公司治理与股票期权

Corporate Governance and Stock Options

作为一种制度创新,公司治理越来越受到人们的关注。长期以来,理论界一直认为股票期权是减少所有者和经理人之间代理成本的有效途径,从而使公司股东利益和经理人自身利益在更大程度上趋于一致。良好的公司治理结构又是实施股票期权必不可少的前提。因为,完善的公司治理结构为股票期权的实施提供了两项关键性的安排:公司控制权和激励制度的设计。

As a system of innovation,corporate governance increasingly being of concern.For a long time,theorists have always thought that stock options are to reduce the cost of agent between the owner and manager effective way,so that the interests of shareholders and managers of their own interests in greater convergence.Good corporate governance structure of the stock options is an es- sential prerequisite.Because,sound corporate governance structure for the implementation of stock options provided two key arrangements:corporate control and incentive system design.