股票期权现象的一种制度解释

Stock Option:Analysis from the Institutional Point of View

股票期权作为一种常用的激励工具受到高新技术企业的普遍欢迎 ,这里有着更深的经济根源。股票期权将人力资本所有者的部分预期收益“抵押”在企业之中 ,将比较有效地解决人力资本所有者的道德风险问题 ,也使人力资本所有者拥有剩余索取权得以实现。

Stock option is generally applied as a kind of incentive tools in high tech corporations. Stock option impawned parts of expected return of human capital in the corporation and solves the problem of moral hazard.Through stock option,the owner of human ca pital become the Shareholder of the corporation.