中国股票期权激励的有效性分析

An Analysis of Efficiency on Incentive Mechanism of China's Stock Option

从理论上讲,股票期权是一种很完美的激励管理方式。然而,在我国上市公司中目前已有超过30家企业宣布停止股权激励计划。究其原因,是国家处于对股权激励机制负面效应的考虑:股价与企业价值分离、经理人市场弱有效性、税法不完善等。从股票期权激励利弊及正反效应分析看,中国可借鉴美国的做法,加快完善资本市场,有效设计合理的股票期权激励方案;实现经理人竞争上岗;分类制定税收政策;将股票期权划分为激励型和非激励型,对激励型股票期权实行更为优惠的税收政策。

According to the theory, stock option is a perfect incentive management mode. However, more than 30 enterprises in Chinese listed companies have declared to cease stock option incentive plan due to its negative effects： separation between share price and enter- prise value, weak efficiency of manager market, and imperfection of tax law, etc. Through analyzing advantages and disadvantages of stock option incentive, and its positive and negative effects, according to American experience, China should improve capital market quickly to design rational stock option incentive plan, realize managers＇ job bidding, make tax policy respectively, divide stoke market into incentive and non-incentive, and take more preferential tax policy for incentive stoke option.