股改后上市公司治理监督与激励机制探讨.doc

股改后上市公司治理监督与激励机制探讨 【摘 要】2006年底据有关部门统计，中国股市目前可谓已步入ldquo;股权分置改革后rdquo;的时代。国有股一股独大却角色缺位这一股市中面临的最大瓶颈问题已基本得到解决，为证券市场的健康发展奠定了基础。而根据我国经济的发展战略，对上市公司治理有更高的要求，我国上市公司在监督和激励机制及相关法律规范上仍存在许多问题。本文分析了监督机制各环节的作用以及目前较有争议的两种上市公司激励制度：管理层收购和股票期权。本文创造性地提出采取独立董事职业协会制来统筹性地管理独立董事这一职业队伍，以保障其在上市公司治理结构发挥积极的作用。通过对管理层收购和股票期权的比较分析，各有特点，各有利弊，总结出两种激励工具在我国上市公司的适用领域及结合我国市场环境必须作一些修改才予以实施。监督机制和激励机制的有效发挥必须有强大的法律体系的支撑，对立法、执法监督、普法都有更高的要求。 本文的研究结论对我国完善上市公司治理结构以及资本市场都具有一定的现实意义和借鉴作用。 关键词：独立董事，职业协会制，管理层收购，股票期权 The Way of Supervision System and Incentive Policy in the Listed Companies after Share-trading Reform Abstract As noted in the officerrsquo;s statistics, the ldquo;After Share-trading Reform Timerdquo; has come. The improvements that the government will never play the role of senior partner will help our security exchange to develop in a healthy way. According to our plans, more requirements should be ruled to solve currently problems on supervision system and incentive policy in the listed companies. By studying on overall approaches of supervision system and two incentive policies including MBO and Stock Option in the listed companies, the system of Association of Independent Directors is proposed and MBO and Stock Option should be used in different fields. Additionally, the CSRC should try to make improvement on legislation, executing and popularization. The survey is believed to have significance to security exchange development. Key words: indepedent board of directors, Association of Independent Directors, MBO, Stock Option 目 录 一、序言bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;1 二、文献回顾bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull