股票期权制度的法律思考

The Legal Ponder of ESO

经理人股票期权(简称ESO)是现代公司的激励机制之一。它的实质是企业所有者对经营者的一项长期薪酬奖励制度,通过这样一种制度安排,企业经营者的效用与企业股东的效用达到均衡状态,保证企业价值的持续增长。随着我国新《公司法》、《证券法》以及证监会《上市公司期权激励管理办法》的出台,我国股票期权制度的实践将走向一个新的阶段。但中国目前的法律和制度环境依然对经理人股票期权制度的推行和完善构成许多现实障碍。为此,必须进行相应的制度改革。

ESO（executive stock option） is one of the stimulating mechanisms of modern companies. Its essence is a kind of long remuneration - stimulating system for the managers made by the owner of the enterprise, through which the interests of the managers and the share - holders can be kept in balance, and the value of the enterprise continues to grow. Now, in China, the practice of the ESO will step into a new phrase with the exeution of new company law and the new securities law. But the present law and institution circumstances are still the obstacles to the practicing and improving of ESO. So the reform is needed.