股票期权计划的行为激励契约本质:基于经济、道德和行为三维视角的思考

The Behavioral Incentive Contract Nature of SOP: Based on A Three Dimensions View

股票期权计划(SOP)作为公司治理激励约束机制,SOP借助牛市频频爆出个人的瞬时巨富神话;而当遭遇金融风暴重创其赖以依存的资本市场后就陷入困境。2009年AIG、美林银行等深陷金融沼泽的金融机构将政府救济金以兑现以往的SOP为由分发,从而将SOP再次推上争议的浪尖。我国自20世纪90年代末引入SOP至今,其激励效果始终不甚明朗,而此次金融危机暴露出的薪酬贫富两极化趋势也引发国内外民众对SOP激励效果的质疑。究其原因,除却外因的作用,还在于欠缺对SOP本质的全面理解,只偏执于激发受约人财富欲望的股票期权计划势必埋下导致激励过度或激励扭曲的隐患。本文从经济效果、道德伦理和行为能力三维视角出发,从人本层面重新审视股票期权计划的本质,以求得其作为一种行为激励契约的解答,进而探求其在我国现有情境下得以有效应用可能。

Stock option plan is used as golden handcuffs in corporate governance, and it is famous for its long-term effective incentive during bull market. But when stock market fell into bear market, SOP lost incentive effect. Even during bull market, SOP was manipulated as a tool to realize personal wealth abnormally. This paper aims at exploring the reason why SOP does not work, especially in China? According to an analysis framework composed of three dimensions, the dimension of economic effect, the dimension of moral and ethic, and the dimension of substantive capability. Expecting to ignite the inside self-discipline both of the promiser and promisee. And that result does need a three dimensions framework.