试论经营者股票期权的制度基础与激励效应

On Executive Stock Options, Theoretical Basis And Stimulating Effects

经营者股票期权制度 (ESO)作为一种新的长期激励方式正被逐渐引入我国当前的企业改革实践中。它的理论基础主要有两个 :一是企业理论中的代理理论和现代契约理论 ,一是人力资本理论。这一制度的激励效应有正负两个方面。我国当前应从多方面完善实施ESO的环境建设。

Executive Stock Options, being a long-term stimulating form, is gradually being intoduced to China's reform in businesses, and in practice. The theoretical basis is chiefly composed of:1)procurative theory in business theory and modern contract theory, and 2) manpower capital theory. Its stimulating offects consist of both positive and negative aspects. At present, China should perfect environmental building in carrying out Executive Stock Options.