经理股票期权激励制度的理论基础

Theoretical Foundation of Incentive System on Executive Stock Option

经理股票期权激励制度是激励机制的一种创新,通过授予股票期权使经营者的目标同股东的目标保持一致,在追求个人利益最大化的同时实现了股东利益的最大化。经理股票期权作为一种制度安排,背后有着深刻的理论依据,如委托代理理论、人力资本理论、激励理论和X(低)效率理论。

The incentive system on executive stock option is a creative incentive mechanism, which keeps operators and shareholders with the same aim through offering stock option, and realizes the maximization of shareholders＇ interests as well as personal interests. As a system, executive stock option bases on profound theories, such as principal-agent theory, human capital theory, incentive theory, and X （low） efficiency theory.