股票期权与激励机制

Stock Options and Incentive Mechanism

股票期权是国外广泛采用的对代理人进行长期激励的一种办法 ,它能有效解决由两权分离所造成的代理问题。股票期权的本质在于它是企业所有者赋予经营者的一种远期的权力 ,它对经营者具有行权前的报酬激励作用和行权后的所有权激励作用。与此相适应 ,股票期权的行使还具有严格的条件限制。在公司制企业中实行股票期权制度 ,应当借鉴国外经验 ,结合我国的实际 ,加以必要的改造 ,制定规范的配套措施 ,以完善企业的激励机制。

Stock options are a method widely used to inspire agents. It can effectively solve the problem of agency caused by the separation of rights. The essence of stock options lie in the fact the it is a long-term right, an incentive with payment before he exercises the right and an inspiration with ownership after he exercises the right, offered by the enterprise owner to the manager.