基于股权分置改革的股权激励制度分析

股权激励制度的有效实施可以将经营者的利益和股东的利益紧密结合在一起,真正统一公司的经营目标,从根本上解决公司治理过程中的委托代理问题.但股权分置导致的同股不同权,造成实施股权激励制度的基本条件缺失,同时由于股改前相关法律法规的诸多限制,致使我国上市公司的股权激励制度无法实施.为确保股权激励制度的有效实施,我国必须建立完善的职业经理人市场,建立科学民主的业绩考核制度,同时加快股权激励制度的配套制度建设及相关法律法规建设.

Discussion on Option Incentive System Based on Option Division Reform

Carrying out effectively the option incentive system proposed can combine closely the interests of both management and stockholders of a list company to integrate operation objectives and realize completely the equity-proxy system in the corporate restructuring process.However,the option incentive system is impossible because the option division causes different equities for equal stock options,i.e.,there is no condition indispensable to the incentive system,and there were lots of legal restriction before the option division reform.To ensure the enforcement of the incentive system,it is necessary to form a perfect market for professional managers and build a scientific and democratic performance assessment system with supporting systems provided and relevant laws/regulations to be legislated.