试论我国上市公司股权激励的外部环境建设——基于两个典型案例的解析

从股权激励产生的原因和运作机制来看,要想使其真正发挥激励约束作用,必须依赖于一定的外部环境。而市场环境和法律保障等外部因素恰恰是制约现阶段我国上市公司股权激励的主要方面。万科引入信托机制受质疑,隆平高科因实施股权激励计划引发股价的短期暴涨都反映出市场的不成熟和法律的不健全。因此,积极构建有利于发挥股权激励作用的外部环境对于完善我国上市公司股权激励制度至关重要。

Discussion about the External Environment for Stock Ownership Incentive of China Listed Company Based on the Analysis of Two Typical Cases

From the cause and the operation mechanism of stock ownership incentive,in order to play its role,we must rely on the external environment.The market environment and legal protection,and other external factors are the main aspects restricting stock ownership incentive of our listed companies at this stage.Vanke is questioned by the introduction of trust mechanism and the stock price of Longping high-tech who carry out the stock ownership incentive plan sudden and sharp rised in a short time,these all reflect the immature market and the morbid law.Therefore,it is very important to build the external environment of stock ownership incentive to the improvement of stock ownership incentive of China Listed Company.