中国式股权激励的相关问题研究.doc

摘要：随着公司股权的日益分散和管理技术的日益复杂性，世界各国的大公司相继出现了所有权与控制权分离的趋势，全球前500家大工业企业中有89%的公司已建立了针对其高级管理人员股票期权激励制度。在我国股权激励这种手段也日益受到企业界和学术界的重视，目前我国资本市场处于制度建设时期，上市公司高管的股权激励制度成为推进我国公司治理结构改善和促进我国资本市场与国民经济持续健康发展的重要机制。证监会于2006年1月6日发布《上市公司股权激励管理办法》，指出已完成股权分置改革的上市公司，可按照本办法的要求实施股权激励，建立健全激励与约束机制。股权激励的本质与意义就在于“用明天的利润激励今天的员工，用社会的财富激励自己的员工”为主要宗旨，达到个人与企业的共同发展，持续双赢的目的。中国式股权激励将如何发展走向成熟是本篇论文探讨的中心，论文主要围绕四个部分展开，第一部分是关于中国式股权激励研究的背景、意义和目的，第二部分是关于股权激励的理论分析部分，第三部分是关于中国式股权激励的现状，中国式股权激励与西方企业股权激励差距以及中国式股权激励所存在的问题和未来改进方向，最后一个部分是对伊利集团的案例分析和结论，最后是本论文的总结。

关键字：中国式股权激励 现状 差距 股票期权激励 

Abstract : With the increasing complexity and increasingly decentralized management technology company's equity , large companies around the world have appeared in trend separation of ownership and control , the world's 500 largest industrial enterprises in 89% of the company has established a incentive system for its senior management stock options equity incentive . This means in our equity incentive is also growing attention to the business community and academia .In current system of China's capital market is in the construction period.The listed company 's equity incentive system is  to improve their governance structures to promote and facilitate China's capital market and the national economy important mechanism for sustained and healthy development . Commission on January 6, 2006 issued " shares of listed companies incentive management approach" , noting completed share reform of listed companies  can be implemented in accordance with the requirements of this approach to equity incentives , establish and improve the incentive and restraint system. The nature and significance of equity incentive  is that " today with tomorrow's profits motivate employees, with the wealth of society motivate their employees " as the main purpose of achieving common development of individuals and enterprises sustain win-win. How China will develop mature equity incentives are discussed in this paper centers around five parts. The first part is about the China Equity Incentive background , meaning and purpose .The second part is about the theoretical analysis of equity incentive.The third part is about the status quo of China 's equity incentive , incentive and corporate equity gap between western equity incentive and China equity incentive,and the problems and the future direction of improvement of China equity incentive , and the fourth part is the analysis and conclusions of the case of yili company.The final is a summary of this paper .

Key words：China 's equity incentive    status quo    gap    stock option equity incentive