论文总字数：20943字

摘 要

在现代企业的发展中，通常采取股权激励来优化传统的工资分配制度，提供股份给相关员工，经理的个人利益与公司所有者的利益相关联，共同提高工作积极性，从而降低了管理者与股东之间的代理成本，提高公司的长期价值。

本文《我国上市公司股权激励模式的比较研究》首先描述了制定股权激励的过程，在此过程中，直到2006年我国上市公司股权激励才得到真正发展，同年国家有关部门颁布了一系列条例，旨在对国内上市公司股权激励进行规范。2009年到2012年股权激励越来越稳步发展，2013年后，股权激励进入了快速理性的发展阶段。

本文着重比较股权激励模式之间的差异并做出总结，帮助上市公司更好的了解不同激励模式的现状，并了解不同模型的激励效果，为上市公司设计股权激励模式提供参考信息。根据相关数据，在中国上市公司使用的激励模式很多，主要有限制性股票、股票期权、股票增值权、业绩股票等，本文介绍了这四种模式的定义、相关法律法规、特点及优缺点，针对应用广泛的股票增值权股票期权和限制性股票激励模式，从它们的设计原则、实务操作等方面进行对比，且总结了这三种模式的优点长处所在及其适用的公司，为本文的研究目的下了结论。中国上市公司的股权激励仍处于不断发展和完善中，目前的激励模式并不意味着也适应公司未来的发展，本文也在结尾处对我国上市公司的股权激励做了建议，要不断地根据公司发展的状况，对股权激励的模式进行改进和创新。

关键词：股权激励 限制性股票 股票期权 增值权

Comparative study on equity incentive models of listed companies in China

ABSTRACT

In the development of modern enterprises, equity incentives are usually used to optimize the traditional wage distribution system, to provide shares to relevant employees, the personal interests of managers are related to the interests of company owners, and work together to improve work enthusiasm, thereby reducing managers and shareholders. The agency cost between the companies increases the long-term value of the company.

This paper《Comparative study on equity incentive models of listed companies in China》 first describes the process of formulating equity incentives. In the process, until 2006, the equity incentives of listed companies in China were truly developed. In the same year, the relevant departments of the state promulgated a series of regulations aimed at regulating the equity incentives of domestic listed companies. From 2009 to 2012, equity incentives have grown steadily. After 2013, equity incentives entered a stage of rapid and rational development.

This paper focuses on comparing the differences between equity incentive models and sums up them to help listed companies better understand the status quo of different incentive models, and understand the incentive effects of different models, and provide reference information for listed companies to design equity incentive models. According to relevant data, there are many incentive models used by listed companies in China, mainly including restricted stocks, stock options, stock appreciation rights, and performance stocks. This paper introduces the definitions of these four models, relevant laws and regulations, characteristics, advantages and disadvantages. Aiming at the widely used stock appreciation rights stock options and restricted stock incentive models, they compare their design principles and practical operations, and summarize the advantages and advantages of these three models and their applicable companies. The purpose is to draw conclusions. The equity incentives of listed companies in China are still in the process of continuous development and improvement. The current incentive model does not mean adapting to the future development of the company. This paper also proposes the equity incentives of listed

companies in China at the end, and must constantly follow the company. The state of development, the improvement and innovation of the model of equity incentives.

Keywords：Equity incentive Restricted stock Stock options Appreciation right

目录

摘要 Ⅰ

ABSTRACT Ⅱ

第一章 绪论 1

1.1研究背景及研究意义 2

1.2研究目的与方法 3

1.3研究内容与框架 8

第二章 文献综述 4

2.1国内文献综述 4

2.2国外文献综述 5

第三章 中国上市公司股权激励模式的发展与现状 7

3.1 中国上市公司股权激励的发展 7

3.1.1探索试验阶段 7

3.1.2稳步规范阶段 7

3.1.3快速发展阶段 8

3.2中国上市公司股权激励的现状 8

第四章 上市公司股权激励模式的种类 10

4.1限制性股票 10

4.2股票期权 10

4.3 股票增值权 11

4.4业绩股票 12

第五章 上市公司股权激励模式的比较 13

5.1股权激励模式的设计原则 13

5.2股权激励模式的实务操作 14

5.2.1价格确定 14

5.2.2会计处理 14

5.2.3税务处理 15

5.3 总结 16

第六章 结论与建议 18

6.1研究结论 18

6.2建议 18

6.2.1建立健全的监管机制和约束机制 19

6.2.2多种激励模式相结合 19

6.2.3对有关法规进行完善 19

参考文献 20

致谢 23

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