经理层期权激励计划的制度基础与环境分析

Analysis on the Institution and Environment of Stock Option Incentive Plan

激励理论认为，为了使经理层更好地经营和管理企业，有必要设计一个变化的、可使经理产生收益预期的经理报酬体系。所以，世界许多企业纷纷引进股票期权制度，使经营者的利益和所有者的利益结合得更加紧密。近年来，我国一些上市公司也开始实行股票期权制度。但由于我国市场体系尚未完善，存在着一些制度性因素阻碍着股票期权制度的顺利实施。本文从此入手，在分析股票期权具体应用方法的基础上，研究了现阶段我国实行股票期权激励计划的可操作性，并提出了相关的政策建议。

The incentive theory points out that it is necessary to design a system of management compensation to the managers' expectation on their revenue. So many enterprises have introduced the stock option plan to combine the interest of the managers and the stockholders tightly. Recently, some list companies in China begin to put the system into effect. But since Chinese market system is imperfect,there are many institute factors to prevent the stock option plan to carry out. On basis of analyzing the application of the system, the paper studies the operability of carrying out the stock option plan at present, and puts forwards some advises.