1 股权激励在我国的发展历程    4
2.1.2 旧办法的出台背景及基本内容    4
2.2 旧办法存在的问题    5
2.2.1 激励额度的规定过于刚性    5
2.2.2 行权价格的确定不合理    5
2.2.3 股票来源存隐患    6
2.2.4 等待期过短    6
2.2.5 监管审批时间较长    6
3 上市公司股权激励管理办法的主要内容及新旧对比    7
3.1 新《激励办法》的主要内容    7
3.2 新旧《激励办法》的对比    8
3.2.1 总体要求的变化    8
3.2.2 激励计划要素的变化    8
3.2.3 其他增加的内容    10
4 推进新办法实施的措施    12
4.1 完善激励方案的设计    12
4.2 优化公司治理结构    12
4.3 健全法律法规制度    12
4.4 激励的同时建立约束机制    13
结论    14
参考文献    15
致谢    16