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经理人股票期权计划(ESO)是现代企业经营管理中对于经营者重要的激励手段之一,它可以有效地降低企业在经营过程中的道德风险,并将经营者和所有者的利益有机地结合在一起。毫无疑问,在我国国有企业推进改革、建立现代企业制度的今天,实行相应的经理人股票期权计划对于建立和完善对经营者的长效激励机制具有重要的现实意义。然而,由于我国法律体系建设的相对滞后,现行的《公司法》、《证券法》中的某些条款对于经理人股票期权计划的实施构成现实的法律障碍。本文对经理人股票期权计划实施过程中可能遇到的相关法律问题进行了简要分析,并提出“预置期权方案”和“虚拟期权方案”两种符合现行法律规定的方案设计。最后,对于如何进一步完善我国股票期权实施的环境和条件,本文从法律、税务、会计制度、企业内部管理等方面提出了建议。
Executive Stock Option Plan (ESO) is one of the most important incentives for managers in modern business management. It can effectively reduce the moral risk of the business in the process of operation and organically combine the interests of managers and owners Together There is no doubt that the implementation of the corresponding executive stock option plan in our country’s state-owned enterprises to promote the reform and establish the modern enterprise system is of great practical significance for establishing and perfecting the long-term incentive mechanism for the managers. However, due to the relative lag of legal system in our country, some provisions of the current “Company Law” and “Securities Law” constitute a realistic legal obstacle to the implementation of the stock option plan of the manager. This article briefly analyzes some legal issues that may be encountered during the implementation of the executive stock option plan and puts forward two options that are in line with the existing laws and regulations such as the “Option Option” and the “Option Option”. Finally, for how to further improve the environment and conditions for the implementation of stock options in China, this article puts forward some suggestions on the aspects of law, taxation, accounting system and internal management.