股票期权制度在我国实施的障碍与对策

股票期权制度是美国等发达国家激励体系中的一种重要方式。股票期权制度的实施，使企业家与企业成为利益共同体，企业家对个人效用最大化的追求转化成对企业利润最大化的追求，这有利于缓解企业中的委托-代理矛盾，降低企业代理成本，因此是一种比较有效的长期激励措施。     

新形式下我国企业实行经理股票期权博弈分析

近期，国家进行了一系列制度改革，我国企业对经理人实施股票期权激励的制度障碍得以消除，同时，进一步完善我国企业的公司治理结构，使股票期权激励顺利进行。股票期权激励是一项激励经理人勇于承担企业风险的长期激励计划。本文采用博弈的方法，分析了企业实施股票期权激励可在一定程度上防止经营者的“道德风险”和“逆向选择”行为，并分析了业绩发展空间有限的企业不适合实施股票期权激励。     

我国上市公司股票期权激励的有效性探究

股票期权激励制度作为一种国际公认的有效激励方式，已经在我国的部分企业中实施，并发挥了一定作用。本文解释了股票期权激励制度的相关概念，在阐述股票期权激励理论和影响因素的基础上，对我国股票期权激励的有效性进行了分析，重点是分析了我国实施股票期权激励制度存在的问题及应对措施。     

我国上市公司股票期权激励机制分析

随着我国改革的进一步深入，各种先进的管理方法和金融工具在我国都得到了广泛应用，对促进我国资本市场完善起到了积极的作用。其中股票期权激励制度的引入对改善我国公司治理中的委托代理和内部人控制等一系列问题都具有重要意思。本文从我国股票期权激励制度的现状出发。探讨股票期权在我国企业中应用存在的问题及障碍和进一步发展股票期权制度亟待解决的问题。随着国有股减持方案的计划实施以及股票市场的正规化。股票期权将协调我国企业中所有者与经营者之间利益平衡。促进我国优秀企业家队伍的迅速形成和健康成长。     

经营者股票期权方案思路

实施股票期权激励方案(下简称激励计划)是解决国有企业委托--代理问题,理顺分配机制的一种探索.根据国外经验,它的实施有利于促进企业发展,实现股东利益和管理者利益最大化.     

新形式下我国企业实行经理股票期权博弈分析

近期,国家进行了一系列制度改革,我国企业对经理人实施股票期权激励的制度障碍得以消除,同时,进一步完善我国企业的公司治理结构,使股票期权激励顺利进行.股票期权激励是一项激励经理人勇于承担企业风险的长期激励计划.本文采用博弈的方法,分析了企业实施股票期权激励可在一定程度上防止经营者的"道德风险"和"逆向选择"行为,并分析了业绩发展空间有限的企业不适合实施股票期权激励.     

从税收、会计到融资法规股票期权需要有制度配套

虽然在美国安然公司丑闻爆发以后,对股票期权的抨击不绝于耳,并有研究结论认为,在过去30年里,所有授予公司高管的股票和股票期权对提高公司的业绩都于事无补,这种激励性报酬对提高公司的股价和提升资产收益率的作用不大。但是,从我国企业,特别是国有企业经营者长期激励机制不足的现状,以及该制度在国外实施的主流业绩出发,股票期权自然也可以作为我国企业经营者经济利益激励、减少代理成本、改善治理结构、促进稳健经营等的制度安排之一。股票期权在我国当然只能算是一个新生事物,要使其在我国规范、有效地发展,除了要在法律上扫清障碍并制定相应的法律之外,当务之急是要在税收、会计和融资方面形成与其配套的制度。     

高管层报酬计划的设计范式:产权分析视角

现行的高管层报酬计划基本上是依据委托代理理论制定的。而委托代理理论自身已经意识到,仅仅用委托与代理契约来处理企业所有者与经营者之间的关系,难以从根本上解决企业的可持续发展问题,因为两者目标不一致,存在利益取向上的矛盾。股东由于缺乏对企业实质的控制权以及集体或个人行动的不经济性而产生理性的冷漠,而高管层由于取得了企业事实上的控制权并确定自己的报酬计划,从而容易产生高昂的代理成本和偷懒问题,进而使高管层报酬计划缺乏足够的激励和约束作用。因此,根据委托代理理论设计的高管层报酬计划在理论上存在着先天的不足。这样,就有必要按照权、责、利对应的原则,以产权为依据来分析和设计高管层报酬计划,改革现有以市场价值为基础的股票期权制度的单边激励方式,强调股票期权制度下高管层权、责、利的对等,以有效遏制高管层的机会主义行为,促使企业经营绩效的提高。     

我国上市公司股票期权激励机制分析

随着我国改革的进一步深入,各种先进的管理方法和金融工具在我国都得到了广泛应用,对促进我国资本市场完善起到了积极的作用,其中股票期权激励制度的引入对改善我国公司治理中的委托代理和内部人控制等一系列问题都具有重要意思.本文从我国股票期权激励制度的现状出发,探讨股票期权在我国企业中应用存在的问题及障碍和进一步发展股票期权制度亟待解决的问题.随着国有股减持方案的计划实施以及股票市场的正规化,股票期权将协调我国企业中所有者与经营者之间利益平衡,促进我国优秀企业家队伍的迅速形成和健康成长.     

股票期权激励制度的理论基石

股票期权是指经理股票期权(Executive Stock Option,ESO),是将股票期权概念借用到公司治理中形成的一种制度.是企业资产所有者对经营者实行的一种长期激励的报酬制度.为进一步增强对股票期权内涵的理解和认识,文章对股票期权激励制度产生的4个基础理论进行了剖析.这4个基本理论奠定了股票期权激励制度产生并迅速得以普及推广的基础.     

Modeling and predicting the development of the CES of Russia,Belarus, Kazakhstan,and Ukraine

The paper describes new approaches to the prediction of integration processes in the post-Soviet space and to the macroeconomic evaluation of the integration effect with the use of a cross-country model of structural interactions.     

Health,height, and the household at the turn of the twentieth century

This article examines the health and height of men born in England and Wales in the 1890s who enlisted in the army at the time of the First World War, using a sample of recruits from the army service records. These are linked to their childhood circumstances as observed in the 1901 census. Econometric results indicate that height on enlistment was positively related to socio‐economic class, and negatively to the number of children in the household in 1901 and the proportion of household members who were earners, as well as to the degree of crowding. Adding the characteristics of the locality has little effect on the household‐level effects. However local conditions were important; in particular the industrial character of the district, local housing conditions, and the female illiteracy rate. These are interpreted as representing the negative effect on height of the local disease environment. The results suggest that changing conditions at both household and locality levels contributed to the increase in height and health in the following decades.     

Coercion, compliance, and the collapse of the Soviet command economy

Are command systems that rest on coercion inherently unstable, and did the Soviet economy collapse for this reason? Until it collapsed, the Soviet economy did not appear unstable. Why, then, did it collapse? A game between a dictator and a producer shows that a high level of coercion may yield a stable high–output equilibrium, that stability may rest in part on the dictator's reputation, and that a collapse may be brought about by adverse trends in the dictator's costs and a loss of reputation. The facts of the Soviet case are consistent with a collapse that was triggered by the strike movement of 1989.     

Regulation, competition, and the structure of prices

Many competition policy issues in regulated industries concernthe structure of prices charged by multi-product firms - forexample price discrimination, non-linear pricing, cross-subsidies,and network access pricing. This article first sets out the(Ramsey) principles of optimal pricing to recover fixed costs.The sometimes conflicting aims of promoting competition andpursuing social objectives are brought into the analysis. Questionsof whether to allow pricing structure discretion to the firm,and how much, are considered next. With asymmetric information,some discretion is often desirable, but its optimal form ishard to characterize. The article then turns to the controversialnetwork access pricing problem - on what terms should an integrateddominant firm be required to supply inputs required by its rivals?Finally, there is discussion of pricing structure regulationin the transition from more to less regulation, which, it isto be hoped, is in prospect in parts of the regulated industriesas effective competition develops.     

Safeguards, China, and the Price of Steel

The economic health of the US steel industry has fluctuated enormously over the last ten years. The implementation of steel safeguard tariffs in 2002 brought intense scrutiny by academics and industry observers, but little empirical work has focused on the factors that led to the industry’s dramatic reversal of fortune in the period that followed. We use a panel data set of product-level monthly price observations between 1997 and March 2005 to test the importance of the safeguards compared to other possible determinants. We find little evidence that the safeguards affected steel prices in the United States. Instead, results indicate that declining production capacity, improved macroeconomic conditions, and a falling dollar helped return prices to healthier levels. Finally, China’s demand for imported steel, which has not been included in previous empirical studies on the US steel industry, also appears to impact prices, but only after a lag of more than six months. JEL no. F13     

Experience,Tenure, and the Perceptions of Employers

This paper examines how group-based assessments concerning employee ability impact employee compensation. The employer learns about worker ability through Bayesian updating, creating an additional channel for wage growth that is not available to those workers with only general labor market experience. Consistent with the model's predictions, results from National Longitudinal Survey of Youth (NLSY) indicate that black workers fare much better relative to white workers in returns to tenure than in returns to experience. Finally, parameter estimates in the structural model suggest that employers initially undervalue black males but that their wages rise with learning by employers over time.     

Estimating the determinants of supply of computing, problem-solving, communication, social, and teamworking skills

We investigate the sources of supply of several core skills,using an innovative approach to skills measurement that involvesadapting a job analysis methodology and applying it in a surveycontext. We then estimate the determinants of skills supplyusing a production function model. The main findings are: (i)prior education and work experience have generally positivebut diminishing marginal impacts on skills, consistent withthe earnings function literature; (ii) off-the-job trainingis productive of most types of skill, while on-the-job trainingis effective for the generation of problem-solving and team-workingskills. Both types of training are transferable from previousemployers; (iii) more education enhances the development ofcomputing skills at work, but with respect to other core skills,less educated workers make up for their lower education throughmore work-based learning; (iv) there is a strong associationbetween the presence of some new or flexible organisation characteristicsand both the level and growth of all types of skills. We argueoverall that the contribution of work-based learning to skillsdevelopment is more important than normally allowed for in theskills policy discourse.     

亲山亲水亲民

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