经理人长效激励机制的改进与创新

Improvement and Innovation of Long-term Managers' Incentive Mechanism

股票期权制度是西方发达国家的大中型公司率先创造并推行的,而且收到了很好的效果.然而在中国,不少的大中型公司也同样采用股票期权制度来试图约束激励经营管理者,不仅不见效,反而有害.通过研究中美实施效果和条件的差异,以及对中国现实条件的分析,发现中国确实不适合直接照搬西方的股票期权激励计划.应当以股票期权激励制度为基础,对其进行进一步的改进与创新,形成适合于我国大部分企业的经理人约束激励机制.

Stock option system is first created and carried out by the large and medium -sized enterprises of Western developed countries, and achieves good effect. However,in China, many large and medium - sized enterprises also adopt stock option system, trying to constrain and stimulate managers. But this proves invalid and harmful. Through studying the effect and conditions of Sino - US implementation and the analysis of China＇ s actual situation, it is found that the Western stock option incentive plan should not be copied directly in China. Instead, China should make further innovation and improvement, with the incentive system of stock option as the basis,to form a constraint and incentive mechanism in most enterprises.