经理股票期权在中国现阶段实践的探索

Considerations of the Practice of ESO in Present China

经理股票期权（ＥＳＯ）作为一种先进、有效的激励制度在国际上已逐渐普及，当前我国不少企 业也开始尝试采用。本文就ＥＳＯ在我国实践过程中遇到的问题及原因加以分析，认为要充分发挥 ＥＳＯ的激励效用必须和我国市场环境相适应，进而提出了试行仿真－虚拟股票期权制度的观点， 以推动市场经济的有序发展。

China's enterprises started adopting Executive Stock Option as an advanced and effective incentive sys- tem, which has been prevalent internationally. The essay anal zed the problems encountered when ESO practiced and their causes, and, with the view that the effectiveness shall be adapted to the domestic market circumstance, tabled the proposal of trying out the Phantom Stock system.