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目前我国企业正在进行经营者激励机制改革,并把股权激励作为今后改革的方向。我国上市公司中目前实施的股权激励模式大致分为三类:业绩股票或业绩单位、虚拟股票与股票增值权、延期支付方式。延期支付方式作为一种终极评分的股权激励模式,在遏制高管人员的自利性盈余管理行为、解决委托代理问题方面相对有效,但在实施的过程中仍存在不完善之处,建议按以下思路进行改进:支付期限宜采用分期行权制;薪酬折算采用递增的动态折价方式;设置限制性的奖励条件及相应的惩罚机制;将经济增加值与现金含量的收益质量指标共同作为业绩评价的考核标准。
At present, the enterprises in our country are carrying out the reform of incentive mechanism for managers, and take the equity incentive as the direction of future reform. Currently, there are three types of equity incentive modes currently implemented in listed companies in our country: performance stock or performance unit, virtual stock and stock appreciation rights, deferred payment. Deferred payment as an ultimate score of equity incentive model, to curb senior executives self-interest earnings management behavior, to solve the principal-agent problem is relatively effective, but there are still imperfections in the implementation process, it is recommended that the following Ideas to improve: the payment period should be phased exercise system; compensation using incremental incremental discount method; set a restrictive reward conditions and the corresponding punishment mechanism; the economic value added and cash content of the return on quality indicators together as a performance evaluation Assessment criteria.