期权、期股制的若干探讨——兼论公司治理结构

Several Discussion on Executive Stock Option ——Also on Corporate Governance

期权、期股制作为一种企业高级人力资本定价机制已受到人们普遍的关注 ,被认为能解决困绕国有企业已久的经营者报酬偏低因而激励不足的难题 ,实践部门也正着手将在国有企业推出期权、期股制作为改革的突破口。本文对这种看法提出了质疑 ,认为作为一个单项的制度安排 ,期权、期股制对国有企业公司治理结构改善的贡献是很有限的 。

The system of ESO has recceived comprehensive attention as a price-deternining mechanism of an enterprise′s senior human capital.It is regarded as a way to solve the problem of low-pay and low-incentive which has hampered SOE for thinking years. the practice department has set about reforms from ESO. This paper puts questions on this view,it thinks that one single system is not enough in improving the structure of SOE,the focuses for reforms in SOE should be on the selection of manager.