股票期权英文文献

⑴ 谁有关于“股票期权激励机制在公司治理中的作用”的文献资料啊。

我靠，要的太多了吧！！！

摘要：股权激励作为一种有效解决企业委托与代理问题的长期激励机制，早在上个世纪80年代就已经在西方企业广泛实施，并取得了极大的成果。上个世纪90年代，国内学者和企业界开始探讨这种激励机制在公司治理中的应用并付诸实施。近年来，理论界不乏关于如何设计、改进和推广实施股权激励机制和有关公司治理的著述，但是，对股权激励机制在公司治理中的作用的研究还不是很深入。本文结合目前实施股票期权实践来分析，找出目前股票期权在公司治理中的作用，以期为企业采取该激励机制提供一定的参考价值

关键词：股票期权；公司治理；激励；作用

一、公司治理概述

1、公司治理的概念

公司治理是一个多角度多层次的概念，很难用简单的术语来表达。但从公司治理这一问题的产生与发展来看，可以从狭义和广义两方面去理解。狭义的公司治理，是指所有者，主要是股东对经营者的一种监督与制衡机制。即通过一种制度安排，来合理地配置所有者与经营者之间的权利与责任关系。公司治理的目标是保证股东利益的最大化，防止经营者对所有者利益的背离。其主要特点是通过股东大会、董事会、监事会及管理层所构成的公司治理结构的内部治理。广义的公司治理则不局限于股东对经营者的制衡，而是涉及到广泛的利害相关者，包括股东、债权人、供应商、雇员、政府和社区等与公司有利害关系的集团。公司治理是通过一套包括正式或非正式的、内部的或外部的制度或机制来协调公司与所有利害相关者之间的利益关系，以保证公司决策的科学化，从而最终维护公司各方面的利益。因为在广义上，公司已不仅仅是股东的公司，而是一个利益共同体，公司的治理机制也不仅限于以治理结构为基础的内部治理，而是利益相关者通过一系列的内部、外部机制来实施共同治理，治理的目标不仅是股东利益的最大化，而是要保证公司决策的科学性，从而对保证公司各方面的利益相关者的利益最大化。

2、公司治理的主客体

（1）公司治理的主体

在探讨公司治理主体之前，必要先回答一个问题，即公司是谁的？从传统公司法律的角度来说,股东是理所当然的所有者，股东的所有者的地位受到各国的法律保护。从这个意义说，公司存在的目的就是追求股东利益最大化。传统的公司法是建立在以下假定基础之上：市场没有缺陷、具有完全竞争性，可以充分地发挥优化资源配置的作用。这样，公司在追求股东利益最大化过程中，就会实现整个社会的帕累托最优。然而在现实中市场机制并不是万能的，股东的利害作为一种个体利害在很多场合和社会公众的整体利害是不相容的。另外，支撑现代公司资产概念的不再是唯一的货币资本，人力资本成为不可忽视的因素，而且它同货币资本和实物资本在公司的运行中具有同样的重要性。公司就是人力资本和非人力资本缔结而成的和约。成功的公司既需要对外增强对用户和消费者的凝聚力，也需要对内调动职工的劳动积极性。因此我认为，公司治理的主体不仅局限于股东，而是包括股东、债权人、雇员、顾客、供应商、政府、社区等在内的广大公司利害相关者。

（3）公司治理的客体

公司治理客体就是指公司治理的对象及其范围。追述公司的产生，其主要根源在于因委托—代理而形成的一组契约关系，问题的关键在于这种契约关系具有不完备性与信息的不对称性，因而才产生了公司治理。所以公司治理实质在于股东等治理主体对公司经营者的监督与制衡，以解决因信息的不对称而产生的逆向选择和道德风险问题。

在现实中所要具体解决的问题就是决定公司是否被恰当的决策与经营管理。从这个意义上讲，公司治理的对象有两重含义：第一、经营者，对其治理来自董事会，目标在于公司经营管理是否恰当，判断标准是公司的经营业绩；第二、董事会，对其治理来自股东及其他利害相关者，目标在于公司的重大战略决策是否被恰当，判断标准是股东及其他利害相关者投资的回报率。

二、股权激励机制在公司治理中的作用

在介绍股票期权激励机制和公司治理的基础理论时都提到委托代理关系，委托代理关系是建立股权激励与公司治理之间关系的结合点。一方面，由于委托代理关系产生的信息不对称，从而产生了公司治理。另一方面，公司治理过程通过股权激励这个工具对公司经营者进行监督与制衡，以解决因信息的不对称而产生的逆向选择和道德风险问题。股票期权激励机制能有效地使代理人在追求自身利益最大化的同时，实现委托人利益的最大化。

1、股票期权激励机制对公司业绩有积极作用

为了分析股票期权激励机制与公司治理的相关性，我选择了2001年以前开始股权激励的企业中的30家的近三年业绩指标，包括净资产收益率、每股收益、主营业务收入、股东权益。其中净资产收益率和每股收益为当期的盈利指标，而由于股权激励的最大特点在于它的长期性与可持续性，因此我同时选择股东权益增长率和主营业务收入增长率两项指标对企业的长期发展情况进行分析。

从表1中我们可以看出，使用股权激励的企业在进行股权激励三年后，盈利指标和成长力指标的平均值都要高于全体上市公司的指标平均值。说明了在公司治理过程中通过运用股权激励，在总体上发挥了对企业经营人员的激励作用，在管理人员的努力经营之下，企业的业绩有所提高。在所选择的30家上市企业中:使用管理层收购6家，股票期权4家，业绩股票6家，经营者/员工持股7家，股票增值权5家，虚拟股票2家。我们将不同激励方式的企业的业绩平均值进行比较。

从表2中我们可以看出:使用管理层收购、经营者/员工持股、业绩股票和虚拟股票的企业各项指标之相对较高，这说明了目前这几种激励方式对于企业业绩有较好的帮助作用，其他使用激励方式的企业中除延期支付外基本都高于上市公司的平均水平，所以可以说目前股权激励在我国企业中发挥了激励作用，进行股权激励的企业总体上有着良好的发展。

2、激励机制是公司治理的重要组成部分

在公司治理过程中，股票期权激励的实施产生了良好的业绩指标，并解决了公司高层管理人员利益与股东利益及上市公司价值之间的一致问题。企业经营的成败有市场和竞争等多种因素，但股权激励制度安排影响企业管理行为是否符合股东价值最大化，是支撑企业管理层理性配置企业驱动资产的关键。

因此，公司治理问题包括高级管理阶层、股东、董事会和公司其他利益相关者的相互作用中产生的具体问题。公司治理结构主要包括三个层面，一是如何配置和行使控制权；二是如何监督和评价董事会；三是如何设计和实施激励机制。

目前，前两者是大家谈论公司治理的重点，而激励机制特别是股权激励往往得不到真正的实践。实际上，股权激励既是公司治理的重要组成部分，也是重要手段。在典型的股份公司运作中，股东通过董事会将管理权授予经理层，由于所有权和经营权相分离，管理者对由于自己努力而产生收益的剩余索取权低于100%，从“经济人效用最大化”的立场出发，管理者就有可能偏离大股东“利益最大化”的目标。因此，如何设计有效的薪酬激励制度，促使管理者最大限度地为股东利益工作和最大限度地减少机会主义行为，便成为公司治理的一个重要环节。

3、激励机制是解决“委托－代理”的重要制度安排

在现实世界中，公司大股东追求股东价值最大化(用公司股票的市价和红利来衡量)，管理者则追求自身报酬的最大化和人力资本的增值，因此薪酬激励制度的核心是将管理层的个人收益和广大股东的利益统一起来，而股权激励正是将二者结合起来的最好工具。如果说公司治理问题的核心是解决所有者和经营者之间“委托—代理”问题的话，那么以股权激励就是解决这一问题的关键所在。

20世纪80年代后期，英美出现了实现股东价值最大化的公司治理运动，其中的一项重要内容就是授予公司高管更多的股票和股票期权，使其薪酬和绩效(股价)直接挂钩。由于股权激励在很大程度上解决了企业代理人激励约束相容问题，被普遍认为是一种优化激励机制效应的制度安排，由此得到了长足的发展。目前，在美国前500强企业中，80%的企业采取了以股票期权为主的股权激励计划，股权激励制度已经成为现代公司特别是上市公司用以解决代理问题和道德风险的不可或缺的重要制度安排。

而在中国，监管层也已经将股权激励纳入到公司治理的范畴。2005年10月，中国证监会发布《关于提高上市公司质量意见》中提到：“上市公司要探索并规范激励机制，通过股权激励等多种方式，充分调动上市公司高级管理人员及员工的积极性。”2006年1月，中国证监会正式发布《上市公司股权激励管理办法(试行)》，这标志着股权激励在中国有了专门的法规和指引，国内上市公司股权激励的新时代帷幕也就此拉开。在这两个文件中都提到，实施股权激励的目的是为了完善公司治理水平，提高上市公司经营管理和规范运作水平。

因此，提倡实施股权激励，逐步建立起以津贴、年薪、股权等多种方式长短期结合的薪酬激励体系有利于更好地、更长期地提高公司绩效，实现公司长期价值的最大化。与此同时，由于董事会成员是主要的激励对象，股权激励机制的实施，将极大地影响董事会的运作驱动机制，有利于董事会成员利益和股东利益的统一，激励董事会成员更多地关注股东价值最大化，而不仅仅是瞄准公司业绩，也有利于促进董事会更多地关心公司长期利益。同时，股权激励机制的建立将强化董事会的作用，特别是加强独立董事和董事会专门委员会的作用，强化对管理层的约束，使得公司治理结构更为合理，有利于公司更加规范的运作。

4、激励机制能提高公司其他治理主体的福利

广义的公司治理的主体不仅局限于股东，而是包括股东、债权人、雇员、顾客、供应商、政府等在内的广大公司利害相关者，这在公司治理的主客体中已经论述。由于实施了股权激励机制，公司经营者的行为与公司要求的长远发展相一致。公司要求的长远发展不仅包括净资产收益率、每股收益、主营业务收入、股东权益这些指标，还包括公司的诚信、人性化、守法性、社会责任感等。受到股权激励的经营者要实现公司的长远发展，以上所有的指标都是他在经营过程要考虑的也必须积极解决问题。这样，对股东而言，由于净资产收益率、每股收益、主营业务收入、股东权益等指标的提高，股东能够实现其利益最大化的目标；对债权人而言，尽管不一定是公司的资产所有者，但它向公司发放贷款后，能够得到及时的回收；对雇员而言，不仅能够得到较好的收益，还能实现自身的价值；对顾客和供应商而言，顾客得到的是物美价廉的产品，供应商得到的是顺畅的供应渠道；对政府而言，他管理的实纳税良民，也是能够爱护环境，与社会和谐发展的富有社会责任感的企业……从广义的公司治理来说，股权激励机制提高了公司其他治理主体的福利。

⑵ 求一篇与会计准则相关的外文文献，有相应译文更好~

会计准则解释2号

首先,同时发行A股和H股的上市公司,应利用会计政策和会计估计?
答:内地企业在香港会计准则和财务报告准则等效实现,同时发行A股和H股的上市公司,除了一些长期资产减值损失关联方披露,以及回到两者的区别,对于相同的事务应该在A股和H股在财务报告使用相同的会计政策和会计估计使用相同的确认、计量和报告可能不是在A股和H股的财务报告使用不同的会计处理。

第二,购买子公司少数股权在子公司应如何处理?企业或其分支机构进行企业重组和相关资产和负债应该如何调整账面价值?
(一)母公司购买子公司少数股权形成的长期股权投资应当按照“企业会计准则第2号——长期股权投资,”第四条的规定来确定他们的投资成本。
母公司在编制合并财务报表,由于购买少数股权的新长期股权投资按照新的所有权应该有权按比例分配的基础从购买日本的子公司(或合并)开始计算的净差额资产的比例应该调整权益的所有者(资本盈余),更少的稀释资本储备,调整留存收益。
这些规定仅适用于本法规定发布后发生的一个子公司购买少数股权交易发生之前,购买子公司少数股权的处理的事务没有按照上述原则,没有追溯调整。
(B)的企业的企业重组应评估以确认的资产、负债的价值,成本,成本区别他们的账面价值,业主的权利和利益应调整;企业进行企业重组的子公司,母公司应该一般按照“企业会计准则第1号解释说,“有关规定子公司确定长期股权投资的成本,长期股权投资的成本,账面价值之间的差额应当调整权益的所有者。

第三,合资公司的业务应该包括在合并财务报表的合并范围?
答:根据《企业会计准则第33号——合并财务报表”,资助企业其他投资者,连同实施共同控制的投资单位应占权益法,使用的比例合并法不应使用。然而,按照有关法规,如协议可能被投资企业实施控制装置的投资,投资应该被包括在合并财务报表的合并范围的单位。

第四,发行企业债券和股票期权交易分离的可转换债券,股票期权会计应如何处理?
答:这个问题的公司债券和股票期权交易分离的可转换债券(以下简称分离交易可转债),其股票期权,“企业会计准则第22号——金融工具确认和计量》”和“企业会计准则没有。37 -金融工具表示,“定义工具相关的权利和利益应与交易按照可转换债券发行价格,减去没有权证和其他条件都相同的公司债券的公允价值之间的差额后的权益,确认工具(资本公积)。
的规定,该企业已经发布的问题,之前的分离交易的可转换债券,它应该追溯调整。

第五,建筑施工企业经营转移(BOT)参与公共基础设施建设业务应该做的吗?
答:建筑施工企业经营转移(BOT)参与公共基础设施建设业务处理应按照下列规定:
(一)本规定应参与BOT业务同时满足下列条件:
1。合同授予政府及其部门或政府授权进行招标公司。
2。合同为投资者按照程序获得特许经营合同的企业(以下简称投资一边的合同)。投资者按照合同提供了建立项目公司(以下简称项目公司)实施项目的建设和运营。除了建设项目公司获得正确的基础设施,基础设施建设完成后一段时间负责提供服务的后续操作。
3。特许经营合同用于基础设施建设、质量标准,项目开始运营后,后续的服务费用和同意做出调整,同时合同到期,投资者有一个合同将移交给相关的基础设施奖的合同的义务,在转移的基础设施的性能,如国家明确表示。
(B)的机器人和业务相关的收入确认。
1。在施工过程中,项目公司提供施工服务应按照“企业会计准则没有。15 -施工合同”,确认相关的收入和费用。基础设施工程项目完成后,公司应按照“企业会计准则没有。14 -收入”,后续确认和相关服务营业收入。
建造合同收入应该收集由于价格或公允价值,分别和之后的情况确认收入、金融资产或无形资产确认:
(1)合同的条款基础设施完成后的一定期限内,项目公司可以无条件地从奖的合同来确定数量的钱收集基金或其他金融资产;项目或公司操作在其服务费用低于一定数量的限制奖合同按照合同条款将负责项目公司相关差异的补偿应确认的收入识别金融资产的同时,按照“企业会计准则第22号——金融工具确认和计量》,”的规定来处理。
(2)合同的条款项目基础设施公司业务完成之后的一段时间有权访问的服务费,但电荷量的不确定性,这种权利并不构成一个无条件的权利获得现金,项目公司应确认的收入的无形资产同时认可。
在发生过程的建设贷款利息,应该按照“企业会计准则第17号——借款费用”的规定。
2。项目公司没有提供实际的施工服务,基础设施建设合同,对方不应该承认在施工服务收入应依法支付流程的建设项目,如价格考虑合同的条款被确认为金融资产或无形资产。
(C)依照合同条款,对于企业,基础设施保持一定的服务或者能够授予合同移交侧使用之前保持某种状态支出预计将发生,它应该符合“企业会计准则第13号——或有一种“法规。
(D)在特许经营合同,项目公司不应该只提供服务(如提供两个基础设施建设和提供的服务完成后操作和服务),服务可以区分个体,收集其应收账款,或它的价格应该按照服务的相对比例的公允价值分配给不同的服务提供。
(E)机器人业务的基础设施项目的建设不应作为公司的固定资产。
(F)的业务,可以向BOT项目公司提供基础设施除了其他资产,如果这些资产构成一项资助,用于满足合同价格,政府不应该被用作拨款来处理。自项目公司授权访问的资产,他们的公允价值应确认,没有提供访问资产和相关服务应该被认为是一种责任。
这个版本的规定,企业已经被执行的BOT项目,它应该追溯调整;追溯调整不可行,应根据BOT和业务相关的资产、负债在报纸上上市最早的开始时间根据帐面价值的重分类为一种金融资产或无形资产减值测试在同一时间;中陈述的第一期的开始为减值测试不可行,应在当期进行减值测试开始。

第六,售后租回交易是经营租赁应该如何处理会计吗?
答:业务的售后租回交易是经营租赁应单独处理在下列情形下:
(一)有确凿证据表明售后租回交易是按照公允价值达成的,售价和区别的资产账面价值应包括在当期损益。
(B)售后租回交易如果不是按照公允价值达成的,价格低于公平价值之间差别的损益应包含在当前时期,但损失将低于市场价值的未来租赁付款额补偿、损害赔偿应递延(递延收益),确认成本租金按照租赁周期方法分享;如果价格大于公允价值,公允价值大于其各部分应包括在递延收入和租金分享期。

Accounting Standards interpretation No. 2

First, at the same time to issue A shares and H shares of listed companies, should the use of accounting policies and accounting estimates?
A: Mainland enterprises in Hong Kong accounting standards and financial reporting standards equivalent to achieve, at the same time to issue A shares and H shares of listed companies, with the exception of some long-term asset impairment losses related party disclosures, as well as back to the difference between the two, for the same transactions Should be in the A shares and H shares in financial reporting using the same accounting policies and use the same accounting estimates are confirmed, measurement and reporting may not be in A shares and H shares in the financial reports using different accounting treatment.

Second, the purchase of subsidiary companies minority ownership stake in a subsidiary should be on how to deal with? Enterprises or its subsidiaries to carry out corporate restructuring and related assets and liabilities should be how to adjust the book value?
A: (a) the parent company to buy a minority stake in a subsidiary formed by the long-term equity investment should be in accordance with "Accounting Standards for Business Enterprises No. 2 - long-term equity investment," the provisions of Article IV to determine their investment costs.
The parent company in the preparation of the consolidated financial statements, as a result of the purchase of a minority stake in the new long-term equity investment made in accordance with the new ownership should be entitled to a pro-rata basis from the purchase of a subsidiary of Japan (or on the merger) began to calculate the net difference between the share of assets Should adjust the rights and interests of owners (capital surplus), less dilutive capital reserve, retained earnings adjustments.
These provisions apply only to the provisions of this occurred after the release of a subsidiary to buy a minority stake in transactions that have taken place prior to the purchase of a minority stake in a subsidiary of the transaction have not dealt with in accordance with the above-mentioned principle, no retroactive adjustment.
(B) of the enterprise's corporate restructuring should be assessed in order to confirm the assets, liabilities and the value of that cost, the cost difference between their book value, the owner of the rights and interests should be adjusted; enterprises to carry out corporate restructuring, a subsidiary of the parent company It should be generally in accordance with "Accounting Standards for Business Enterprises No. 1 explained that" the relevant provisions of the subsidiary to determine the long-term equity investment costs, the cost of long-term equity investment and the difference between the book value should adjust the rights and interests of owners.

Third, a joint venture for the business should be included in the consolidated financial statements of the scope of the merger?
A: In accordance with "Accounting Standards for Business Enterprises No. 33 - the combined financial statements", funded enterprises to other investors, together with the implementation of the jointly controlled by the investment units should be accounted for using the equity method, the ratio of the merger law should not be used. However, in accordance with the relevant statute, such as an agreement that can be invested enterprises on the implementation of the control unit of investment, investment should be included in the consolidated financial statements for the unit's scope of the merger.

Fourth, to issue corporate bonds and stock options trading separation of convertible bonds, the stock option accounting should be how to deal with?
A: The issue of corporate bonds and stock options trading separation of convertible bonds (hereinafter referred to as the separation of trading convertible bonds), with its stock options, "Enterprise Accounting Standards No. 22 - recognition and measurement of financial instruments" and "Accounting Standards for Business Enterprises No. 37 - financial instruments presentation, "defined tools related to the rights and interests should be separated from the transaction in accordance with the convertible bond issuance price, minus without warrants and other things being equal the fair value of corporate bonds after the difference between the rights and interests of a confirmation Tools (capital reserve).
The provisions of this enterprise has been released prior to the issue of separation of trading of convertible bonds, it should be retroactive adjustment.

Fifth, construction enterprises operate transfer (BOT) to participate in public infrastructure construction business should do?
A: The construction enterprises operate transfer (BOT) to participate in public infrastructure construction business should be dealt with in accordance with the following provisions:
(A) of this provision should be involved in the BOT business at the same time meet the following conditions:
1. Contract awarded to the government and its departments or government authorization to carry out the bidding companies.
2. Contract for the investor in accordance with the proceres to obtain the franchise contract enterprises (hereinafter referred to as the investment side of the contract). Investors in accordance with the contract provides for the establishment of the project company (hereinafter referred to as the project company) to carry out the project for the construction and operation. In addition to the construction of the project company to obtain the right infrastructure, infrastructure construction after the completion of a certain period of time to be responsible for providing services to the follow-up operation.
3. Franchise contract for the construction of infrastructure, quality standards, the project to begin operating after the service, follow-up charges and agreed to make adjustments and at the same time the contract expires, the investor has a contract would be handed over to the relevant infrastructure Award of the contract's obligations, and in the transfer of infrastructure performance, such as the state made clear.
(B) of the BOT and business-related revenue recognition.
1. During the construction, the project company for the provision of construction services should be in accordance with "Accounting Standards for Business Enterprises No. 15 - the construction contract," confirmed related income and expenses. Infrastructure following the completion of the project company should be in accordance with "Accounting Standards for Business Enterprises No. 14 - income," the follow-up to confirm and related services operating income.
Construction contract revenue should be collected e to the price or fair value, respectively, and the situation following the confirmation of income, financial assets or intangible assets identified:
(1) the terms of the contract after the completion of the infrastructure of a certain period of time, the project company can unconditionally from the award of contracts to determine the amount of money to collect funds or other financial assets; projects or companies operating in the fees for its services below a certain limit The amount, to award the contract in accordance with the terms of the contract will be responsible for differences related to the project company's compensation should be recognized in the income recognition of financial assets at the same time, and in accordance with "Accounting Standards for Business Enterprises No. 22 - recognition and measurement of financial instruments," the provisions of To deal with.
(2) the terms of the contract projects in the infrastructure company following the completion of the business of a certain period of time have the right to access to the service charge, but charge the amount of uncertainty, that right does not constitute an unconditional right to receive cash, Project company should be recognized in the income of intangible assets recognized at the same time.
In the event of a process of the construction loan interest, it should be in accordance with "Accounting Standards for Business Enterprises No. 17 - the cost of borrowing" of the regulations.
2. Project company did not provide the actual construction services, infrastructure construction contract to the other side should not be recognized in the construction services revenue should be paid in accordance with the process of construction projects, such as price to consider the terms of the contract were recognized as financial assets or intangible assets.
(C) in accordance with the terms of the contract, for enterprises so that the infrastructure to maintain a certain service or the ability to award contracts handed over to the side before use to maintain a certain state expenditures are expected to occur, it should be in accordance with "Accounting Standards for Business Enterprises No. 13 - or There are a matter of "regulations.
(D) Under the franchise contract, the project company should not only provide a service (such as the provision of both infrastructure construction and services provided after the completion of the operation and service), the service can distinguish between indivial, to collect its receivables, or the price of It should be in accordance with the services of the relative proportion of the fair value allocated to the various services provided.
(E) BOT business by the construction of infrastructure projects should not be used as the company's fixed assets.
(F) in the BOT business, may grant to the project company to provide infrastructure in addition to other assets, if the assets constitute a grant to meet the contract price, the Government should not be used as grants to deal with. Since the project company to grant access to assets, their fair value should be confirmed, did not provide access to the assets and related services should be recognized as a liability.
The provisions of this release, enterprises have been carried out by the BOT project, it should be retroactive adjustment; retroactive adjustment is not feasible, should be based on BOT and business-related assets, liabilities listed in the newspaper as early as the beginning of the period based on the book value of re-classification As a financial asset or intangible assets, impairment tests at the same time; in the presentation of the beginning of the first period for impairment testing is not feasible, should be carried out in the current period beginning Impairment tests.

Sixth, sale and leaseback transactions as operating leases should be how to deal with the accounting?
A: The business of sale and leaseback transactions as operating leases should be dealt with separately under the following circumstances:
(A) there is conclusive evidence that the sale and leaseback transactions in accordance with the fair value is reached, price and the difference between the book value of assets should be included in current profit and loss.
(B) the sale and leaseback transaction if it is not in accordance with the fair value reached, the price lower than the fair value of the difference between profit and loss should be included in the current period; but the loss will be lower than the market value of the future lease payments of compensation, damages should be Deferred (deferred income), and confirmed with the cost of rent in line with lease period methods for sharing; if the price is greater than fair value, fair value is greater than its parts should be included in deferred income and rental Sharing period.

⑶ 急！求2篇关于上市公司股票期权激励制度相关的外文文献和中文翻译，要有出处。谢谢各位了。qq:2570353391

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⑷ 求股票期权制度相关题材的论文或者资料。 多谢。

“春江水暖鸭先知”，股票期权的理论魅力，使我国企业界以实际行动扮演了对股票期权的先知先试角色。股票期权计划在我国至今经历了 10 余年发展时间，已形成了具有典型意义的“上海”、“北京”和“武汉”三种模式。综合现有各种模式的具体做法，我国实施股票期权制度的案例呈现出许多不同于国际规范和惯例的特点，颇具中国特色。 1. 期权不仅适用于国家控股的上市公司和非上市股份有限公司，还适用于国有独资有限责任公司。这与国外股票期权主要适用于上市公司这一点有所不同。其原因在于，国有企业希望借助于实行股票期权或期股等方式来完成改制和产权结构调整。国有企业的改制首先要解决历史遗留问题，特别是企业历史积累中各要素贡献的分割问题，以便为企业未来的公司治理构筑合理化的平台。对于市场竞争性的国有企业来说，建立一个开放的、流动的产权结构是改制所要完成的重要任务之一，意义重大。这不仅是扩大资本规模的需要，同时也有利于降低单一国有资本所承担的代理风险，实施更有效的激励的需要。怎样才能既保证管理人员获得能够产生较强激励效果的足够数量的股权，又能避免因分割存量资产引起的矛盾 ? 一种变通的做法就是着眼于增量企业未来的股权，即实施股票期权计划。周其仁教授认为它是绕开私有化难题的制度创新，对这一做法给予了高度评价。 2. 股票期权已不再是一种选择权，经营者必须购买。西方成熟的股票期权是一种选择权，而不是一种义务。受益人可以在未来某个时期因股票市价高于期权的执行价格而行权，也可以因股价低于执行价而放弃行权。但是在国有企业现行的股票期权激励中，期权不仅是一种权利，同时也是带有一定强制性的义务，企业的主要经营者必须实际购买本企业股票。比如武汉国资公司的延期支付计划，对公司法定代表人而言，根本不是一种拥有选择权的股票期权，而是将其所有的已经分配的风险收入的指定部分拿去购买本公司的股票。对北京的期股试行办法来说，经营者必须在三年任期内按既定价格分期缴纳股款，购买本企业一定数量的股份；在经营者缴足股款之前，这部分股份属于“期股”，经营者对这一部分股份只有表决权和收益权，而没有所有权，待全部股款缴足后，期股的所有权才属于经营者；经营者任期届满两年后，经审计合格，该股份可以变现。可见，在我国实施的股票期权，名为股票期权计划，实为“股票购买计划”，经营者获得的股票期权是一种残缺不全的所有权，从法律上来看，这种所谓的股票期权已有经营担保的性质。 3. 非国有中小股东利益在制度设计中未受到重视。从股票期权在我国的实践来看，不论是上海还是北京、武汉，其实施方案都是由政府国资、财政等部门发文规定，程序上一般都是让国有控股股东代表提出一项议案，由股东会作出决议。由于资本多数决定原则，国有控股股东的提议都能够获得通过，从而使其意志处于支配地位，产生对中小股东的约束力。由于国有股东提出的股票期权议案是以国有资产的保值增值作为考核指标的，这实际上排斥了中小股东在股票期权决策上应有的权利，造成了国有股东与中小股东之间事实上的不平等。这样，获赠股票期权的经营者只须对国有控股股东负责就行了，而无需考虑其他中小股东的利益。而且，国有股东的代表人或者主管部门的工作人员并不直接从公司收益增加或股票价值上涨中受益，他们作为有限理性人有其自身独特的效用。 www.bfblw.com/fblw.asp 这决定了他们与公司经营者签订的股票期权协议中的各项考核指标的订立和监管，并不一定能够与“以业绩为中心”、着眼于长期激励的股票期权制度的精髓相一致。 4. 我国股票期权具有惩罚机制。在激励与约束上，我国股票期权更多地偏向了约束一方。北京市规定，如经营者任期未满而主动离职，或任期内未达到协议规定的考核指标，取消其所拥有期股权及其收益，个人现金出资部分也作相应扣除。武汉规定，完成净利未达到 50 ％的，扣罚以前年度股票期权 40 ％，而期股却是用经营者的部分薪酬购买的。上海市规定，中途离职利未达经营指标的，不予兑现股权收益，并扣除一定数额的个人资产抵押金。这样，股票期权就成了一种担保之债，具有惩罚性。

⑸ 给我篇有关管理层激励或年薪制的英文文献吧有中文翻译的我追加给分

The annual salary system based on the incentive mechanism on stock options

Abstract: The Entrepreneurs of the incentive mechanisms that affect the development of the key factors. Based on the analysis of the current implementation of many of our enterprises on the basis of the annual salary system, studied and discussed more concive to encourage entrepreneurs of the stock options of long-term incentive mechanism.

The development of domestic and international business practice that: enterprise can do a good job, the key lies in people who have enthusiasm, initiative and creativity, the key is management, management can upswing, the key lies in the choice of entrepreneurs, incentive and restraint mechanisms And the incentive mechanism is the key to key.

First, the theoretical basis for the annual salary system

In recent years, the annual salary system graally income entrepreneurs in China to promote, to follow the needs of enterprise reform, but also the value of human capital and entrepreneurs specific functions to be recognized and the results.

(A) entrepreneurs have a special human capital

Business entrepreneurs, though not the owner of physical capital, but they have excellent quality and management capacity, for the proction and operation of enterprises to provide special human capital, human capital is such a modern enterprise survival and development of the most important and most dilute Lack of resources. Entrepreneurs, business development planning, internal management system, investment programmes and profit distribution plan and other major issues of policy makers and organizations perpetrators. In a sense, entrepreneurs hold the fate of enterprises, dominated the rise and fall of corporate survival. Entrepreneurs of the scarcity of human capital in its own survival period is longer, higher training costs, many business operators, but can really become entrepreneurs of the few.

Entrepreneurs to provide the most important and special scarce human capital, making them in a modern enterprise system in general was different from the human resources of the powers, responsibilities and benefits. They have the corporate management decision-making power, charged with the responsibility of corporate capital appreciation, the benefits should also be its power, relative responsibility, not only in their remuneration is higher than that of the general staff and workers compensation, performance is more important to Entrepreneurs should be involved in business in the remainder of the profit-sharing.

(B) of entrepreneurs with internal and external al function

Entrepreneurs is the internal function within the enterprise entrepreneurs to other proction elements of organization and coordination, the overall configuration, to the maximum play to the role of various factors of proction, specific performance in: entrepreneurs decided to internal organizational settings, Develop their internal management systems and to develop business profit distribution plan. This organization of the internal allocation of resources is a senior labor and complicated labor, entrepreneurs, according to the labor intensity and complexity of remuneration, this part of a general income distribution according to work areas.

Entrepreneur's external feature is that entrepreneurs of foreign competition features, including innovation and risk management capabilities. Innovative features including the introction of new procts, the introction of new technology, opening up new markets. The introction of new proction and management organizations. Risk management function is that entrepreneurs in their process of innovation should also be considered in their decision-making and analysis of market risks, social risks and natural risks, and actively pursuing hedge the risk of revenue at the same time. Foreign entrepreneurs function is determined by the innovative entrepreneurs take a risk and revenue income, income does not belong to this part of the general distribution according to work areas, we can call it "technical know distribution." And the innovative capacity of entrepreneurs and risk management capability can be attributed to their level of knowledge and level of knowledge and management as a special labor involved in the creation of corporate profits, and entrepreneurs have reason and right to participate in the sharing of corporate profits.

Second, entrepreneurs, the reality of the annual salary system

For these entrepreneurs, the theoretical basis for income, in real economic life, entrepreneurs, the annual salary income from salary income and profit sharing composed of two parts, namely S = α + βπ, for distribution according to work-α in the annual fixed pay, π is Profit targets, β coefficient is shared.

α as the income distribution according to work, its decision mechanism and the general staff remuneration for labor's decision mechanism is similar. However, e to labor management is a more advanced and complex work, so, α the identification more complicated. In addition to comply with the "minimum wage can maintain the survival and reproction of labour" principle outside, α the size of the main decisions on the following factors: First, the entrepreneurs affected the market supply and demand situation, to a large extent depends on the marginal proctivity of entrepreneurs Second, the entrepreneurs the opportunity cost (such as access to ecation and training expenses and spend a result of the loss of income opportunities) on the impact of the third, the complexity of the activities of management experience and risk degree of influence; fourth, Should take into account the "high-paying Yang Lian" needs.

∏ profit targets based on their own situation there are three main options: first, π means that the actual profit or that actual profits exceed the profits of the » Second, π means that the total profits or profits compared with last year's increase in the » Third, π can also be relatively few, that is, profitability, the profit margin is sales revenue or profit margins funds margin »

Share β coefficient determined by the size of entrepreneurs on the marginal contribution to profits. β have identified the three options: first, by the business owners in accordance with the specific situation of enterprise decision; second, entrepreneurs from the same instry competition to decide, within the same instry in the implementation of a unified β; third, from all social enterprises Home competition to decide, when the average β is the social entrepreneurs to share coefficient, the management decided to entrepreneurs working on the social average profit contribution.

From the reality of the annual salary system, we can see that the annual salary system more complete and objectively reflect the performance of the work of entrepreneurs, the wage relations, highlighted the importance of entrepreneurs, human capital, while making entrepreneurs and the economic efficiency of enterprises linked to income, Reflects the interests, responsibilities and risks of the principle of consistency. However, the annual salary system to consider only the company's annual revenue, in the case of asymmetric information, entrepreneurs will lead to acts of short-term, the pursuit of short-term high-income after Yizoule. In addition, the annual salary system does not include long-term rewards, in the absence of dynamic IP cases, entrepreneurs may obtain income through other channels, such as through various channels, "rent-seeking", in-service consumer, eat or drink, and other public funds. To remedy this deficiency, we can learn from foreign enterprises to implement the stock options and other long-term incentive mechanism, so that the personal interests of entrepreneurs and business interests more closely together.

Third, the connotation of incentive stock options and the feasibility of

The so-called incentive stock options system, the intent is to give entrepreneurs the company within a certain period of time in accordance with the established price to buy a certain number of shares of the Company's rights, made by the entrepreneurs of the cost of equity capital markets and equity prices on the poor Formation of a reward for entrepreneurs to add. This article discussed the incentive stock options, has a special meaning is that entrepreneurs will be paid an annual salary in profit sharing in whole or in part into the form of stock options to achieve long-term incentive effect. Incentive stock options will be "incentive pay" and "ownership incentives" ingenious combination of, on the one hand to entrepreneurs, entrepreneurs make the long-term behavior and interests of solidarity with the interests of business owners and entrepreneurs make a business One of the owners, have some ownership of other enterprises, at least have the following benefits: First, open a corporate ownership structure, and stability can continue to attract outstanding management personnel; Second, the entrepreneurs of the stock options from income Provision of the securities market, enterprises can rece the burden of paying cash reward, save a lot of working capital to enterprises in the non-payment of funds under the incentives to entrepreneurs; Third, can rece the asymmetric information, rece agency costs; four enterprises can be corrected Home of short-sighted mentality, so that entrepreneurs are not only concerned about the enterprise, more concerned about their future.

In contemporary developed countries, business manager's remuneration structure of a larger change than ever before, to stock options as the main reward system has been replaced by a basic annual salary and bonus as the mainstay of the traditional pay system. According to statistics, the world's top 500 large instrial enterprises, 90 percent of the enterprises have their senior management adopted a stock option compensation system, of course, these enterprises are joint-stock listed companies. At the national level, corporate stock options incentive mechanisms in recent years in Shenzhen, Shanghai, Wuhan and other places in infancy. 1993, Shenzhen Vanke developed a strict standard "staff shares scheme rules" for implementation in three phases, but because the relevant laws and regulations did not keep up, making the first phase of the "stock options" in 1995 after the employee shares into Has not been listed, the second phase of abortion. In early 1999, Shanghai's instrial system initiated the "operators revolution," the pilot system of incentive stock options. In 1999, the Wuhan City in the form of stock options to honour the six companies the legal representative of the annual salary. His annual salary from the base salary income, income risk and special incentives, such as the annual salary component. One risk of revenue in net profit in accordance with the approved enterprises, 30 percent in cash honoured, and the remaining 70 percent into stock options. Although these experiments is not the strict sense and norms of stock options, but it is a useful and positive exploration, to a large extent inspired the operators.

Fourth, stock option incentive mechanism design

The above analysis shows that the current remuneration structure of the annual salary system in the implementation of joint-stock enterprises have yet there are still some applicability, but also for the implementation of joint-stock companies listed on the stock incentive period only laid the foundation. As the annual salary system of compensation contract extension, entrepreneurs, business owners can pay part of profit sharing in cash paid to entrepreneurs, will be transformed into the rest of the stock options. Such stock options is the intrinsic value of stock options expire at the present value of the transfer, in the efforts of entrepreneurs, if the company's operating condition and stock price rising, entrepreneurs can be higher than the annual salary of stock options System for the proceeds of the contrary, if the company to operate properly, the stock was up against or not, are not entrepreneurs, not only the current stock options, but the previous efforts (of the stock options have value) will also have been in vain . Based on the above ideas, we designed stock options incentive mechanism.

First of all remuneration structure in the annual salary system S = α + βπ on the basis of the introction of the relative performance comparison information - another corporate profit targets z. In this way, the entrepreneurs to improve the remuneration structure:

Ε for which the income of entrepreneurs and other corporate profit targets z relations factor: If ε = 0, entrepreneurs of income and z, otherwise, the income of entrepreneurs and z clearance, that is, business owners in the development of expectations Profits when the standard reference to the profits of enterprises related to other indicators. Comparing the relative performance of the introction of information aimed at enhancing the strength of incentives to entrepreneurs objectivity. Of course, the entrepreneurs pay the profit-sharing programmes in the coefficient of standards and expectations of the determination of profits, ultimately a matter for the business owners and entrepreneurs to balance the results of Concorde, the owners and entrepreneurs can not be the initial desire to be fully met. Generally speaking, the desire to meet the level of the specific values of variables and the two sides in the negotiations depends on the status of the greater amount of information, the higher the position, the easier it is to satisfy the desire.

Determine the matter reward entrepreneurs profits in cash to pay the proportion of i, cash income from entrepreneurs such as:

Where p after the announcement of the corporate annual report one month's average price.

In addition, the business owner provides entrepreneurs, before the expiration of stock options may not be listed in circulation, but entrepreneurs have stock options dividends, by配股rights. After the expiration of stock options, entrepreneurs have full ownership, he can be realised or stock to continue to hold. Their specific operating under the rules of the actual business case may be, for example, will reward entrepreneurs, profit sharing of 30 percent in cash honoured, and the remaining 70 percent into stock options, this part of the shares of the voting machine temporarily by the owner of the exercise, The second year of the return of last year, equivalent to 30 per cent of profit sharing paid shares, then the third year in the same form of the return of 30 percent, while the remaining 10 per cent of total retirement.

Five of China's enterprises, stock options Thoughts

Domestic and foreign enterprises reform of the system of remuneration Practice has proved that the stock options is to coordinate the interests of shareholders and entrepreneurs the most direct way is to implement long-term incentives to entrepreneurs an effective means of restraint. However, stock options the feasibility and effectiveness does not mean that each and every enterprise in China must be adopted, nor does it mean that all enterprises have access to immediate effect. Stock options in order to make the smooth and effective implementation, it will be dependent on the following aspects of the work of common development.

(A) actively promote the stock option incentive mechanism pilot

China's enterprises in the internal and external conditions are ripe circumstances, must not blind action, Yihongershang, select some good joint-stock operation, standardize operations in recent years, no significant adverse events listed companies, especially those who grow up with good development potential Large high-tech pilot listed companies, to be made and the experience of all aspects of the promotion after the conditions are ripe.

(B) pay close attention to amend and improve laws and regulations governing securities

States should step up the formulation of the relevant stock option incentive mechanism of policies and regulations, including the mandate of the main stock options, incentive target, source, proportion, volume and price, the stock option shortest retention period, the minimum retention and non-negotiable, and Entrepreneurs such as the middle of separation or retirement of the approach, and so on, so that the enterprise incentive stock option plan law, rule-based, standardized operation.

(C) to speed up the establishment and improvement of professional entrepreneurs market

China's entrepreneurs, the cultivation, selection and use of still lacks clear and effective channel and contract protection, therefore, it is necessary to fully tap and entrepreneurs to play the function of the market, improve the mechanism by an agent, to the entrepreneurs of the term of office, powers and responsibilities, such as the establishment of Lee Clear and strict provisions of the lease for the smooth implementation of stock options to provide organizational guarantee.

(D) focus on cultivating effective stock market

It is necessary to guide investors adjusted attitude, focus on rational investment, guard against blindly speculation, to rece body speculation, the stock manipulation phenomena, to form an effective stock market, correctly reflect the operating results of enterprises so that the entrepreneurs of the stock options income and business performance Has a high correlation.

(5) to improve corporate governance and oversight mechanisms

Stake in the implementation of the enterprise must encourage the establishment and improvement of corporate governance and oversight mechanisms, and ensure the General Assembly and the Board of Directors by the shareholders determine compensation incentives to entrepreneurs of the specific programmes; entrepreneurs with the signing of a legally binding contract by the board of supervisors to exercise day-to-day Oversight functions.

超过字数限制了..中文的发不了..汗..
我用另一个号来发..
如果你觉得这个可以的话就把分加到我这个号上.(312004342)

⑹ 急求股票期权激励机制利弊的外国文献资料！！！

巴菲特

⑺ 求一篇关于某企业的战略管理英文论文

内容摘要: 在市场经济发展日趋深化的今天，品牌对于企业生存和发展的重要性已众所周知，品牌战略已成为众多知名企业在市场竞争中立于不败之地的法宝。品牌文化是树立企业形象、提升企业竞争力的核心问题之一。因为，品牌是拥有它的企业区别于其它企业的标识，它不仅仅是企业形象识别，本质上代表着卖方对交付给买方的产品特征、利益和服务的一贯性承诺。品牌是质量的保证，是优质的服务，是企业文化的结晶，是企业的一个象征。品牌除属性、利益、价值外，更主要的是代表了企业文化的追求。企业文化赋予了品牌鲜活的生命力和非我莫属的无形张力，任何一个知名品牌的背后都有其企业文化为依托，品牌一旦生成于优越的企业文化氛围之中，便能大放异彩。因此，本文通过对品牌基本含义的阐述，探讨了品牌在工业企业发展中的重要性，并对工业企业竞争的重要性做出分析。

关键词: 品牌竞争 工业企业 竞争意识

一、品牌的建设对企业来说有什么重要性呢？
在目前的国内市场上，没有打造自己的“品牌”，企业的商品力就很弱，也就是说基本没什么竞争优势，更不会有所有企业家都梦寐以求的附加值 高额利润；所以说，附加值低是中国很多企业最大的无奈 因为附加值低，企业缺乏产品研发、管理升级、以及市场推广的投入；没有强势的品牌竞争力，企业商品的市场竞争力就不敌竞争对手，其市场价格自然难以提升，由此就带来了更低的附加值，以至于使企业陷入低水平竞争的怪圈，企业进入更恶性的循环。因此对企业而言，品牌竞争力的高低决定着企业与企业之间利润的大与小，也决定着产品与产品之间的成功与失败，更决定着企业与企业之间的强大与弱小。
创造强势品牌对于一个企业来讲是一件意义深远的事情，是企业获得核心竞争优势的基础，也是在当代国际化的市场经济竞争中是否能迅速崛起、强盛起来的关键。巨大的中国市场已经成为国内外企业共同争夺的主战场，企业不论实力、不论规模、不论资历，注定要在同样的竞争环境下求得生存、渴望发展。要想在竞争中胜出，必须将注意力集中于——创造具有核心竞争优势的“强势品牌”。
创建强势大品牌的最终目的是为了持续获取较好的销售与利润。由于无形资产的重复利用是不用成本的，只要有科学的态度与高超的智慧来规划品牌延伸战略，就能通过理性的品牌延伸与扩张充分利用品牌资源这一无形资产，实现企业的跨越式发展。
现在的市场竞争其实已经发展为到了“品牌的战争”的阶段 -也就是“品牌核心优势的竞争”， 没有品牌的竞争是无力的竞争，没有品牌支撑的商品是脆弱的商品，没有品牌根基的市场可以说根本就不是“已占领的市场”。因此，众多商界与投资者都认识到“品牌”才是企业最珍贵的资源。
二、如何增强品牌竞争意识
1、我国企业品牌竞争现状
有人曾问国内一些知名企业的老总，企业经营的目标是什么？答案是：品牌的市场占有率。这表明许多知名企业的老总已认识到了品牌的重要性。特别是当前国际市场生产力已经处于过剩状态，所有开放市场经济国家都不同程度地进入了买方市场，市场竞争的环境、手段与过去相比都发生了很大的变化。在这种新情况下，企业取胜的主要手段已不再单纯以产品本身来竞争，还包括品牌的竞争。可以说，未来国际市场竞争的主要形式将是品牌的竞争，品牌战略的优劣将成为企业在市场竞争中出奇制胜的法宝。
事实上，许多世界知名企业往往都是把品牌发展看成是企业开拓国际市场的优先战略。可口可乐、百事可乐、麦当劳等等无一不是先从抓品牌战略开始的，即创立属于自己的名牌产品，并把它作为一种开拓市场的手段，最终占领市场。而且，由于名牌的综合带动作用十分巨大，外向度也相当在市场经济发展日趋深化的今天，品牌对于企业生存和发展的重要性已众所周知，品牌战略已成为众多知名企业在市场竞争中立于不败之地的法宝。进入WTO后,我国经济逐步融入国际市场,民族企业面临着更加激烈的竞争环境。这种激烈的市场竞争是产品质量、技术服务和价格等要素的竞争,最终要通过品牌竞争来实现。以名牌的经济实力为后盾来分割世界资源、拓展全球市场,将是国际经济运行的一大特点。2004年,我国GDP已升至世界第六位,贸易总量升至第四位,我国的彩电、服装、鞋帽等多达100多个大类产品产量居世界第一。显然,中国是无可非议的制造业大国,但是,我们却是无可争议的品牌弱国。2003年由世界权威机构评出的100个全球最有价值的品牌中,美国占62个,日、法、德和英国各占六七个,我国为零。
2、树立专业品牌意识
品牌文化是树立企业形象、提升企业竞争力的核心问题之一。因为，品牌是拥有它的企业区别于其它企业的标识，它不仅仅是企业形象识别，本质上代表着卖方对交付给买方的产品特征、利益和服务的一贯性承诺。品牌是质量的保证，是优质的服务，是企业文化的结晶，是企业的一个象征。品牌除属性、利益、价值外，更主要的是代表了企业文化的追求。企业文化赋予了品牌鲜活的生命力和非我莫属的无形张力，任何一个知名品牌的背后都有其企业文化为依托，品牌一旦生成于优越的企业文化氛围之中，便能大放异彩。
三、品牌竞争在工业企业中的重要作用
1、产品质量是品牌打造的基础。
品牌产品是产品中的精华，是以高度的质量保证为基本特征的，是决定产品市场和销售效果的本质条件。质量是品牌的生命，是获得荣誉、取信于社会的保证。
2、坚守是支撑品牌塑造的关键。
信誉是一个品牌能够在消费者心目中建立其"品牌偏好"和"品牌忠诚"感觉的基本要素。因为消费者对某一品牌产生偏好甚至忠诚，是对工业企业在产品质量、服务质量等各个方面的承诺所产生的信任。这种信任首先是消费者在市场上反复的实验中逐渐得到归属，然后又在反复的消费中对自己喜欢的品牌产生认同。品牌的信誉竞争力不但可以巩固已有的消费者群体，还可以通过它们扩展出潜在的消费者群体。因而良好的品牌信誉是企业的无形资产，可以增强品牌的竞争力，带来超值的利润。但是，信誉的建立和维护不仅需要很高的代价，而且还需要企业有长远的战略眼光。许多品牌的企业经营者们在激烈的市场竞争环境下，很难抗拒短期内获取高额利润的强烈诱惑，最终以牺牲品牌承诺为代价去换取眼前利益。温州品牌要想真正成为具有国际竞争力的世界级品牌，企业就必须时刻恪守自己的承诺，遵循基本的商业游戏规则，什么情况下都不能动摇自己的品牌信念。
3、技术创新和科学管理是确保品牌竞争力的源泉。
品牌是市场竞争的产物，是企业具有旺盛生命力的标志。品牌产品由于高科技含量使其具有高质量和高附加值，从而带来高竞争力和高利润。谁拥有了某一领域的知识产权，成为众所周知的品牌，谁就是这一领域的领先者。科技的进步使品牌中的科技、文化含量越来越大，要保持品牌的持续竞争力，就必须不断进行科技创新。同时随着经济的高速发展，人们的消费观念和需求也在不断变化，企业如果停止科技创新，以往的品牌产品就会过时，会被其它品牌所超越和取代。技术创新引导着市场需求，科学技术变迁决定着企业产供销体系和企业产业的发展方向，因而，制定以技术创新为基础的品牌竞争力战略是企业赢得市场份额的根本途径。任何品牌都有一个科学的内部管理环境。只有建立了科学完美的管理生产工艺流程及原材料消耗、产品质量考核、资金管理等管理制度，形成了有效的激励机制和约束机制，确立了企业产品稳定的消费群体和市场，品牌才能在市场的激烈竞争中迅速成长。
4、高内涵的文化品牌是塑造品牌的核心。
品牌竞争的背后是品牌文化的竞争。一个品牌的知名度、美誉度和忠诚度自然来自品牌所代表的产品的内在质量和性能。品牌文化的丰富内涵支撑着品牌的知名度和美誉度，使品牌的影响深入到消费者的内心，落实到消费者的行动上，从而提升着消费者对品牌的忠诚度。没有文化内涵的品牌缺乏吸引力和想像力，自然难以形成市场影响力，因此品牌的竞争力水平也就难以提高。品牌文化是结晶在品牌中的经营观、价值观、审美观等观念形态以及经营行为的总和。它不是品牌产品的实体层次，而是超越产品实体层次的抽象观念形态，是品牌的灵魂所在。针对温州企业品牌文化的具体情况，发展具有较深文化内涵的品牌应特别注重提高其服务文化。服务文化是一种服务理念和服务艺术。企业提供品牌服务首先要体现出浓郁的文化情愫和情感色彩，在无形中形成一种高雅感和亲和力；其次要善于洞察顾客的潜在心理，想顾客之所想，提供切合顾客潜在心理期望的服务；优质品牌服务还要能谋求服务创新，率先推出有新特色的服务，给公众留下深刻、美好的印象。

⑻ 关于股票期权的论文大纲应该是怎么写的呢 思路结构。。。

SDFDS根据我搜集的一些网站来看，建议看看这个，要做毕业论文以及毕业设计的，推荐一个网站 http://www.lw54.com ，里面的毕业设计什么的全是优秀的，因为精挑细选的，网上很少有，都是相当不错的毕业论文和毕业设计，对毕业论文的写作有很大的参考价值，希望对你有所帮助。
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⑼ 关于中国股市制度缺陷及纠正的外文文献

这方面我基本上是空白，所以找了一下，看看能能否帮上你，二、中国股票市场存在的问题
市场经济需要经济自由、明确的财产权和保护产权的法律条件。在提供市场经济的基础条件方面，政府有着巨大的规模优势。但是这种优势只是理论上的。事实表明，政府与其说建设性地提供了这些基础条件，倒不如说常常破坏性地摧毁市场经济的基础条件。中国股票市场一直没有解决好政府与市场的关系问题。
1、经济自由受到限制。中国股票市场上的股票发行方式行政色彩十分明显，政府对股票发行实行了额度限制，上市指标成为稀缺“资源”。这使得拟上市公司向地方政府及主管部门争取额度，地方政府和主管部门向国家证券管理部门争取额度的行为愈演愈烈。政府对上市公司挑选程序的过深介入与市场经济原则相背，因为政府挑选所采用的是一套行政机制，其核心是运用行政关系来推荐，缺乏市场选择的效率，容易产生寻租腐败。许多企业上市后把股票市场当作“提款机”，而没有通过资本市场上的运作来解决企业亟待解决的问题，如转换经营机制，建立良好的公司治理结构，优化资源配置和进行产业调整，反而使企业因缺乏有效的股东制衡机制和合理的股权结构而出现质量滑坡，许多公司在上市不久即告业绩下降甚至亏损。
当上市公司不能正常经营时，政府又对上市公司资产重组和退市进行干预。中国股票市场一直没有形成一种有效的退市制度。在连续亏损上市公司数量不断增多的情况下，证券管理部门推出了ST、PT制度作为退市制度的过渡。由于对公司市场准入的控制，上市公司的“壳”成为稀缺资源，成为市场上兼并、收购和重组的首选对象。在发达国家，股票市场上上市公司的兼并、收购和重组完全是一种以市场为基础的纯企业行为，政府很少会介入到这一活动中去。而在我国，上市公司中国有股占据控制地位的产权结构特征和资本市场以为国有企业筹集资金和“解困”为目的的定位，决定了政府必然是上市公司资产重组的内在构成要素。政府在介入关系公司资本结构变化与经营战略调整的资产重组时，不可避免地会有行政管理者的色彩，很难将其所有者权能与社会管理者权能做出清晰地界定。同时，作为资产所有者，政府在重组中追求利益最大化的行为是市场化财产属性所要求的结果，但它在行使其社会权能时，其行为更主要的是一种行政行为。角色的双重性，导致政府在上市公司重组中的行为常出现市场化与行政化的混淆。
2、中国上市公司没有形成明晰的产权。中国股票市场是官办的，设立之初就是为国有企业解困、卸包袱的。因此，在现有的上市公司中超过60％的是从国有企业转制而来的。全民所有权本身是一种不明确的所有权关系，全民所有权虽然在静态意义上是明确的，但其收益与损失由谁负责却不甚清楚。
公司治理是在产权诸项权能的基础上形成的，合理的产权制度安排是有效公司治理的必要前提。在国有股控股的公司中，由于国有股的有效持有主体缺位，致使国有产权虚置，没有形成人格化的产权主体，股东对企业的监控机制难以建立。这种制度缺陷容易衍生经营者道德风险，产生“内部人”控制。国有股东对公司的控制在产权上趋于超弱控制，在行政上则趋于超强控制。经理人员与政府博弈的结果是一部分经理人利用政府产权上的超弱控制形成对企业的内部控制，同时又利用行政上的超强控制转嫁经营风险，将经济性亏损推诿为体制性因素。
股权分置的制度安排也导致了公司外部治理机制不能正常运转。正常情况下，股票在市场流通所表现的估价是对上市公司经营管理水平的直接反映，流通股比例越高，通过证券市场监督上市公司经营状况的力度就越强。若公司业绩差，投资者就会抛售股票，股价下跌，从而为收购者创造出收购机会，而一旦收购成功，被收购公司的原有经营管理者将处于十分不利的境地。因此，提升企业经营管理水平与经营业绩来防止公司被恶意收购，就成为上市公司经营者恪尽职守、勤勉尽责的外在压力与约束。但是在国有股不流通情况下，上述市场压力传导机制对经营者的作用非常有限。
3、缺乏完善的法制。资本市场正常有效运行的一个重要前提是必须有一套反映市场经济本质要求和资本市场内在规律的完善的法律制度和健全的法律体系。但在我国这样一套法律制度和法律体系还远没有建立起来。
在立法方面，调节资本运行的《公司法》和《证券法》都带有比较明显的制度缺陷。目前正在实施的《公司法》是从20世纪80年代后期开始制定，于1994年7月1日正式实施的。在制定《公司法》时，由于社会主义市场经济理论还未正式确定，资本、资本市场和资本机制等都还未取得合法地位，人们对股票、股票市场和股份公司的地位和作用在认识上比较肤浅，在这种背景下制订的《公司法》与现实越来越不适应。正在实施的《证券法》是在亚洲金融危机期间出台的，为有效防范风险，有些内容规定较严，已经不能满足证券市场的发展需要，其中在混业经营，股指期货、社保资金入市，加入WTO后的证券市场发展以及证券监管机构执法权限等方面都亟须进一步改进。“法不好依”成为我国证券市场运行中的一个突出问题。
在执法方面，证监会是中国证券市场主要的执法机关，由于隶属国务院具有行政管理职能，所以具有行政机关的色彩。证监会的监管很多时候是为了调控市场的价格和指数，缺乏预期性和一致性；执法过程中查处侵害投资者利益案件比较少，查处违反市场管理政策性法律案件比较多。在执法过程中存在不公平、不及时、不透明，缺乏连贯性，纵容违法行为，监管机构内部人员违法犯罪等问题。
在司法方面，存在重行政轻刑事、民事责任的问题，缺少民事赔偿制度等。
三、中国股票市场制度的变革
基于上述分析，中国股票市场要成长为一个集融资、投资、资源配置功能于一体的成熟市场，必须进行基础制度的变革，走市场化、法制化、国际化的道路。
1、市场化改革。按市场原则决定谁有权进入股票市场，明确监管范围和责任，强化政府依法对股票市场进行监管，从各个方面放松政府管制，疏通股票市场的进出通道，实现发行上市和投资完全由市场来选择，建立和完善退市机制。同时实行股票全流通，股权多样化，大力发展产权交易市场，建立一个包括创业板市场、主板市场和场外交易市场的多层次市场体系，适时推出股票指数期货、国债期货等国外比较成熟，国内已初步具备条件的新型交易工具，积极探索期权、卖空机制、做市商制度、市价单与止损单等新型交易模式。
2、法制化改革。在立法方面：确立正确的立法指导思想，对《证券法》、《公司法》进行修改，使其具有前瞻性和可操作性；加强《证券法》、《公司法》的商事性，使其不仅仅是一部管理法；制订颁布新的法律，完善现有的法律体系，如《投资者权益保护法》、《兼并与收购法》；修改《证券法》、《刑法》，使两法对证券犯罪规定相互一致，相互衔接；增加《证券法》中有关欺诈民事责任的规定；修改《证券法》，增加对中国证监会司法审查的规定，推动中国证监会依法行政。
执法方面：形成科学的执法方式，避免证监会阶段性查处一批违法案件的“运动式”监管，形成经常性监管，日常性监管和事件监管相结合，动态监管与静态监管相呼应的监管方式；查处证券欺诈行为，保护投资者利益；证监会加强自律。
司法方面：法院以积极的态度对待投资者，对为了维护合法权益而对证券欺诈行为提起的诉讼，不得以没有法律依据为由拒绝审理。
3、国际化改革。我们的市场规则、行为模式要和国际的最佳规则、最佳模式接轨，按照WTO的协议开放证券服务业。中长期应该实现股票市场，包括二级市场双向自由开放，让国外的蓝筹股在上海的证券交易所自由上市，交叉挂牌。适时修改法规，允许存托凭证的实施，国内基金、国外资本的自由出入。■ 全科论文中心http://www.issncn.net 全科论文中心http://www.issncn.net