股票期权激励对上市公司股价的影响

股票期权激励对上市公司股价的影响 construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 股票期权激励对上市公司股价影响 ——基于事件研究法的实证 摘要:股票期权激励机制作为公司治理机制因素之一，近年来日益受到市场各界的关注。总的说来，股票期权激励机制对上市公司主要有两方面的影响因素:一是基于委托——代理理论，公司施行股权激励有利于降低或细化公司董事会和经理层之间由于两权分离所给公司带来的目标不一致性;二是公司采取股票期权激励对上市公司股票价格的影响，进而影响公司的价值。本文将对第二个影响因素作出具体的实证分析。 一、 股票期权激励的内涵及上市公司采取股票期权激励的目的 (一)、股票期权激励的内涵 所谓股票期权激励，是指公司给予企业家在一定期限内按照某个既定价格购买一定数量的本公司股票的权利，通过企业家取得该股权的代价与资本市场上该股权的价格差形成的一种对企业家报酬的补充。激励对象有权行使这种权利，也有权放弃这种权利，但不得用于转让、质押或者偿还债务。 (二)、上市公司采取股票期权激励的原因 股票期权激励将“报酬激励”与“所有权激励”巧妙地结合在一起，一方面对企业家而言，使得企业家的长期行为和利益与企业所有者利益休戚相关，并且使得企业家成为企业的所有者之一，拥有部分所有权;另一方面对企业而言，至少有以下几点好处:一是企业形成开放式股权结构，可以不断吸引和稳定优秀管理人才;二是企业家的股票期权收入由证券市场提供，可以减轻企业支付现金报酬的负担，节省大量营运资金，使企业在不支付资金情况下实现对企业家的激励;三是可以减少非对称信息，降低代理成本;四是可以矫正企业家的短视心理，使企业家不但关心企业的现在，更关心企业的未来。 二、上市公司采取股票期权激励对其股价影响的实证分析(基于几家上市公司采取股票期 权激励前后其股票价格的变化情况进行具体分析，得出结论，并据此分析股权激励对construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 上市公司收益的影响) (一)以新宝能源采取股票期权激励对公司利润及其股价影响的分析 1、2007年度新宝能源几大利润指标情况(单位:人民币元) 本年比上年增2007年 2006年 2005年 减(%) 营业收入 26.94 1，283，144，1，010，843，595，868， 614.26 237.12 156.47 利润总额 29.04 341，765，264，857，87，413，277.60 660.93 045.74 归属上市公司 331，150，262，969，89，883，079.60 股东的净利润 25.93 486.83 491.05 经营活动产生 426，987，437，080，136，563，的现金流量净-2.31 128.18 545.57 772.14 额 (表一) 2、截止2007年度报告期末公司前三年主要会计数据和财务指标 (单位:人民币元) 2007年 2006年 2005年 基本每股收益 0.45 0.96 0.42 稀释每股收益 0.43 0.96 0.42 扣除非经常性损益0.43 0.97 0.42 后的基本每股收益 归属上市公司股东3.67 4.52 2.50 的每股净资产 (表二) 2007年2月27日，宝新实业调整首期股票期权激励计划，将股票期权激励计划的份为5,400万股，行权价格调整为5.41元/股。2007年度公司发行在外的股份期权的价格范and not themselves determined not to do, we cannot "lamp black", and "flashlight man as himself". To enforce a rigid double about the life of the system, lead study discussion, lead in talking about experiences, give a Party lecture, report, leading to participate in organisational life, democratic appraisal, lead in duty of due diligence, according to positions, contribute to role play with learning, promoting learning education solid and effective. 7, balancing. To further close the party's organizational system, serious party organization, strict management of party members ' education and strict liability of the party building, pioneer, pioneering encourages grass-roots party organizations and party members. To put carried out "two learn a do" learning education put to coordination advance "four a full" strategy layout and implement implementation five big development concept in the to, and do full town reform development stable the work combined up, and strengthening general Hou levels leadership thought political construction combined up, and completed local this units focus work combined up, insisted hands caught, and prevent "two Zhang skin". In accordance with the town arranged, town Party Committee, Vice Secretary of Commission for discipline inspection XXX gay lead in learning, discussion led in the branch of learning, leading learning gains and learning experience, guiding good and bread is in charge of studies in the field of education. Communist XX city XX Town Committee May 5, 2016 in city WCB two learn a do learning education workshop Shang of speech in city WCB two learn a do learning education workshop Shang of speech comrade are: this construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 围在12.70元/股至27.00元/股之间，合同剩余的期限为:离第二期行权剩余8个月零28天，离第三期行权剩余为1年8个月零28天。当年行权的股份期权或其他权益工具以行权日价格计算的加权平均价格，公司在2007年实施的股票期权行权数为1080万股，行权价格为5.41元/股，共计收到行权资金58,428,000元。公司实施的股份支付由于第一期行权于2007年度实施，该次行权使公司权益增加58,428,000元，其中:增加股本1,080万元，增加资本公积47,628,000元。公司实施的股份支付第一期在2007年行权前的等待期和第 二期、第三期未行权的待期内，2007年共计算权益工具成本费用为17,044,923.03元，该成本费用增加公司2007 年度的管理费用并相应增加资本公积。使得该公司2007年度的管理费用同比大增47%。同时从表二可以看出股票的基本每股收益和归属上市公司股东的每股净资产较2006年度都有所下降，但是从表一的数据也可以看出自公司施行股票期权激励机制后其公司的营业收入、利润总额和归属上市公司净利润等都有较大的提高。 以此来分析，采取股票期权激励对于宝新能源公司来说是一把双刃剑。但就数据总体比较来说股票期权激励对宝新能源带来的利润增长比费用更大，即利大于弊。 分析 (二)以海南海药采取股票期权激励对公司利润及其股价影响的 2007年1月5日，海南海药的临时股东大会审议通过了公司的股权激励计划。海南海药授予激励对象2000万份股票期权，每份股票期权拥有在授权日起8年内的可行权日以行权价格和行权条件购买一股海南海药股票的权利。随后，该激励计划通过了中国证监会的审核。 根据公开资料，海南海药设定的股票期权激励计划为:公司向激励对象定向发行2000万份股票，占公司总股本的9.88%。行权价为3.63元/股。行权条件为:公司净利润以2005年末为固定基数，2006-2011年的净利润分别比2005年增长12%、24%、36%、48%、60%和72%以上，行权前一年公司加权平均净资产收益率达到10%以上。由于公司2005年净利润基数为2174.45万元，并不算高，2006年公司业绩已达到激励要求，因此激励对象可以在2007年行权。按照计划，高管期权合计885万股，其中公司总经理许力宏等六人可获至少115万股票期权，2007年可行权不超过57.5万股，之后6年每年可解锁不超过11.5万股。但原本商定的在7年摊销的费用公司决定在一年内解决掉，刚好公司股价经历了一construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 轮牛市，使得股价迅速的攀升到7.25元，而当初的行权价格仅为3.63元，这样海南海药就产生了7220万元的巨额费用。2007年3月6日，海药发布了预亏公告，2007年预计净利润亏损约5000万元。而2006年度海药实现净利润2455万元，每股收益0.12元，2007 此公告一出，海南海药年前三季度海药尚有482万元的净利润，基本每股收益0.02元。 股票当天逆市大跌7.39%，第二天再跌7.91%。另又有一公告显示，2006年海南海药的净利润为2455万元，每股收益为0.12元。以此测算，如果不考虑行权费用，海南海药2007年有2200万元的盈利。而结果确是海南海药公司2007年亏损5000万元，这个大逆转就是因为股权激励造成的。而主要原因是:其一，股权激励门槛过低，且数量过多，占公司总股本的9.88%，接近规定的最高限额10%;其二，对原有股东摊薄过快，损害了投资者收益。但存在过度激励的嫌疑。 从海南海药这个例子看到上市公司采取股权激励政策会增加公司的负债，当公司处在牛市行情时随着公司股票价格的上升这笔负债有可能无限的膨胀，从而使得公司盈利出现亏损，进而影响到公司股票价格，使其大幅度下滑。另又因海南海药的2000万份的激励份额已经达到了证监会规定10%的上限，因为海南海药的总股本为2亿股，其股权激励的份额过大，就算是股价的一个较小的增长用它去乘上一笔大的数字也会使得最终的结果变得很大，并且以公司本身的实力原本就无法承担如此份额的股份，这也是海南海药会有如此巨大亏损的又一原因。单纯的这两点归结起来就使得原本应盈利的公司转盈为亏，这也是上市公司实行股票期权激励对其公司经营所带来的负面影响。 三、国家对上市公司采取股票期权激励的规定 境内国有控股上市公司推行股权激励的目的，是建立健全激励与约束相结合的中长期激励机制，进一步完善公司法人治理结构。但少数国有控股上市公司存在过度激励的倾向，违背了股权激励的初衷。因此《国有控股上市公司(境内)实施股权激励试行办法》对上市公司实行股权激励作了如下规定: (一)、在股权激励计划有效期内，高级管理人员个人股权激励预期收益水平，应控制在其薪酬总水平(含预期的期权或股权收益)的30,以内。高级管理人员薪酬总水平应参照国有资产监督管理机构或部门的原则规定，依据上市公司绩效考核与薪酬管理办法确定。 and not themselves determined not to do, we cannot "lamp black", and "flashlight man as himself". To enforce a rigid double about the life of the system, lead study discussion, lead in talking about experiences, give a Party lecture, report, leading to participate in organisational life, democratic appraisal, lead in duty of due diligence, according to positions, contribute to role play with learning, promoting learning education solid and effective. 7, balancing. To further close the party's organizational system, serious party organization, strict management of party members ' education and strict liability of the party building, pioneer, pioneering encourages grass-roots party organizations and party members. To put carried out "two learn a do" learning education put to coordination advance "four a full" strategy layout and implement implementation five big development concept in the to, and do full town reform development stable the work combined up, and strengthening general Hou levels leadership thought political construction combined up, and completed local this units focus work combined up, insisted hands caught, and prevent "two Zhang skin". In accordance with the town arranged, town Party Committee, Vice Secretary of Commission for discipline inspection XXX gay lead in learning, discussion led in the branch of learning, leading learning gains and learning experience, guiding good and bread is in charge of studies in the field of education. Communist XX city XX Town Committee May 5, 2016 in city WCB two learn a do learning education workshop Shang of speech in city WCB two learn a do learning education workshop Shang of speech comrade are: this construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others (二)、上市公司应参照国际通行的期权定价模型或股票公平市场价，科学合理测算股票期权的预期价值或限制性股票的预期收益，按照预测的股权激励收益和股权授予价格(行权价格)，确定高级管理人员股权授予数量。 (三)、上市公司授予董事、核心技术人员和管理骨干人员的股权数量比照高级管理人员的办法确定。各激励对象薪酬总水平和预期股权激励收益占薪酬总水平的比例应根据上市公司岗位分析、岗位测评和岗位职责按岗位序列确定。 四、几点思考和建议 (一)、对上市公司采取股权激励的几点思考 股权激励的本身出发点是为了将管理层与股东的利益统一，减少管理者的短期行为，使其更加关心企业的长远发展。事实上股权激励是一把双刃剑，正确使用股权激励可以令企业管理层同股东利益保持一致，如果被滥用或者歪曲则会令企业遭受重大损失。从我国上市公司采取股票期权激励开始至今，也完全显露出了股权激励的这种两面性，中间也存在诸多问: 1、中国资本市场还欠发达，使得股权激励不能完全发挥其作用，也就达不到上市公司采取股权激励的预期效果。 股权激励发挥效用是有一定的前提条件的，它是一个系统工程。第一，它需要一个相对有效的证券市场，股价能够反映公司业绩的变化;第二，它要求经营者的行为与公司的业绩高度相关。在中国股市上，股价与公司业绩的关联度不强是不争的事实。在这种情况下，许多与市值(股价)挂钩的条款、指标便失去了应有的作用。而经营者的努力也不一定能够改善公司的业绩。许多国有上市公司躺在政策的温室之中，无论管理者努力与否，其业绩都会一样的好(因为没有竞争)，股权激励发挥不了它的作用。 2、上市公司盲目的追求 某些上市公司看到其他上市公司因采取股权激励带来的丰厚果实便盲目的施行和效仿，完全忘了自己公司是否有实力来承担采取股票期权激励后将为公司带来的巨大的管理费用，最终使得入不敷出，严重影响公司的盈利，进而使得公司股价下跌，形成过度激励。construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 上面海南海药就是一个较为典型的例子。 3、相关当局的监管力度不够 从已有的采取股权激励上市公司的状况可以看出，我国股票期权的制度还不够完善，监管力度不大，使得股权激励过程中操纵利润、操纵市场、内幕交易等违法违规行为的存在。 (二)、几点建议 1、虽然股权激励的出发点都是促使公司业绩得到一个长期的提升，但各公司的却可能存在很大差异，而一个方案的好坏将会直接影响到激励的有效性。公司在确定要实行股票期权激励时，股权激励方案应该聘请专业的财务顾问设计，根据公司实力设计出一套最适合公司也最利于公司发展的方案，避免造成过度激励。 2、相应的监管当局应该制定出较为完善的管理办法，加强对上市公司股权激励的监管，引导上市公司建立运作规范、激励与约束并重、注重长期效应的股权激励方案;重点打击和遏制股权激励过程中操纵利润、操纵市场、内幕交易等违法违规行为。 3、股权激励计划对公司股价的影响主要应是体现在一个较长的时间段内，以一种长期上升的形态表现出来，而对短期股价的波动，影响是极为有限的。所以公司在施行股票期权激励政策时应丛长远的利益来考虑和打算。 4、不同的股权激励方式对股价影响也不同，在行权价格既定的情况下，股票期权的预期收益主要取决于未来股票上涨空间，因此是一种“看涨期权”，适应于成长型企业;限制性股票股权激励的收益来自于股价与授予价格之间的差额，由于上市公司可以自行决定授予价格，经营者既可以通过提高股价来扩大预期收益，也可以通过降低授予价格来扩大预期收益，因此对于经历了高速成长而进入业绩相对稳定成熟期的公司，股价缺乏大幅成长空间，限制性股票成为较佳选择。因此公司在施行股票期权激励时因从公司自身的特点和公司所属性质类型等加以考虑。 参考文献: 陈清泰 吴敬琏:《股票期权激励制度系列丛书》，中国财政经济出版社，2001 《宝新能源2007年度财务报表分析》，2008 and not themselves determined not to do, we cannot "lamp black", and "flashlight man as himself". To enforce a rigid double about the life of the system, lead study discussion, lead in talking about experiences, give a Party lecture, report, leading to participate in organisational life, democratic appraisal, lead in duty of due diligence, according to positions, contribute to role play with learning, promoting learning education solid and effective. 7, balancing. To further close the party's organizational system, serious party organization, strict management of party members ' education and strict liability of the party building, pioneer, pioneering encourages grass-roots party organizations and party members. To put carried out "two learn a do" learning education put to coordination advance "four a full" strategy layout and implement implementation five big development concept in the to, and do full town reform development stable the work combined up, and strengthening general Hou levels leadership thought political construction combined up, and completed local this units focus work combined up, insisted hands caught, and prevent "two Zhang skin". In accordance with the town arranged, town Party Committee, Vice Secretary of Commission for discipline inspection XXX gay lead in learning, discussion led in the branch of learning, leading learning gains and learning experience, guiding good and bread is in charge of studies in the field of education. Communist XX city XX Town Committee May 5, 2016 in city WCB two learn a do learning education workshop Shang of speech in city WCB two learn a do learning education workshop Shang of speech comrade are: this construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others 何卫东:《所有权结构、资本结构、治理结构与公司价值》，《2004年中国金融青 年论坛》，2005 陈志祥:《上市公司治理水平的效率及其实证分析》，《2004年中国金融青年 论坛》，2005 《30多家公司提出激励方案，股权激励风起云涌》，《中国证券报》，2006 construction of party communist network, mobile, Al, where XX channels, "taught the XX Party" app platform and learning such as distance education platform. Guide party members to use "e XX Party members" participate in networked learning, interaction and "three lessons", offline synchronization of encouraging party members to carry out study and education, enriching the content of forms, expand the coverage of education. 5, strengthen the Organization and supervision. Party (total) branch to effectively assume the main responsibility for organizational learning, combining to make a study plan, urged the implementation of "three lessons" system and implementing learning requirements. For different areas, different types of party member's actual situation and needs, providing suitable learning materials and time, venue and funding of the necessary protection. Task specific, precise, and educational differences. Town Party Committee will set up a "two" study and education Steering Group, customized research, targeted monitoring, on-site observation and random way, timely understanding of party members and cadres and ordinary party members to study, identify and resolve symptoms and problems to ensure education solid and effective. Poor organization and perfunctoryResponsibilities, well, serious criticism and serious accountability, and reported as appropriate. 6, lead. Party leading cadres should set an example, to lead by example in the whole town, layers of driven model, layer upon layer, formation of the shots, the overall general effect of linkage. Leading cadres should learn first and be in front, asking others to do you first do it, asks of others