论我国股票期权的法律规制

发布时间：2018-02-26 08:52

本文关键词： 股票期权法律规制激励制度股权分置　出处：《湖南大学》2006年硕士论文　论文类型：学位论文

【摘要】： 企业的激励与约束制度,恰如鸟的两翼,二者不可偏废。股票期权正如其中一翼。它建立在经济学中的剩余索取权和剩余控制权理论、人力资本理论和企业利益相关者理论基础上,是一种为西方发达国家的企业所广泛采用的长效激励制度。作为对企业经理人员传统薪酬制度的补充,它形式上涉及的是公司财务问题,但从股票期权的设计到公司董事会的授权以及经理层的行权和出售,每一个环节都涉及到法律关系的变更与法律关系的调整。因此,从股票期权的法律内涵、股票期权权利的性质、股票期权运作过程中的法律关系以及股票期权合同性质等方面进行动态的研究,是对股票期权进行法律规制的前提。股票期权制度的创新意义在于它有效地解决了公司股东所有者利益与经营者利益不一致的矛盾。我国的实业界早在上世纪90年代即开始了相关的探索。但由于法律规制的缺位,我国的股票期权制度在引入之初的发展是极不规范的,对股票期权的法律规制也只以非正式的法律渊源——政策为导向。随着股权分置改革试点的成功,才开始进入股票期权正式法律规制的阶段。我国目前对股票期权进行法律规制所面临的主要问题是法律滞后问题。及时针对股票期权问题调整我国相关法律法规,是我国建立现代企业制度和完善法人治理结构的当务之急。所以,对股票期权的法律规制体系的建立也宜从对该制度的内部管理和外部控制两方面来进行:前者宜借鉴美国现有的立法经验,引入期权计划注册制和高管人员报酬披露规则,以加强对其事前的风险控制;后者应分别从税法、会计法、劳动法以及外汇管制法等四方面进行补充和完善。
[Abstract]:The incentive and restraint system of an enterprise is just like the two wings of a bird. The stock option is just like one wing. It is based on the theory of residual claim and residual control in economics. On the basis of human capital theory and stakeholder theory, it is a kind of long-effect incentive system widely adopted by western developed countries, which is a supplement to the traditional salary system of managers. But from the design of the stock option to the authorization of the board of directors and the exercise and sale of the manager, every link involves the change of the legal relationship and the adjustment of the legal relationship. A dynamic study on the legal connotation of stock option, the nature of stock option right, the legal relationship in the operation of stock option and the nature of stock option contract is the premise of legal regulation of stock option. The innovation significance of the stock option system lies in that it effectively solves the contradiction between the interests of the shareholders and the owner of the company and the interests of the operator. The industry of our country began to explore related issues as early as -10s. The absence of legal regulation, The development of stock option system in our country at the beginning of its introduction is extremely irregular, and the legal regulation of stock option is only guided by informal legal source-policy. At present, the main problem that our country faces in the legal regulation of stock option is the problem of legal lag. The relevant laws and regulations of our country should be adjusted in time to deal with the problem of stock option. It is an urgent task for our country to establish a modern enterprise system and perfect the corporate governance structure. The establishment of the legal regulation system of stock options should also be carried out from two aspects of internal management and external control: the former should draw lessons from the existing legislative experience of the United States and introduce the option plan registration system and executive compensation disclosure rules. The latter should be supplemented and perfected from four aspects: tax law, accounting law, labor law and foreign exchange control law.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2006
【分类号】：D922.29;D922.28

【引证文献】