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1、太原理工大学硕士学位论文高科技企业科技人才股权约束机制研究姓名：罗艳琴申请学位级别：硕士专业：管理科学与工程指导教师：李恩平I高科技企业科技人才股权约束机制研究 摘 要 随着人力资本重要性的显著提高，如何吸引、留住优秀人才成为企业的头等大事，于是很多企业顺应时代经济的发展要求，将激励人才的方式进行转变，即从传统的工资奖金激励逐步转变为工资奖金激励与股权激励相结合。高科技企业在采用股权激励的企业中占有很大的比重，而且高科技企业因其自身的高成长性，在采用股权激励时以股票期权激励为主。理论界探讨股权激励时往往是以肯定其积极、正面的效应为主，但在实施过程中很多企业却宣布放弃股权激励，这种实践与理论的背
2、离，不得不引起我们的深刻反思，既然理论推导是可行的，那么实践失败的主要原因应该是实施过程中一些关键性因素产生了制约阻碍作用，本文主要是寻找剖析这些制约因素。 本文首先介绍选题背景、国内外相关问题的研究现状、研究目的意义及研究的主要内容和方法。第二章，在陈述股权激励约束理论起源的基础上，界定高科技企业、高科技企业科技人才的概念，并总结高科技企业科技人才的特殊性。接着分析现阶段高科技企业科技人才股权激励的类型及内外部环境和实施效应， 在效应的分析中从正效应和负效应两个方面出发，在负效应中总结得出现阶段高科技企业科技人才股权激励面临的主要问题是约束机制有待于进一步完善。第三章，重点探讨分析高科技企业
3、科技人才股权约束机制的现状和主要因素，得出结论，之所以出现一系列问题，其根本症结在于股权约束机制不健全，包括：相关法规不健全；资本市场弱有效性导致股价失真；科技人才个人绩效评价不全面；风险责任不明确。约束机制中行权价格是关键，所以第四章在参照传统行权价格确定方法的II基础上，创建综合行权价格模型。即授予股权时，不以当期的市价为行权价的唯一标准，仅作为一个参照，以综合行权价格模型确定的价格为基准，这就克服了以历史价格作为行权价脱离实际情况、 缺乏现实操作性的弊端。最后第五章通过实际案例进行对比分析后，验证了综合行权价格模型确定的行权价较为合理。同时第六章总结提出健全约束机制可以采取的几点对策：以
4、综合行权价格模型确定的价格作为行权价的基准；完善科技人才市场运行机制；建立科技人才个人绩效评价综合体系；明确股权约束机制中的风险责任。 关键词：高科技企业；科技人才；股权约束机制；行权价格 IIIResearch on Restriction Mechanism of Stock Options of High-tech Enterprise IT Personnel Abstract：With the importance of human capital significantly increased, how to attract and retain talented people t
5、o become a top priority for enterprises. So many companies change the way to inspire talentsfrom the traditional salary bonus incentive to the wage incentive and equity incentive bonuses combined. High-tech enterprises in the use of incentive stock options account for a large proportion of enterpris
6、es, and because of high growth they choose stock option incentive as the main way for equity inventive. Theorists often emphasize its positive effect, however, many companies in the implementation process has to renounce the incentive. This departure from the practice and theory has caused us deep r
7、eflection. Since the theoretical analysis is feasible, the main reason for failure is that some key factors constrain the implementation. Thus this article is to find factors analysis of these constraints. This paper firstly introduces the research background, current research status, significance,
8、purpose and the main contents and methods. In Chapter Two based on the original incentive constraint theory, the concept of high-tech enterprises and talents is defined and the specialty of high-tech enterprise talents is summed up. And then the types of current high-tech enterprise talents equity i
9、ncentive, internal and external environment and implementation effect are analyzed. From the analysis of the positive effects and negative effects, the conclusion is drawn that constraint mechanism need to be further improved at this stage. In Chapter Three after analyzing the current status of high
10、-tech enterprise talents equity incentive, we can conclude that the cause of this problem is that the constraint mechanism is imperfect, including: the relevant laws and regulations are not perfect, the capital market effectiveness leads to price distortion, scientific and technological personnel pe
11、rformance evaluation IVsystem is not comprehensive, and personal risk liability is not clear. The exercise price restraint mechanism is the key, so in Chapter Four a new integrated model is created based on the traditional method of determining the exercise price. When given options, it is not the o
12、nly criterion to the prevailing market price for the exercise price but a reference to an integrated model to determine the exercise price as the benchmark price, which overcomes the defect that historical price as the exercise price is out of current situation and operational reality. In Chapter Fi
13、ve by comparing the actual case, the integrated and the pricing model to determine the exercise price is verified more reasonable. Finally in Chapter Six several measures to improve constraint mechanism are put forward: determining the pricing model to determine the integrated the price as the exerc
14、ise price of the benchmark, improving talent market operating mechanism, establishing comprehensive scientific and technological personnel performance evaluation system for individuals, making clear the risk liability of stock option constraint mechanism. Key Words: High-tech enterprises; IT personn
15、el; Restriction mechanisms of stock options; Exercise price 声 明 本人郑重声明：所呈交的学位论文，是本人在指导教师的指导下，独立进行研究所取得的成果。除文中已经注明引用的内容外， 本论文不包含其他个人或集体已经发表或撰写过的科研成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本声明的法律责任由本人承担。 论文作者签名：_日期：_ 关于学位论文使用权的说明 本人完全了解太原理工大学有关保管、 使用学位论文的规定，其中包括：学校有权保管、并向有关部门送交学位论文的原件与复印件；学校可以采用影印、缩印或其他复制手段复
16、制并保存学位论文；学校可以允许学位论文被查阅或借阅；学校可以学术交流为目的，复制赠送和交换学位论文；学校可以公布学位论文的全部或部分内容（保密学位论文在解密后遵照此规定） 。 签 名：_ 日 期：_ 导师签名：_ 日 期：_ 太原理工大学硕士研究生学位论文 11 绪论 1.1 选题依据与立论背景 党的十七大报告在提出未来经济发展目标时， 首先提到的是提高自主创新能力， 建设创新型国家，并进一步提出：“加快建立以企业为主体、市场为导向、产学研相结合的技术创新体系，引导和支持创新要素向企业凝聚，促进科技成果向现实生产力转化”。现在很多专家学者也致力于研究影响高新技术企业创新的各个因素。 基于高新技术企业的特殊性， 科技人才作为高科技企业的一种重要性战略资源， 高新技术企业和科技型人才日益受到专家学者广泛的关注和重视。 “现阶段我国多数工业企业无力进行核心技术和前瞻性技术的战略研究，技术创新活
