上市公司股票期权激励模式研究

股票期权计划是国际上经典的、使用最为广泛的股权激励模式,我国越来越多的上市公司正在运用这一模式激励公司的管理者。但是,股票期权要求公司的业绩与公司股票价格正相关,而我国股票市场是新兴证券市场,上市公司的股票价格与上市公司的业绩并非高度相关。这导致了上市公司不能实施股票期权激励计划,出现了市场价格低于行权价格而不能行权的问题。本文针对这一问题,通过较为深入分析和研究,提出了适合新兴证券市场的股票期权激励模式,这对股票期权激励模式理论的完善和发展,对我国上市公司股权激励计划的实施,具有十分重要的现实意义。     

壳资源价值分析

壳资源总述 　　壳公司是指在证券市场上拥有和保持上市资格,但相对其他上市公司而言,负债率较高,资产状况不佳,公司主营业务规模较小甚至停业,业绩较差或极差,无新的利润增长点,看不到成长前景,股价低或股价趋于零,甚至已经成为停牌终止交易的上市公司①.因为同行业问激烈的市场竞争,管理层的经营失败,产业结构的更新换代、升级,或者宏观经济不景气,在任何证券市场七都会沉淀出一批这样的公司,这也为非上市公司获得上市资格提供了除原始上市外的另一条途径.在我国,此类公司主要集中于ST或*ST上市公司. 　　……     

失真的会计信息是把“尖利的刀”

推行经理股票期权计划之后,管理人员在公司的利益增大,客观上会助长其拿公司去冒险而谋求自己利益的动机。经理们可以通过操纵股票期权和消息公布的时间而轻松获利。因此,公司在对经营者实行强激励的同时,要实行强约束,保证会计信息的正确性,维护证券市场的有效性。会计信息的失真直接导致市场的无效性,不能反映公司的业绩与股价的对称性。在这样的条件下,实行股 票期权制度,就会存在很多的问题。为 些,必须净化内外部环境,提高会计信 息的质量,促进股票期权机制的有效运 行。 在公司存在严重“内部人控制”的情 况下,由于公司…     

G万科股权激励的时代背景

股权分置改革拉开了解决中国证券市场制度性缺陷和深层次矛盾问题的序幕。与股权分置改革密切相关的“创新”也与时俱进、层出不穷。其中,股权激励也成为股改的一个“副产品”。股权激励是指公司将本公司发行的股票或者其他股权性权益授予公司高管人员,借以促进高管人员与公司利益的结合,进而改善公司治理并推动公司发展的利益驱动机制,也是现代公司制度对公司高管人员奖励和激励制度的结合形式。股票期权作为一种激励方式,最早在1999年中国网络科技股赴美上市高潮迭起之际被引入我国证券市场,因为按照国际惯例,股票期权计划需要写进招股说…     

我国的股票期权:特殊作用和特殊问题

由于股票期权具有工资、奖金和股票不可替代的作用，而成为国外企业对CEO（首席执行官）的一种重要激励方式。但从最近美国出现的会计丑闻暴露出股票期权存在的一些问题。我国学术界也对股票期权褒贬不一。由于我国与国外经济环境的差异，在企业中股票期权具有特殊的作用，但也存在一些特殊的问题。关注我国推行股票期权的特殊性具有实际的意义。一、股票期权的特殊作用股票期权旨在“激励”。但是，这一市场机制下证券市场的产物，其特殊性对解决我国计划经济向市场经济转轨时形成的一些特殊问题具有某种作用。1. 国企改革。在股份制这种…     

对期权平价关系实证性研究和中国股票期权市场分析

期权平价公式反映了欧式看涨和看跌期权之间的一种平价关系,如果市场价格与这种平价关系不相符合,投资者就可能获得无风险套利的机会。在价格有效的证券市场上,这种无风险套利的机会是不存在的。本文将对中国证券市场上股票期权的价格及其相应股票价格之间的关系进行分析,检验现实数据是否符合期权平价关系,给出相应解释,以反映和分析中国股票期权市场的现状。     

略论股票期权及其运行障碍

股票期权是一种重要的激励机制，但同时伴有负面效应。我国股票期权的实施尚在法人治理、证券市场机制和制度规范等方面面临诸多障碍。     

撩开面纱：民营企业境外间接上市模式与思考

境外间接上市是指境内企业在境外设立壳公司，将境内资产或权益注入壳公司，以壳公司名义在境外证券市场上市筹资的方式。     

我国证券市场的价格机制缺陷及改进措施

价格机制合理与否决定了证券市场的价值发现功能和资源配置功能的发挥程度,国内外实践表明,最有效的价格机制就是市场化的价格机制.目前我国证券市场的价格机制被严重扭曲,证券价格不是内在价值和供求关系的真实反映,形成了许多畸形的股票价格.这种扭曲的价格机制存在着极大的缺陷,不可能担当起引导社会经济资源流向的重任,会造成金融资源的错误配置.因此,我国证券市场必须加快推进市场化和规范化进程,努力培育市场化的价格机制,建立科学、合理的公司价值评价体系,切实提升证券市场配置与整合社会经济资源的能力.     

股票期权激励机制在我国的发展方向探析

引入经理人股票期权(ESO)有助于协调公司股东和经理层的利益冲突,经过科学设计的股票期权激励机制对公司的生存、发展和全社会的变革产生深远影响。本文归纳了股票期权激励机制在我国发展所取得的成就,重点探讨了可能存在盈余管理的条件和时机,股票期权的终止、再授予行为的影响因素,以及制度保障力度情况。在此基础上,对我国股票期权激励机制的发展方向从市场监管、激励机制设计和会计制度基础三方面进行了分析。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.