美国期权激励制度的负效应探析

On the Negative Effects of U.S.A. Stock Option System

美国是股票期权制度的发源地。从美国的经验来看,实施经营者股票期权制度,有利于吸引和留住人才,有利于克服经营者的短期行为,有利于缓解投资者和经营者的利益冲突,从而促进公司业绩的提升。但是经营者股票期权也存在不少弊病:(1)加剧社会两极分化,影响劳资关系;(2)高级经理人员所获股票期权名义上与经营业绩挂钩,但业绩标准过于宽松,形同虚设,企业经营者的激励机制和监督机制之间失去平衡;(3)侵蚀了企业利润,稀释了原有股东的利益和权利;(4)经理人员为谋取利益而操纵股份的道德风险日益显现。

U.S.A. is the birthplace of the stock option system. According to the America＇s experiences, implementing managerial stock option system is good to attract, retain talents, overcome the short-term behavior and ease the beneficial conflict between investors and operators, which may improve company performance. But managerial stock system also has many shortcomings; （1） it aggravated social polarization and influenced the relations between employers and employees;（2） the stock option that senior managers got nominally linked with business performance, but the business performance standard is too liberal, which seemed to be in vain, the enterprise-runner lost the balance between the incentive and the oversight mechanism; （3） it eroded enterprise profit and diluted original shareholders＇ benefit and rights; （4） managers＇ moral hazard became more and more obvious for the pursuing interests by manipulating stocks.