在不确定性条件下管理层持股政策绩效分析

Analysis of Performance of the Policy of Stock Option for Managers in Uncertain Environments

管理层持股作为一项从西方相对完善的市场中引进的激励机制,目前正引起越来越多的国人的认知与了解。但是,从理论分析的层面来讲,其在实际运用中的绩效究竟如何还有待进一步探讨。本文从市场主体所面临的不确定环境出发,综合考虑企业外部竞争环境因素与内部管理层的个体因素的差异, 得出在不同的产业结构与市场竞争条件下,推行管理层持股政策可能得到差别悬殊的结果这一结论。

Stock option, as an incentive mechanism introduced from Western market, has increasingly gained understanding and acknowledgment around us. From the theoretical analysis perspective, however, its effects in the process of application still need to be studied in greater detail. According to the analysis of this paper, facing external uncertainties and different competitive environments, entrepreneurs may make significantly different responses to this mechanism.