管理层持股:沪市公司管理层的观点

发布时间：2018-03-26 02:37

本文选题：管理层持股　切入点：公司治理　出处：《管理世界》2003年05期

【摘要】：目前政府有关部门对上市公司管理层股权激励的积极态度与理论界关于管理层收购利弊的热烈讨论构成了本次调查的缘起。调查发现:上市公司对管理层持股存在极大的需求 ,被调查者对通过管理层持股实现管理层收购表现出了相当的动力;目前影响管理层持股的重要因素并非“融资难”问题 ,而是政策的不明朗和法律法规的不健全;被调查者认为 ,管理层持股明显有助于优化公司的激励制度与效果 ,增强管理层的责任心 ,对公司治理和公司绩效有非常重要的作用 ,但管理层持股对公司内部控制、会计信息质量的积极影响表示怀疑;公司法和证券法最需要修改 ,相关规则亟待配套;管理层持股过程中的管理层基本信息、股权转让信息和关联信息同样值得投资者关注;职位高低是决定管理层个人持股量大小的重要尺度;用股份抵押的形式向银行融资是最妥当的安排 ,但与《贷款通则》相抵触;在实现方式上 ,“增量实施”比“存量调整”更受欢迎;在受让价格上 ,净资产情结、优惠价格期望依然流行。文章认为 ,尽管“剧中人”观点的独立性无法与“剧外人”相比 ,但上述结论仍隐含着不少有益的政策启迪 ,相关政策建议也应引起足够的关注。
[Abstract]:At present, the positive attitude of the relevant government departments to the management equity incentive of listed companies and the heated discussion on the advantages and disadvantages of MBO in the theoretical circle constitute the origin of this investigation. In the great need, At present, the important factors that affect the management ownership are not the problem of "financing difficulty", but the uncertainty of policy and the imperfection of laws and regulations. According to the respondents, managerial shareholding can obviously help to optimize the incentive system and effect of the company, enhance the responsibility of the management, and play a very important role in corporate governance and corporate performance, but the managerial shareholding plays an important role in the internal control of the company. The positive influence of the quality of accounting information is doubtful; the company law and securities law need to be amended most, and the relevant rules need to be matched urgently; the basic information of management, the information of equity transfer and the related information in the process of management holding shares are also worthy of investors' attention. The level of position is an important measure to determine the size of the individual stock holding of the management, the most appropriate arrangement is to use the form of share mortgage to finance the bank, but it conflicts with the General principles of loan. In terms of implementation, "incremental implementation" is more popular than "stock adjustment"; in terms of transfer prices, net assets complex, preferential price expectations are still popular. Although the independence of the viewpoint of "the person in the drama" cannot be compared with that of "the outsider", the above conclusion still implies a lot of beneficial policy implications, and the relevant policy recommendations should be paid enough attention to.
【作者单位】：上海财经大学复旦大学管理学院
【分类号】：F832.5

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