关于实施经理股票期权制的思考

Some Thoughts on the System of Manager Stock Option

发达国家的成功实践证明 ,经理股票期权制对于激励企业经营者、减少代理成本、促进稳健经营等具有积极作用。在我国采用期权方式构建对企业经营者的激励机制 ,其改革方向无疑是正确的。但是 ,由于市场的不完善、国企产权的不清晰、相关法律的不健全以及技术设计的不成熟等现实困难 ,使得实施期权制还存在不少障碍 。

Successes in developed countries indicate that the system of manager stock option is playing a positive role in stimulating business managers,reducing agency costs and promoting steady business management.To construct a stimulating mechanism for business managers in the form of stock option is,no doubt, correct as far as the reform orientation is concerned. However,due to an imperfect market,the obscure nature of property right of state owned enterprises,the lack of related laws and immaturity of technical design,a number of obstacles remain to be cleared and problems solved before the system of stock option can be implemented.