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1、论文题目：（中文） 完善我国非上市公司股权激励制度研究 （外文） A Study on Improvement of Equity Incentive System for Private Corporation in China 所在院、系、所 ： 法学院 专业、名、称 ： 法律硕士 指专导专教专师 姓专名、职专称 ： 史际春 教授 论文主题词： 非上市公司；股权激励 学专习专期专限 ： 2006年4月至2008年12月 论文提交时间： 2008年10月20日 摘 要股权激励是现代社会中企业对员工进行激励的方式之一，属于长期激励措施，其核心目的是：通过产权变革，使企业雇员获得资本性产权，从而
2、能以所有者的身份参与到企业的经营管理过程之中，把雇员的利益与企业的长远利益牢牢的绑在一起，最大化激发雇员劳动积极性，从而实现企业效益最大化。在我国股权激励存在着以下问题：现行股权激励制度主要在占企业总量极小的上市公司中实行，对于占企业总数极大部分的非上市公司极少涉及，而且就国内绝大多数股权激励理论而言也主要是针对上市公司股票期权的，鲜见专门针对非上市公司股权激励制度的专论。写作本文的目的在于强调社会各界尤其是政府决策机构充分重视推进非上市公司股权激励制度建设的重要意义。笔者在阐述股权激励制度基本理论的基础上，回顾我国非上市公司股权激励制度的历史并分析其现状，在比较借鉴美国、欧洲、日本等发达国家
3、非上市公司股权激励制度的基础上提出了我国非上市公司股权激励制度建设的总目标应当是：建立和完善多层次的非上市公司股权激励制度体系，从而为不同种类和不同规模的非上市公司建立相应的股权激励制度规范。笔者还就建立和完善多层次的非上市公司股权激励制度体系的指导思想、基本原则和主要内容等问题提出自己的设想。本文分为五部分。第一部分是股权激励制度概述。在该部分就股权激励的一般性理论问题进行了高度浓缩的概述，一方面力图使读者熟悉股权激励的基本问题，另一方面为后几部分的论述奠定了理论基础。该部分讲述了以下内容：股权激励和股权激励制度的概念，尤其澄清了股权激励与股票期权的区分，指出股票期权不等同于股权激励，股票期
4、权仅仅是股权激励的一种特定形式。在此部分简要阐明了股权激励制度的意义。在此部分介绍了股权激励的分类：按照实施股权激励的主体性质划分，可分为上市公司股权激励与非上市公司股权激励，国有企业股权激励和非国有企业股权激励，内资企业股权激励和外商投资企业股权激励，需要指出的是前述分类方法在理论和实践中还很少涉及，具有一定的独创性；按照激励对象划分，以管理层为对象的股权激励，以多数员工为对象的股权激励；按照基本权利义务关系的不同进行划分，可分为现股激励，期股激励，期权激励。在本部分还介绍了比较常见的股权激励的基础理论：人力资本理论，代理理论，公司治理结构理论。在此部分最后介绍了股权激励制度发展简史：分别包
5、括国际股权激励制度发展简史，股票期权的历史及作用，职工持股的历史及作用，国内股权激励制度发展简史。第二部分是非上市公司股权激励制度的概念和意义。非上市公司股权激励制度是指在非上市公司内部针对管理层或其他员工所实施的股权激励制度，非上市公司包括有限责任公司和非上市股份有限公司。本部分通过权威的统计数据说明非上市公司已成为我国国民经济的重要组成部分，它们的兴衰影响到国家的发展。由于非上市公司自身存在较多缺陷又加之当前严酷的外部经济环境，导致很多企业经营困难。通过实施股权激励可以吸引、激发高素质人才的劳动积极性，从而推动企业提升竞争力，改变过度依赖低成本、粗放型发展的落后局面，最终使大批中小企业摆脱
6、困境，走上健康发展之路。第三部分是我国非上市公司股权激励制度的状况。在本部分首先介绍了我国非上市公司股权激励制度的由来，分别从立法和实践两个角度进行说明。在立法方面，将1992年国家体改委做出定向募集方式设立股份有限公司可发行内部职工股为分界点，对其前后的立法状况分别进行了介绍。在分界点之前几乎没有关于股权激励的立法，在分界点之后立法活动十分活跃，分别包括：关于定向募集股份有限公司内部职工股的立法，关于职工持股会的立法，对经营者和核心技术管理人员的股权激励立法，在前述立法中关于职工持股会的立法最具社会影响力。在股权激励实践方面，我国先后经历了定向募集股份有限公司内部职工股实践并被禁止，职工持股
7、会实践并被停止，对经营者和核心技术管理人员股权激励实行严格限制的历程。在本部分随后介绍了我国非上市公司股权激励制度的现状。2005年修订的公司法、证券法为非上市公司股权激励制度提供了立法保障，由此推进了非上市公司股权激励的实践，但在实践中仍然存在着以下问题：职工持股会本身具有较大缺陷而被叫停，但它的停滞却影响了非上市公司股权激励的整体发展；对民营企业实施股权激励的必要性认识不足，并且股权激励的尝试常常受到行政机关和司法机关不必要的阻碍；国家缺乏利用税收、信贷、信托持股等有效制度或方式支持和引导非上市公司股权激励。第四部分是关于国际上非上市公司股权激励制度状况的介绍，其目的在于为我国建立和完善非
8、上市公司股权激励制度提供借鉴。在此部分主要介绍了美国非上市公司实施股权激励的状况，同时概括性的介绍了欧洲和日本非上市公司实施股权激励的状况。美国的非上市公司属于封闭公司，其股权激励制度主要是职工持股计划。为缓和劳资矛盾，改善公司治理，解决职工的退休福利问题。20世纪60年代初期路易斯凯尔索率先提出职工持股计划ESOP (employee stock ownership plans)，他的计划得到了政府的支持。美国国会通过一系列法律 ,为实行职工持股计划的企业及有关方面提供各种优惠，并且建立了较为完善的职工持股计划政府服务机构。美国也设立了专门的社会服务机构统一管理职工股。职工持股计划促进了美国
9、中小企业的发展。第五部分是关于完善我国非上市公司股权激励制度的设想。在此部分首先提出了建立和完善多层次的非上市公司股权激励制度体系的总目标；而后强调指导思想高度重视和积极鼓励在非上市公司建立股权激励制度，并阐述了建设和完善非上市公司股权激励制度的原则；再后提出了非上市公司股权激励制度的主要内容：对不同激励主体可选择不同的股权激励模式，在当前及今后的很长一段时间应当把经营管理者和骨干员作为主要的股权激励对象，国家应在信贷、税收、场外交易市场建设等方面建立有利于非上市公司股权激励制度发展的政策法规，要把实施股权激励与完善公司治理相结合，要切实保护被激励对象的合法权益；最后建议相关执法制度、司法制度
10、应针对非上市公司股权激励制度建设的需求作出配套性调整。关键词：非上市公司；股权激励AbstractEquity Incentive is one of the business-to-staff incentive ways in modern society. It is a long-term incentive. Its core: the enterprise employees access to capital and property rights through the property rights reform. They participate in corporate
11、management process as the owner, tie the interests of the employees with long-term interests of the enterprises, and maximize the working enthusiasm of the employees so as to maximize the efficiency of enterprises. Equity Incentive in China has the following problems: only a very small volume of lis
12、ted companies implement the current system of Equity Incentives, Private Corporation which account for the vast majority of the total number of enterprises seldom implement it. And the vast majority of domestic Equity Incentive theory is mainly aimed at listed companies of stock options. There are f
13、ew specific monographs on Equity Incentive system for Private Corporation. This article is intended to emphasize that all sectors of society, especially governmental decision-making organs should attach great importance to promote Equity Incentive system for private corporation. On the basis of the
14、theory of the Equity Incentive system, The at recalled the history of the Equity Incentive system for private corporation in China in comparison with the system in the United States、 Europe, Japan and other developed countries, and analyzes the status quo. On the basis of those, the author sets out
15、the overall objective: it should establish and improve multi-level Equity Incentive system for Private Corporation, so as to establish the corresponding norms of the Equity Incentive system for the different sizes and types of the private corporation. In respect of basic principles 、main contents of
16、 the issues and the guiding ideology of establishing and improving multi-level Equity Incentive system for private corporation，the author also puts forward his own ideas.This article is divided into five sections. The first section is an overview of Equity Incentive system. In this section, the auth
17、or concentrates highly on outlining the general theory of the Equity Incentive. On the one hand, the author let the reader familiar with the basic issue of Equity Incentives; on the other hand, he lays a theoretical foundation for the following sections of the discussion. This section concerns the f
18、ollowing: a Concepts of Equity Incentive and incentive system, in particular, clarifying the distinction between Equity Incentive and stock option, pointing out that stock option is not the same as Equity Incentive. Stock option is only a particular form of Equity Incentive. In this section it clari
19、fies the significance of Equity Incentive system in brief. It introduces the categories of the Equity Incentive: in accordance with the division of the implementation of the main character, the Equity Incentive can be divided into Equity Incentive of listed companies 、private corporation, Equity Inc
20、entive of the state-owned enterprises and non-state-owned enterprises, Equity Incentive of the domestic enterprises and foreign invested enterprises. It should be pointed that the above classification is referred very little in the theory and practice, and it has the originality. In accordance with
21、the division of the incentive target, the Equity Incentive can be divided into the management Equity Incentive and the majority of employees Equity Incentive; In accordance with the division of the basic rights and obligations for different relations, it can be divided into now-Equity Incentive, pro
22、missory phase Equity Incentive and stock options incentive. In this section it also describes some of more common basic Equity Incentive theory: human capital theory, agency theory, theory of corporate governance. In the final section of this section, it introduces the brief history of the developme
23、nt of Equity Incentive system: including the brief history of the development of the international Equity Incentives, the history of stock options and its significance, employee stock ownerships history and its significance, and the brief development history of domestic Equity Incentive system. The
24、second section is about the concept and meaning of the Equity Incentive system for Private Corporation. Equity Incentive system for private corporation, which include limited liability companies and non-listed limited joint-stock corporation, is one for internal management or other employees. Throug
25、h the authoritative statistical data, this section shows that the private corporation has become an important section of our national economy; their rise and fall impact the national development. Due to Private Corporation coupled with its own defects and the current external harsh economic environm
26、ent, many private corporations have difficulties in business. The implementation of Equity Incentive attracts and stimulates the work enthusiasm of high-quality personnel, so as to encourage enterprises to enhance their competition, change the over-reliance on low-cost and the extensive development
27、of the backward situation, make the large number of small and medium enterprises extricate themselves from predicaments and take to the rapid and healthy development.The third section introduces Equity Incentive system for Private Corporation in China. First it presents the origin of Equity Incentiv
28、e system for Private Corporation in China on the legislative and practical perspectives. In 1992 the State Commission for Restructuring the Economy made a decision that the joint-stock limited company raising funds from targeted sources may issue shares to in-house staff. On the legislative front, t
29、his section takes it as the cut-off point and introduces its legislative status before and after. Before the cut-off point there is few legislation on Equity Incentive; after the cut-off point the legislative activities are in full swing. They respectively include: the legislation of issuing shares
30、to in-house staff in the joint-stock limited Company raising funds from targeted sources, the legislation of Employee Stock Ownership Association, the legislation of the incentive stock to the operators and core technology Management. In the previous legislations the legislation of Employee Stock Ow
31、nership Association holds the most influence in society. On the practical front, the Equity Incentive practices have gone through the course that the joint-stock limited company raising funds from targeted sources issued shares to in-house staff and it was prohibited, the Employee Stock Ownership As
32、sociation was stopped and, the incentive stock to the operators and core technology Management was strictly restricted. This section subsequently presents the status quo of the Equity Incentive system for non- listed companies in China. Amendments to the Company Law and Securities Law in 2005 provid
33、e protection legislation for the Equity Incentive system for Private Corporation, which promote the non-listed companys Equity Incentive practice. But in practice there are still the following questions: Employee Stock Ownership Association itself has been suspended because its own defect, but the s
34、tagnation of it has affected the overall development of Equity Incentive system for private corporation; private enterprises lack awareness of the need for Equity Incentive and the trials of Equity Incentive are often unnecessarily interfered by the executive and judicial Authorities; the authority
35、is lack of using tax、 credit、 trust holdings such as system or effective way to support and guide Equity Incentive for private corporation.The fourth section introduces the situation of the international Equity Incentive system for Private Corporation, with the aim of providing reference for the est
36、ablishment and improvement of the system in China. This section mainly presents the situation that the United States implements Equity Incentive system, and also introduces the situation that Europe and Japan do. Non-listed company in the untied states is a close corporation, its Equity Incentive sy
37、stem is the employee stock ownership plan. In the early 1960s, to ease the labor-management conflicts、 improve corporate governance and resolve the issue of retirement benefits, Louis Kelso first put forward ESOP (employee stock ownership plans), his plan gets the support of the Government. The U.S.
38、 Congress passed a series of laws for providing all kinds of concessions to the Enterprises which implement employee stock ownership plans and other concerned and established relatively perfect government services sectors for employee stock ownership plan. The United States has also set up a special
39、 social service agencies for the unified management of employee shares. Employee Stock Ownership Plan of the United States promotes the development of SMEs (U.S. small and medium enterprises).The fifth section is about the assumption of improving Equity Incentive system for Private Corporation in Ch
40、ina. This section first presents the overall objective of the establishment and improvement of multi-level Equity Incentive system for private corporation; it also stresses that the guiding ideologyattaching great importance and actively encouraging private corporation to establish Equity Incentive
41、system, and describing the principle of the establishment and improvement of Equity Incentive system for private corporation. It subsequently presents the main content of Equity Incentive system for Private Corporation: Different enterprises may choice different Equity Incentive patterns. In the lon
42、g time of present and future, the managers and core staff should be the main targets of Equity Incentives. The authority should make policies and regulations which are conducive to the development of the system in the aspects of credit、tax and over-the-counter market building, etc; it also requires
43、to combine the corporate governance with the implementation of the Equity Incentive, protect the legitimate rights and interests of the stock holders; Finally it gives recommendations that the relevant law enforcement system and judicial system should be adjusted in accordance with the establishment
44、 of Equity Incentive system for private corporation.Keywordsprivate corporation; equity incentive目 录绪 论1一、股权激励制度概述2（一）概念21、股权激励22、股权激励制度2（二）实施股权激励制度的意义3（三）股权激励的分类31、按照实施股权激励的主体性质划分3（四）股权激励的理论基础91、人力资本理论92、代理理论93、公司治理结构理论10（五）股权激励制度的沿革101、国际股权激励制度发展简况102、国内股权激励制度发展简史13二、非上市公司股权激励制度的概念和意义16（一）非上市公司股权激
45、励制度的概念16（二）在非上市公司实施股权激励制度的意义161、我国非上市公司的现状162、制约我国非上市公司发展的主要问题183、在我国非上市公司实施股权激励的意义21三、我国非上市公司股权激励制度的状况23（一）我国非上市公司股权激励制度的由来231、立法状况232、非上市公司股权激励制度前期实践状况31（二）我国非上市公司股权激励制度的现状331、立法状况332、实践中的问题34四、国际上非上市公司股权激励制度的状况37（一）美国非上市公司实施股权激励的状况37（二）欧洲非上市公司实施股权激励的状况40（三）日本非上市公司实施股权激励的状况40五、关于完善我国非上市公司股权激励制度的设想
46、41（一）指导思想高度重视和积极鼓励在非上市公司建立股权激励制度41（二）建设和完善非上市公司股权激励制度的原则431、国家应积极鼓励建设和完善非上市公司股权激励制度的原则432、构建多层次的非上市公司股权激励制度体系433、有利于完善公司治理，提升企业管理水平，增强企业竞争力434、有利于建设创新型国家435、有利于构建和谐的企业劳动关系436、充分尊重人力资本价值，有利于财富分配的公平合理，缩小贫富悬殊44（三）非上市公司股权激励制度的主要内容441、不同激励主体如何选择股权激励模式442、股权激励的对象443、员工购股资金来源454、关于实施股权激励的税收优惠政策455、实施股权激励与完
47、善公司治理的措施456、股权流动的规则467、股权激励对象与公司间主要纠纷的处理46（四）执法制度与实践的配套46（五）司法制度与实践的配套47参考文献48绪 论股权激励是现代社会中企业对员工进行激励的方式之一，属于长期激励措施，其核心目的，是使企业雇员获得资本性产权，从而能以所有者的身份参与到企业的决策和经营管理过程之中，把雇员的利益与企业的长远利益绑在一起，最大化激发雇员的工作积极性，从而实现企业效益最大化。股权激励或者说员工持股早已有之，但其现代意义上的发展不过五十余年，却在全世界范围内获得了广泛推广。自改革开放以来，股权激励制度也在我国萌发和传播，众多企业进行了广泛的尝试，在二十世纪九
48、十年代中后期职工持股会在全国各地广开实验，尤其在2005年12月31日，中国证监会发布了上市公司股权激励管理办法（试行），它标志着股权激励制度在上市公司中实行得到了主管部门的肯定。现在人们越来越认识到，建立和推广股权激励制度，是调整产权关系，完善分配制度，建立现代企业制度，改善劳动关系，发展和完善中国特色社会主义市场经济制度，以至于构建和谐社会和建设创新型国家的重要措施之一。广大中小企业是我国国民经济的主力军，它们中的绝大多数都是非上市公司，尤其是绝大多数的劳动者是在这样的企业里工作，但是在众多非上市的中小企业中股权激励制度不够成熟，至今也没有在全国范围普遍适用的法律法规，存在着法律盲区。而且，我国上市公司主要的股权激励模式就是股票期权，国内多数的股权激励理论和书籍基本上都是围绕着上市公司和股票期权为对象的，鲜见以非上市公司股权激励制度为研究对象的理论和书籍。理论的空白与我国非上市公司股权激励理论的广阔需求存在着很大的矛盾。在借鉴国际非上市公司股权激励的一般经验和总结我国非上市公司
