国有企业经营者股权激励研究
发布时间：2018-08-25 13:53
【摘要】： 改革开放以来我国政府先后出台了扩大企业经营自主权承包制年薪制等一系列措施,通过对企业经营者进行激励提升国有企业经营效率,但是由于政策环境、经济环境、社会文化和企业内部条件等诸多因素的影响,国有企业经营者的激励和约束机制问题始终没有得到有效解决。国有企业经营者的薪酬依旧主要由基本工资和年度奖金构成,长效的货币性激励几乎为零。企业经营者年度报酬总收入和企业业绩脱离,致使优秀经营者利益得不到很好保障。现有薪酬体制存在的弊端使部分国有企业出现经营者道德风险和逆向选择行为。 本文针对我国国有企业现行薪酬制度中存在的问题,借鉴国外发达市场经济国家对经营者实施的激励方案,提出将股权激励纳入国有企业经营者报酬范畴是提升国有企业经营效率和国有资产保值增值的有效方式。股权激励的实现形式包括送股、期股、期权、股利等,通过这些方式使将经营者薪酬与企业经营业绩直接挂钩,使经营者利益与企业利益尽可能保持一致,挖掘经营者潜能,规范经营者行为,实现企业的可持续发展。 实施国有企业经营者股权激励制度不仅需要适合本企业的股权激励方案,而且要有适合实施股权激励的企业内部条件和企业外部环境。从横向关系来看,股权激励是公司治理结构的一个方面,它需要以健全的企业内部治理结构作为实施基础。建立有效的企业内部治理结构,关键是要实现企业内各部门的权利制衡,完善内部责权利制度。这需要从董事会和监事会的改革入手,配合科学的业绩评价体系和经营者进退机制的改革。此外,企业外部环境的培育也不容忽视。规范的股权激励制度要以公司法、证券法、税法和会计准则等完善的法律体系为基础,需要健全的职业经理人和专业人才市场,以及相对成熟资本市场和规范的公司信息披露机制为条件。
[Abstract]:Since the reform and opening up, the Chinese government has issued a series of measures to expand the annual salary system of the contractual system of enterprise management autonomy. Through incentives to enterprise managers, the operating efficiency of state-owned enterprises has been improved. However, due to the influence of policy environment, economic environment, social culture and internal conditions of enterprises, the managers of state-owned enterprises have been stimulated. The salary of state-owned enterprise managers is still mainly composed of basic wages and annual bonuses, and the long-term monetary incentive is almost zero. The disadvantages make some state-owned enterprises appear moral hazard and adverse selection behavior.
Aiming at the problems existing in the current salary system of state-owned enterprises in China and drawing lessons from the incentive schemes implemented by developed market economy countries abroad, this paper puts forward that incorporating equity incentive into the compensation category of state-owned enterprises'managers is an effective way to improve the operating efficiency of state-owned enterprises and maintain and increase the value of state-owned assets. The mode includes stock offering, stock option, dividend and so on. Through these ways, the salary of managers can be directly linked with the business performance, so that the interests of managers and the interests of enterprises can be consistent as far as possible, the potential of managers can be tapped, the behavior of managers can be standardized and the sustainable development of enterprises can be realized.
Implementing the equity incentive system for managers of state-owned enterprises requires not only the equity incentive scheme suitable for their own enterprises, but also the internal and external conditions suitable for the implementation of equity incentive. To establish an effective internal governance structure, the key is to achieve the balance of rights among the various departments within the enterprise and improve the system of internal responsibilities and rights. The standard equity incentive system should be based on the perfect legal system such as company law, securities law, tax law and accounting standards. It requires a sound market for professional managers and professionals, as well as a mature capital market and a standardized corporate information disclosure mechanism.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F272.92;F275;F276.1
本文编号：2203073
[Abstract]:Since the reform and opening up, the Chinese government has issued a series of measures to expand the annual salary system of the contractual system of enterprise management autonomy. Through incentives to enterprise managers, the operating efficiency of state-owned enterprises has been improved. However, due to the influence of policy environment, economic environment, social culture and internal conditions of enterprises, the managers of state-owned enterprises have been stimulated. The salary of state-owned enterprise managers is still mainly composed of basic wages and annual bonuses, and the long-term monetary incentive is almost zero. The disadvantages make some state-owned enterprises appear moral hazard and adverse selection behavior.
Aiming at the problems existing in the current salary system of state-owned enterprises in China and drawing lessons from the incentive schemes implemented by developed market economy countries abroad, this paper puts forward that incorporating equity incentive into the compensation category of state-owned enterprises'managers is an effective way to improve the operating efficiency of state-owned enterprises and maintain and increase the value of state-owned assets. The mode includes stock offering, stock option, dividend and so on. Through these ways, the salary of managers can be directly linked with the business performance, so that the interests of managers and the interests of enterprises can be consistent as far as possible, the potential of managers can be tapped, the behavior of managers can be standardized and the sustainable development of enterprises can be realized.
Implementing the equity incentive system for managers of state-owned enterprises requires not only the equity incentive scheme suitable for their own enterprises, but also the internal and external conditions suitable for the implementation of equity incentive. To establish an effective internal governance structure, the key is to achieve the balance of rights among the various departments within the enterprise and improve the system of internal responsibilities and rights. The standard equity incentive system should be based on the perfect legal system such as company law, securities law, tax law and accounting standards. It requires a sound market for professional managers and professionals, as well as a mature capital market and a standardized corporate information disclosure mechanism.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F272.92;F275;F276.1
【引证文献】
相关期刊论文 前1条
1 张建宁;;我国上市公司实施长期激励问题研究[J];陕西农业科学;2011年05期
相关硕士学位论文 前1条
1 李静;我国上市公司股权激励的效应分析[D];兰州商学院;2011年
，本文编号：2203073
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