对我国推行股票期权的几点思考

On the Implementation of Stock Option in China

股票期权是欧美国家企业普遍采用的一种薪酬形式。从理论上看,它有利于完善我国经营者激励机制、促进国有企业改革的发展。然而,目前我国推行实施规范股票期权的基本条件还很不成熟。在这种情况下,不适宜凭着单纯的热情大规模推广股票期权。从根本上说,推行股票期权有待于国有企业改革自身的完善。

Executive stock option (ESO) is a compensation form adopted popularly by American and European corporations. Theoretically speaking, ESO is conductive to perfecting incentive mechanism of top manager, and accelerating the reform of the state owned enterprises ( SOEs). However, the implementation of a normative ESO depends on several basic conditions, while they are not available in our country at present. Under this circumstance, it is not suitable to develop ESO on a large scale in our country just because of its popularity. On the other hand, the development of ESO depends essentially on SOEs reform itself.