股票期权激励的有效性与外部制度条件

The Validity of the Stock Option Incentive and External Institutional Conditions

股票期权激励是解决公司委托———代理问题的一种有效方法。以美国“安然”、“世通”等公司假账丑闻的败露和美国股票期权激励实施的制度基础为基点 ,以美国在实施这一激励制度中的不足为分析背景 ,分析股票期权激励实施的必要外部制度条件 ,以求为在我国有效实施股票期权激励作一些前瞻性的分析。

This paper discusses an effective arrangement of the company governance, which is the arrangement of the incentive plan of stock option in the contract of a company between the stock shareholder and the management. Based on the disclosure of the account scandals of ”Enron” and ” WorldCom” in U.S.A, and the institutions of U.S.A in implementing the incentive plan of stock option, and taken the virtual shortages of U.S.A as the background, this paper analyzes the necessary external infrastructure conditions of the effective implementation of the incentive plan of stock option in a country, the aim of which is to offer some perspective effective analysis to our country’s institution construction.