股权英文文献

Bergstresser, Daniel and Thomas Philippon. CEO Incentivesand Earnings Management. Journal of Financial Economics,Vol, 80(3) :511一529,2006.Bums,Na tashaa ndS imiK edia.T heIm pactof P erformancebasedCompensation on Misreporting. Journal of Financial Economics,7 9(1):35一67,2 0 06.Cheng,Qi anga ndT erry D.W arfield.E quityI ncentivesa ndEarnings Management. The Accounting Review, 80 (2):441一476,2005.Goldman,Eitana ndS teveL .Sl ezak.An E quilibrium ModelofIncentive Contracts in the Presence of Information Manipulation.Journal of Financial Economics, 80(3):603一636,2006.Guttman,1.,0 . Ka dana ndE .K andel.A R ationalE xpectationModel of the Kink in Accouting Earnings. Hebrew Universityand Washington University Working Paper.Healy,Paul M. The Efect of Bonus Schemes on AccountingDecisions. Journal of Accounting and Economics, 7:85一107，1985.Holmstrom, B. Moral Hazard and Observability. Bell JournalofE conomic,10 :74 一91,1979.Mirrlees,l. The Theory of Moral Hazard and Unobservable Behaviour:Pa rt1 .(Mimeo,N uffiedC ollege,O xford,19 75)nowp ublishedi nR eview ofE conomicS tudies，66:3 一23，1999.Murphy, K. Executive Compensation. in Handbook of LaborEconomics,O rleyA shenfeltera ndD avidC ards(e ds) ，NorthHolland,Vo l3 ,1999.

This last point is supported by Sapienza et al. (1996) who find a positive relationship between experience and involvement. 最后一点由Sapienza (1996) 的研究支持。他发现经验与参与存在正相关。It is also in line with Kaplan and Strömberg (2004) who find a positive relationship between value-added activities and the equity stake of venture capitalists, and a negative relationship between the size of syndicates and value-added activities.这也和Kaplan and Strömberg (2004)的研究相吻合。他们的研究发现升值的活动与风险投资者的投资金额平衡间存在正相关，与辛迪加,企业联合组织的规模呈负相关。Last, our results also address the issue of the relative profitability of standalone and syndicated investments. 最后，我们的结果也揭示了独立投资与联合投资（财团）的相关可获益率问题。The empirical evidence is mixed: Brander et al. (2002) find that syndicated investments exhibit higher returns and higher volatility that standalone investments. 实验证明并不统一：Brander (2002) 发现联合投资比独立投资有更高的获益和更高的不稳定性。 Using different performance measures, Hege et al. (2006) find no significant relationship between the size of the syndicate and the level of excess returns. Hege（2006）用不同的绩效测量方法发现集团的规模大小与获利多少之间不存在显著相关。In our model, the relation between syndication and returns depends on the level of experience of venture capitalists: the important point is that, in contrast to alternative learning models, syndicated investments can exhibit higher expected returns than standalone investments. 在我们的模型中，集团与收益之间的相关取决于风险投资者的经验水平：关键点在于，不同于选择性模型，我们发现集团投资比独立投资对期待更多的收益。A possible test would be to include the level of experience of syndicate members, when testing the relation between returns and syndication.一个高效的测验在测试收益与集团投资之间的关系时应该有必要涉及集团投资者的经验水平。

可以去搜一下，胡八一的《上市公司股权激励》这一本书，写得非常好

综合类上市公司财务危机预警模型初探关键词：综合类上市公司 财务危机 判别分析 逻辑回归 神经网络 摘要：以1998—2004年沪深两市首次被特别处理的A股综合类上市公司为研究对象，通过均值比较、配对样本T检验和Z检验，从9个方面的27个研究变量中选取了9个差异显著的变量，建立了危机前(t-2)年的判别分析模型、逻辑回归模型和人工神经网络模型。各种模型均取得较高的预测效果，尤其是判别分析模型，判正率高达89.29%。 中图分类号：F234.4 文献标识码：A Tentative research for forecasting model of Financial Crisis for Comprehensive listed companies YANG hua (Accounting School, Shandong University of Finance, Jinan 250014, China) key words：Comprehensive listed companies; financial crisis; discriminate analysis; logistic regression; neural network Abstract：This paper regards A Share Comprehensive listed companies as its research objects, which were specially traded for the first time from 1998 to 2004 of Shanghai and Shenzhen stock exchanges. 9 outstanding variables are chosen from 27 about 9 facets through means Compare, paired-samples T test and Z test. Fisher’ two Linear Discriminant Analysis, Two Logistic Regression and Artificial Neural Network are used to set up the models to forecast financial crisis of Comprehensive listed companies in the last two years. These models all obtain higher estimate results, especially, the positive rate of Discriminant Analysis is up to 89.29%. 现代企业制度中最典型的是现代公司制，而上市公司又是现代公司制的最高形式。与非上市公司和有限责任公司相比，上市公司的最大特点就是可以通过证券市场筹集资金。有了充足的资金，公司可以增加产品生产、加速产品开发与市场开拓，从而提高经营业绩，更好地回报投资者和债权人等利益相关者。但随着证券市场的快速发展，市场竞争日益变得激烈，部分上市公司经营业绩不容乐观，出现了亏损、财务状况异常甚至更为严重的情形，最终受到特别处理甚至面临退市危险，使利益相关者遭受到巨大损失。为防范、化解这些风险，国内外学者已经进行了许多有效的探索，并已取得丰硕的研究成果。但大多数学者只是研究适用于每个行业的通用模型，忽略了行业之间的不同。Harlan D Platt和Matjorie B Platt (1990)检验与产业相关的财务指标、营运指标和产出的变化与公司经营失败的关系时发现，用产业因素调整后的模型事前和事后的分析效果较佳。 本文以我国1998—2004年沪深两市首次被特别处理的A股综合类上市公司作为研究对象，探讨对其陷入财务危机具有重要作用的因素，以建立具有较高预测率的模型，为证券市场上的利益相关者作为决策时的参考。 一、文献回顾 (一) 国外学者的行业财务危机预警研究状况 Altman和Loris(1976)利用净收入/总资产、(总债务+次级债务)/股本、总资产/调整后的净资产、(期末资本－本期资本增加额)/期初资本、调整后的企业历史年限、综合评分等6个指标组成多因素模型对全美证券商协会(NASD)的40个经营失败公司和113个正常公司构成的样本进行分析，成功率高达90%以上。 Ward(1994)选择了1988—1989年385个企业的数据，发现现金流量指标尤其是投资活动产生的现金流在预测采掘、石油和天然气行业中的财务危机方面作用明显，而经营活动产生的现金流在预测非资源性行业中较为重要。 Pottier(1998)使用1990—1992年48家破产的寿险公司数据，比较了评级和评级变化与总资产、财务比率、财务比率结合评级和评级变化在预测破产方面的作用，结果发现结合财务比率、评级和评级变化的方法比单独使用财务指标能更为有效地预测破产。 (二) 国内学者的行业财务危机预警研究状况 国内许多学者都指出，行业财务危机预警研究是财务危机预警未来的发展趋势之一。但到目前，由于样本量的不足，国内学者对这一方面做的研究较少。 张祥，陈梅(2004)选取1998—2003年间55家制造业被特别处理(ST)的公司，通过对单变量模型、多元判别分析模型和Logistic回归模型的分析和比较，发现行业模型的变量选取和预测准确性均有所不同，其模型拟合程度和预测准确性明显高于通用模型，主营业务利润/税前利润和主营业务利润/总资产是具有较强预测性的比率。 梁飞媛(2005)从现金流角度出发，选择机械设备行业为实证对象，从19个现金流指标中用多元逐步判别分析法选择出具有显著预测能力的现金流指标建立典则判定模型和Fisher线性判定模型，模型均取得较高的判正率。 我国学者虽然在该领域的研究起步较晚，但都注重借鉴国外已有模型的优点，通过比较研究的方法建立预测准确率较高的模型。本文也汲取这一经验，分别用Fisher二类线性判别分析、二元Logistic回归和人工神经网络建立模型。 二、财务危机界定和样本选取 (一) 财务危机界定 财务危机的形成并不是短期的，而是有较长的潜伏期，要经历从量变到质变、渐变到突变的过程。国外学者对财务危机的界定大都使用破产标准，但破产实质上是一种法律现象，除主要受经济因素影响以外，还要受政治及其他非市场因素的影响。我国企业《破产法》虽然在1988年11月1日就已执行，但迄今为止还没有一家上市公司破产，所以国外学者的做法在我国目前阶段是行不通的。 早在1993年颁布的《公司法》就规定了上市公司暂停上市和终止上市的条件，1997年沪深《证券交易所上市规则》再次提出退市问题。1998年3月16日，证监会发布了《关于上市公司状况异常期间的股票特别处理方式的通知》，通知规定“上市公司连续两年亏损或者每股净资产低于股票面值，将实施特别处理，简称ST(Special Treatment)”。为了给暂停上市股票提供合法流通渠道，1999年7月证监会对连续亏损三年以上的企业实施“特别转让服务”，简称PT(Particular Transfer)。这两个制度在初期曾对上市公司起过制约和鞭策作用，但是资产重组的魅力和上市公司“壳资源”的稀缺反而使得ST、PT公司逐渐成为市场的“宠儿”，不仅没有减弱市场的投机气氛，而且投资者的风险意识也没有明显增强。2001年2月24日，证监会正式发布了《亏损上市公司暂停上市和终止上市实施办法》，这是我国证券市场有关退市机制首份具体操作性文件。 本文就以1998—2004年沪深两市在上述文献背景下因财务状况异常(ST)或退市风险警示(*ST)而首次被特别处理的综合类A股上市公司为研究对象。 (二) 样本选取 按照证监会于2001年4月公布了《上市公司行业分类指引》规定的行业分类，1998—2004年综合类上市公司被施以ST的共计31家。 以上市时间在同一年或相差一年为配对原则，挑选非ST综合类上市公司作对照样本。如果不满足配对原则，将ST综合类公司剔除。符合配对原则的有28对综合类公司，其中上市时间在同一年的21对，占75%；相差一年的7对，占25%。28家ST综合类上市公司组成危机样本组S1，28家非ST综合类上市公司组成对照样本组S2。采用(t－2)年的数据和指标建立模型来预测公司在第t年是否因财务危机而被特别处理。 三、研究变量挑选及检验 (一) 研究变量选取 2002年，财政部等五部门共同颁布了《企业效绩评价操作细则(修订)》。该细则由反映企业财务效益状况、资产营运状况、偿债能力状况和发展能力状况四方面内容的指标构成。借鉴该财务评价体系，并结合我国上市公司的财务特点，初步选择与这四个方面有关的19个财务指标组成研究变量。 另外，借鉴国内外学者的研究经验，选择部分与上市公司资本结构、股权结构、股权扩张有关的变量及与注册会计师审计有关的变量。本研究未将资产规模作为选取配对样本的标准，而是取总资产的对数作为一个变量引入(研究变量及其评价内容详见表1)。 (二) 研究变量显著性检验 1 均值检验 危机样本组S1与对照样本组S2的研究变量的均值都存在显著的差异，以利息保障倍数X3的差异最为显著。 2 配对样本T检验和Z检验 根据S1与S2的同一研究变量的配对，进行配对样本T检验和Z检验。零假设H0均为：S1与S2的研究变量间不存在显著差异。如果显著性水平相应P值小于或等于设定的值α，则应拒绝H0，即认为两者的研究变量间有显著差异。本文中设定的α=0.05。 S1与S2的T检验有10个变量差异显著，Z检验有14个变量差异显著(表1)。具体分析如下： (1) 反映成长能力的研究变量作用非常显著 投资者对上市公司投资，无非是期望能够获得公司股票未来丰厚的现金股利和诱人的股价上涨空间。现金分红、股价上涨都离不开公司的成长。一家没有成长性的公司除了勉强维持现有的状态以外，是无法抽出资金回报股东的。配对样本Z检验显示，所选的体现成长能力的3个变量均在1％水平上作用显著。 (2) 反映股权扩张能力的变量作用非常显著 对上市公司来说，每股收益和每股净资产是两个非常重要的指标，尤其是每股净资产在理论上提供了股票的最低价值。每股净资产决定着上市公司是否会成为ST，即当上市公司的每股净资产低于股票面值时，就会被ST。 (3) 反映营运能力、年报批露的研究变量作用较为显著 反映营运能力的3个变量中有2个检验显著，值得注意的是在张祥关于制造业财务危机预警中发现存货周转率在(t－2)年显著但在综合类上市公司中，S1和S2的差异不明显。 (t－2)年，S1共有15家被出具非标准审计意见，占样本总量的54％；而S2仅有4家公司被出具了非标审计意见，仅占14％。 (4) 反映偿债能力、盈利能力的研究变量作用不太显著 这两类变量在张祥的研究中差异普遍显著，但在本研究的T检验中都仅有一个变量通过检验。说明S1与S2相比而言，偿债能力和盈利能力，特别是偿债能力没有很大的差别。可见，综合类上市公司与制造业公司相比，对其陷入财务危机具有重要作用的变量是不同的，也反映出研究行业财务危机预警的必要性。 (5) 反映资本结构、股权结构和资产规模的变量作用不显著 固定资产净值率反映固定资产的新旧程度和生产能力，S1与S2的该指标间不存在显著差异；股权是否集中对所选综合类上市公司也没有影响，因为第一大股东持股比率在50％以上的公司，S1有3家、S2有2家；大多数研究都将资产规模作为选择配对样本的标准，本文将总资产取对数后作为一个变量引入，但检验中未发现S1和S2有显著差异。 表1 配对样本T检验和Z检验 配对 研究变量 T值 显著性 Z值 显著性 评价内容 1 资产负债率X1 1.6096 0.1191 -1.3813 0.1672 偿债能力 2 股东权益比率X2 1.7703 0.088 -0.797 0.4255 3 利息保障倍数X3 -1.1739 0.2507 -3.2791 0.0010* 4 长期负债权益比率X4 -0.1433 0.8871 -0.0911 0.9274 5 产权比率X5 1.8264 0.0789 -1.2693 0.2043 6 流动比率X6 -1.2551 0.2202 -1.9128 0.0558 7 速动比率X7 -1.6169 0.1175 -1.7989 0.072 8 现金比率X8 -2.9995 0.0058* -3.0286 0.0025* 9 固定资产周转率X9 -2.786 0.0096* -3.484 0.0005* 营运能力 10 存货周转率X10 -1.2995 0.2048 -1.2752 0.2022 11 应收帐款周转率X11 -2.4417 0.0215** -2.5276 0.0115** 12 净资产收益率X12 -1.4629 0.155 -4.0761 0.0000* 盈利能力 13 资产收益率X13 -3.615 0.0012* -4.2355 0.0000* 14 毛利率X14 -1.8738 0.0718 -2.2088 0.0272** 15 净利润率X15 -1.7139 0.098 -4.1444 0.0000* 16 主营利润比重X16 0.4206 0.6774 -0.9792 0.3275 17 销售增长率X17 -2.169 0.0391** -2.6187 0.0088* 成长能力 18 资本积累率X18 -4.8964 0.0000* -4.0078 0.0001* 19 资产扩张率X19 -5.3775 0.0000* -4.1672 0.0000* 20 固定资产净值率X20 -0.9634 0.3439 -1.2297 0.2188 资本结构 21 每股净资产X21 -4.5234 0.0001* -3.689 0.0002* 股权扩张 22 每股收益X22 -5.2606 0.0000* -4.0989 0.0000* 23 第一大股东持股比率X23 0.4075 0.6868 -0.5237 0.6005 股权结构 24 前三大股东持股比率X24 0.8425 0.4069 -0.8881 0.3745 25 审计意见X25 3.0336 0.0053* -2.6679 0.0076* 年报批露 26 变更事务所X26 0.6255 0.5369 -0.6325 0.5271 27 资产规模X27 -1.297 0.2056 -1.2752 0.2022 资产规模 注：*、**分别表示在1％和5％的水平下统计显著(双尾检验) (三)相关系数检验 对在配对样本T检验和Z检验中作用均非常明显的10个研究变量的相关系数进行检验。 在5%的显著性水平下，销售增长率X17与资产扩张率X19的相关系数为0.622，资产扩张率X19与每股净资产X21的相关系数为0.681。他们的相关系数均超过0.6，为消除多重共线性的影响，按变量间相关性较小为优原则，经比较，剔除变量X19。经上述研究过程后，最初选的27个研究变量缩减为9个(表2)。 表2 筛选后取得的研究变量 研究变量 评价内容 研究变量 评价内容 现金比率X8 偿债能力 销售增长率X17 成长能力 固定资产周转率X9 营运能力 资本积累率X18 应收帐款周转率X11 营运能力 每股净资产X21 股权扩张 资产收益率X13 盈利能力 每股收益X22 审计意见X25 年报批露 四、实证分析 财务危机预警模型按照是否具有自我学习功能，可以划分为静态和动态两大类。前者包括Beaver的单变量判定模型、Altman的多元线性判定模型及Olhson的多元逻辑回归模型等。动态财务预警主要使用人工智能技术，其中具有代表性的是神经网络模型和案例推理模型。 本文分别使用静态模型中的Fisher二类线性判别分析、二元Logistic回归和动态模型中的人工神经网络方法建立模型。因变量Y为虚拟变量，表示上市公司是否出现财务危机，出现财务危机设为1，没有出现财务危机设为0。 (一) 静态方法建模 1 Fisher二类线性判别分析建模 Fisher二类线性判别分析是一种采用Fisher线形判别函数系数、考虑只有两个变量的判别分析方法。即：Z=c1X1＋c2X2＋c3X3+…＋cnXn，其中Z为判别值，X1、X2、X3、…、Xn为研究变量，c1，c2，c3，…，cn是待求的判别函数系数。 利用SPSS软件，得到的(t-2)年综合类上市公司财务危机预警模型和财务健康模型分别为： Zs1=－9.6599＋0.4149X8＋0.7521X9＋0.2683X11－3.5073X13－0.3936X17－13.1698X18＋7.3110X21＋2.3022 X22＋4.514 X25 Zs2=－15.7149＋0.7719X8＋1.0342X9＋0.3585X11－9.3332X13－0.2608X17－14.5654X18＋9.7383X21＋8.1403X22＋3.8693X25 以0为分割点，通过对模型的回代判定预测检验发现，财务健康公司的预测准确率为85.71%，财务危机公司的预测准确率为89.29%。 2 二元逻辑回归建模 由二元逻辑回归拟合的方程可表示为：ln[p/(1-p)]=a+∑biXi，其中p是上市公司发生财务危机的概率；Xi是影响财务危机的第i个因素，i=1，2，…，m；a，bi (i=1，2，…，m)是待估参数。F值的选择标准是：相应p值小于0.05时引进，大于0.10时剔除。 (t-2)年综合类上市公司财务危机预警模型为： 以0.5为分割点，模型对危机公司的回代判定预测准确率为82.14%。 3 静态财务危机预警方法建模总结 (1)静态预警方法对危机样本组S1的预测正确率均超过80％，说明预测效果较好。 (2)Fisher二类线性判别分析比二元逻辑回归建模的预测准确率高3.6个百分点，即在危机前(t-2)年，Fisher二类线性判别分析对综合类危机公司的预测效果更好。 (二) 动态方法建模 人工神经网络(Artificial Neural Network，简称ANN)是对生理上真实的人脑神经网络的结构和功能及基本特征进行理论抽象、简化和模拟而构成的一种信息系统，具有非线性映射、自适应学习和较强容错性的特点。BP人工神经网络是其中一种比较典型的学习算法，主要结构是由一个输入层，一个或多个隐含层和一个输出层组成， 各层由若干个神经元(节点)构成。 以表2的9个研究变量作为输入点P1，输出点P3只有一个，即因变量Y。隐藏层P2根据公式(2P1+P3)1/2

The annual salary system based on the incentive mechanism on stock options Abstract: The Entrepreneurs of the incentive mechanisms that affect the development of the key factors. Based on the analysis of the current implementation of many of our enterprises on the basis of the annual salary system, studied and discussed more conducive to encourage entrepreneurs of the stock options of long-term incentive mechanism. The development of domestic and international business practice that: enterprise can do a good job, the key lies in people who have enthusiasm, initiative and creativity, the key is management, management can upswing, the key lies in the choice of entrepreneurs, incentive and restraint mechanisms And the incentive mechanism is the key to key. First, the theoretical basis for the annual salary system In recent years, the annual salary system gradually income entrepreneurs in China to promote, to follow the needs of enterprise reform, but also the value of human capital and entrepreneurs specific functions to be recognized and the results. (A) entrepreneurs have a special human capital Business entrepreneurs, though not the owner of physical capital, but they have excellent quality and management capacity, for the production and operation of enterprises to provide special human capital, human capital is such a modern enterprise survival and development of the most important and most dilute Lack of resources. Entrepreneurs, business development planning, internal management system, investment programmes and profit distribution plan and other major issues of policy makers and organizations perpetrators. In a sense, entrepreneurs hold the fate of enterprises, dominated the rise and fall of corporate survival. Entrepreneurs of the scarcity of human capital in its own survival period is longer, higher training costs, many business operators, but can really become entrepreneurs of the few. Entrepreneurs to provide the most important and special scarce human capital, making them in a modern enterprise system in general was different from the human resources of the powers, responsibilities and benefits. They have the corporate management decision-making power, charged with the responsibility of corporate capital appreciation, the benefits should also be its power, relative responsibility, not only in their remuneration is higher than that of the general staff and workers compensation, performance is more important to Entrepreneurs should be involved in business in the remainder of the profit-sharing. (B) of entrepreneurs with internal and external dual function Entrepreneurs is the internal function within the enterprise entrepreneurs to other production elements of organization and coordination, the overall configuration, to the maximum play to the role of various factors of production, specific performance in: entrepreneurs decided to internal organizational settings, Develop their internal management systems and to develop business profit distribution plan. This organization of the internal allocation of resources is a senior labor and complicated labor, entrepreneurs, according to the labor intensity and complexity of remuneration, this part of a general income distribution according to work areas. Entrepreneur's external feature is that entrepreneurs of foreign competition features, including innovation and risk management capabilities. Innovative features including the introduction of new products, the introduction of new technology, opening up new markets. The introduction of new production and management organizations. Risk management function is that entrepreneurs in their process of innovation should also be considered in their decision-making and analysis of market risks, social risks and natural risks, and actively pursuing hedge the risk of revenue at the same time. Foreign entrepreneurs function is determined by the innovative entrepreneurs take a risk and revenue income, income does not belong to this part of the general distribution according to work areas, we can call it "technical know distribution." And the innovative capacity of entrepreneurs and risk management capability can be attributed to their level of knowledge and level of knowledge and management as a special labor involved in the creation of corporate profits, and entrepreneurs have reason and right to participate in the sharing of corporate profits. Second, entrepreneurs, the reality of the annual salary system For these entrepreneurs, the theoretical basis for income, in real economic life, entrepreneurs, the annual salary income from salary income and profit sharing composed of two parts, namely S = α + βπ, for distribution according to work-α in the annual fixed pay, π is Profit targets, β coefficient is shared. α as the income distribution according to work, its decision mechanism and the general staff remuneration for labor's decision mechanism is similar. However, due to labor management is a more advanced and complex work, so, α the identification more complicated. In addition to comply with the "minimum wage can maintain the survival and reproduction of labour" principle outside, α the size of the main decisions on the following factors: First, the entrepreneurs affected the market supply and demand situation, to a large extent depends on the marginal productivity of entrepreneurs Second, the entrepreneurs the opportunity cost (such as access to education and training expenses and spend a result of the loss of income opportunities) on the impact of the third, the complexity of the activities of management experience and risk degree of influence; fourth, Should take into account the "high-paying Yang Lian" needs. ∏ profit targets based on their own situation there are three main options: first, π means that the actual profit or that actual profits exceed the profits of the » Second, π means that the total profits or profits compared with last year's increase in the » Third, π can also be relatively few, that is, profitability, the profit margin is sales revenue or profit margins funds margin » Share β coefficient determined by the size of entrepreneurs on the marginal contribution to profits. β have identified the three options: first, by the business owners in accordance with the specific situation of enterprise decision; second, entrepreneurs from the same industry competition to decide, within the same industry in the implementation of a unified β; third, from all social enterprises Home competition to decide, when the average β is the social entrepreneurs to share coefficient, the management decided to entrepreneurs working on the social average profit contribution. From the reality of the annual salary system, we can see that the annual salary system more complete and objectively reflect the performance of the work of entrepreneurs, the wage relations, highlighted the importance of entrepreneurs, human capital, while making entrepreneurs and the economic efficiency of enterprises linked to income, Reflects the interests, responsibilities and risks of the principle of consistency. However, the annual salary system to consider only the company's annual revenue, in the case of asymmetric information, entrepreneurs will lead to acts of short-term, the pursuit of short-term high-income after Yizoulezhi. In addition, the annual salary system does not include long-term rewards, in the absence of dynamic IP cases, entrepreneurs may obtain income through other channels, such as through various channels, "rent-seeking", in-service consumer, eat or drink, and other public funds. To remedy this deficiency, we can learn from foreign enterprises to implement the stock options and other long-term incentive mechanism, so that the personal interests of entrepreneurs and business interests more closely together. Third, the connotation of incentive stock options and the feasibility of The so-called incentive stock options system, the intent is to give entrepreneurs the company within a certain period of time in accordance with the established price to buy a certain number of shares of the Company's rights, made by the entrepreneurs of the cost of equity capital markets and equity prices on the poor Formation of a reward for entrepreneurs to add. This article discussed the incentive stock options, has a special meaning is that entrepreneurs will be paid an annual salary in profit sharing in whole or in part into the form of stock options to achieve long-term incentive effect. Incentive stock options will be "incentive pay" and "ownership incentives" ingenious combination of, on the one hand to entrepreneurs, entrepreneurs make the long-term behavior and interests of solidarity with the interests of business owners and entrepreneurs make a business One of the owners, have some ownership of other enterprises, at least have the following benefits: First, open a corporate ownership structure, and stability can continue to attract outstanding management personnel; Second, the entrepreneurs of the stock options from income Provision of the securities market, enterprises can reduce the burden of paying cash reward, save a lot of working capital to enterprises in the non-payment of funds under the incentives to entrepreneurs; Third, can reduce the asymmetric information, reduce agency costs; four enterprises can be corrected Home of short-sighted mentality, so that entrepreneurs are not only concerned about the enterprise, more concerned about their future. In contemporary developed countries, business manager's remuneration structure of a larger change than ever before, to stock options as the main reward system has been replaced by a basic annual salary and bonus as the mainstay of the traditional pay system. According to statistics, the world's top 500 large industrial enterprises, 90 percent of the enterprises have their senior management adopted a stock option compensation system, of course, these enterprises are joint-stock listed companies. At the national level, corporate stock options incentive mechanisms in recent years in Shenzhen, Shanghai, Wuhan and other places in infancy. 1993, Shenzhen Vanke developed a strict standard "staff shares scheme rules" for implementation in three phases, but because the relevant laws and regulations did not keep up, making the first phase of the "stock options" in 1995 after the employee shares into Has not been listed, the second phase of abortion. In early 1999, Shanghai's industrial system initiated the "operators revolution," the pilot system of incentive stock options. In 1999, the Wuhan City in the form of stock options to honour the six companies the legal representative of the annual salary. His annual salary from the base salary income, income risk and special incentives, such as the annual salary component. One risk of revenue in net profit in accordance with the approved enterprises, 30 percent in cash honoured, and the remaining 70 percent into stock options. Although these experiments is not the strict sense and norms of stock options, but it is a useful and positive exploration, to a large extent inspired the operators. Fourth, stock option incentive mechanism design The above analysis shows that the current remuneration structure of the annual salary system in the implementation of joint-stock enterprises have yet there are still some applicability, but also for the implementation of joint-stock companies listed on the stock incentive period only laid the foundation. As the annual salary system of compensation contract extension, entrepreneurs, business owners can pay part of profit sharing in cash paid to entrepreneurs, will be transformed into the rest of the stock options. Such stock options is the intrinsic value of stock options expire at the present value of the transfer, in the efforts of entrepreneurs, if the company's operating condition and stock price rising, entrepreneurs can be higher than the annual salary of stock options System for the proceeds of the contrary, if the company to operate properly, the stock was up against or not, are not entrepreneurs, not only the current stock options, but the previous efforts (of the stock options have value) will also have been in vain . Based on the above ideas, we designed stock options incentive mechanism. First of all remuneration structure in the annual salary system S = α + βπ on the basis of the introduction of the relative performance comparison information - another corporate profit targets z. In this way, the entrepreneurs to improve the remuneration structure: Ε for which the income of entrepreneurs and other corporate profit targets z relations factor: If ε = 0, entrepreneurs of income and z, otherwise, the income of entrepreneurs and z clearance, that is, business owners in the development of expectations Profits when the standard reference to the profits of enterprises related to other indicators. Comparing the relative performance of the introduction of information aimed at enhancing the strength of incentives to entrepreneurs objectivity. Of course, the entrepreneurs pay the profit-sharing programmes in the coefficient of standards and expectations of the determination of profits, ultimately a matter for the business owners and entrepreneurs to balance the results of Concorde, the owners and entrepreneurs can not be the initial desire to be fully met. Generally speaking, the desire to meet the level of the specific values of variables and the two sides in the negotiations depends on the status of the greater amount of information, the higher the position, the easier it is to satisfy the desire. Determine the matter reward entrepreneurs profits in cash to pay the proportion of i, cash income from entrepreneurs such as: Where p after the announcement of the corporate annual report one month's average price. In addition, the business owner provides entrepreneurs, before the expiration of stock options may not be listed in circulation, but entrepreneurs have stock options dividends, by配股rights. After the expiration of stock options, entrepreneurs have full ownership, he can be realised or stock to continue to hold. Their specific operating under the rules of the actual business case may be, for example, will reward entrepreneurs, profit sharing of 30 percent in cash honoured, and the remaining 70 percent into stock options, this part of the shares of the voting machine temporarily by the owner of the exercise, The second year of the return of last year, equivalent to 30 per cent of profit sharing paid shares, then the third year in the same form of the return of 30 percent, while the remaining 10 per cent of total retirement. Five of China's enterprises, stock options Thoughts Domestic and foreign enterprises reform of the system of remuneration Practice has proved that the stock options is to coordinate the interests of shareholders and entrepreneurs the most direct way is to implement long-term incentives to entrepreneurs an effective means of restraint. However, stock options the feasibility and effectiveness does not mean that each and every enterprise in China must be adopted, nor does it mean that all enterprises have access to immediate effect. Stock options in order to make the smooth and effective implementation, it will be dependent on the following aspects of the work of common development. (A) actively promote the stock option incentive mechanism pilot China's enterprises in the internal and external conditions are ripe circumstances, must not blind action, Yihongershang, select some good joint-stock operation, standardize operations in recent years, no significant adverse events listed companies, especially those who grow up with good development potential Large high-tech pilot listed companies, to be made and the experience of all aspects of the promotion after the conditions are ripe. (B) pay close attention to amend and improve laws and regulations governing securities States should step up the formulation of the relevant stock option incentive mechanism of policies and regulations, including the mandate of the main stock options, incentive target, source, proportion, volume and price, the stock option shortest retention period, the minimum retention and non-negotiable, and Entrepreneurs such as the middle of separation or retirement of the approach, and so on, so that the enterprise incentive stock option plan law, rule-based, standardized operation. (C) to speed up the establishment and improvement of professional entrepreneurs market China's entrepreneurs, the cultivation, selection and use of still lacks clear and effective channel and contract protection, therefore, it is necessary to fully tap and entrepreneurs to play the function of the market, improve the mechanism by an agent, to the entrepreneurs of the term of office, powers and responsibilities, such as the establishment of Lee Clear and strict provisions of the lease for the smooth implementation of stock options to provide organizational guarantee. (D) focus on cultivating effective stock market It is necessary to guide investors adjusted attitude, focus on rational investment, guard against blindly speculation, to reduce body speculation, the stock manipulation phenomena, to form an effective stock market, correctly reflect the operating results of enterprises so that the entrepreneurs of the stock options income and business performance Has a high correlation. (5) to improve corporate governance and oversight mechanisms Stake in the implementation of the enterprise must encourage the establishment and improvement of corporate governance and oversight mechanisms, and ensure the General Assembly and the Board of Directors by the shareholders determine compensation incentives to entrepreneurs of the specific programmes; entrepreneurs with the signing of a legally binding contract by the board of supervisors to exercise day-to-day Oversight functions.超过字数限制了..中文的发不了..汗..我用另一个号来发..如果你觉得这个可以的话就把分加到我这个号上.(312004342)

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