激励、福利还是奖励:薪酬管制背景下国有企业股权激励的定位困境——基于泸州老窖的案例分析

Incentive, Welfare, or Reward: The Dilemma of Stock-Option-Incentive Plan in State-Owned Enterprises

本文以泸州老窖2006年6月公布的股权激励计划草案(最终未能施行)以及其2010年1月公布的股权激励计划修订稿为案例分析对象,分析薪酬管制背景下的国有企业股权激励的定位困境问题。我们发现:在薪酬管制的背景之下,泸州老窖这家国有企业的股权激励兼具激励、福利和奖励三种性质,而这种性质的混杂性最终会导致国有企业的股权激励陷入定位困境,无法发挥其应有的激励效果。最后,针对国有企业的股权激励问题,我们提出了若干政策性建议。

Based on the comparison analysis of the stock-option-incentive plans promulgated in June 2006 and January 2010, respectively, by Lu Zhou Lao Jiao, this paper systematically investigates the dilemma of stock-option-incentive plan in state-owned enterprises. We find that, in the context of compensation regulation in SOEs, as the nature of stock-option-incentive plan in SOEs is mixed with incentive, welfare, and reward together, it inevitably will be in a dilemma. The paper concludes by proposing some policy implications on the stock-option-incentive plan in SOEs.