股票期权的利弊及应注意的问题

Analysis of Benefits, Faults and the Existing Problems of ESO

现代企业所有权与经营权的分离而产生的委托—代理问题要求委托人必须找到一种激励机制,使得代理人沿着委托人所设定的目标努力工作。股票期权作为一种有效的激励机制能起到积极作用,激励代理人谋求委托人利益的最大化,同时也存在一些负面因素。由于在我国实行股票期权时间较短,相关法律不健全,因此,在具体实行过程中,有一些问题需要注意。

The Principal-Agent problem derived by the separation of property right and operation right in modernenterprises requests principal to establish an incentive system which makes agent work hard for principal objects. ESO cando actively as an effective and incentive system. At the same time, it brings some negative effects. Because of no enoughtime and no perfect laws, there are some problems which we should pay attention to when exercising ESO in China.