股权激励的研究评述与未来展望

The Literature Review and Future Prospect of Stock Option

本文对股权激励的最优契约理论与管理层权力理论进行理论阐述,以及它们在实施动机、方案设计、市场反应与经济后果四个方面的经验证据进行分类总结。结果表明,在实施动机、经济后果方面,两种理论都获得了实证检验的支持;在方案设计方面,管理层权力理论占据主导地位;在市场反应方面,最优契约理论占据主导地位。

This paper makes managerial power, and summaries theoretical exposition on two theories of stock option： their empirical evidence on motivation, scheme design optimal contracting and , market reaction and e- conomical consequence. The result indicates that both theories are supported by empirical evidence on motivation and economical consequence. However, managerial power theory dominates on the literature of scheme design, while optimal contracting theory takes an overwhelming position on market reaction.