ESO核心问题的金融工程解决

Financial Engineering Resolution on the Problem of Executive Stock Option in China

目前 ,理论界和企业家们对我国引入经理股票期权 (ESO)激励机制可能会遇到的问题 ,看法比较一致 ,普遍认为最关键、最核心的问题是股票来源问题、期权如何执行并交易的问题和股票市场价格异常波动问题(见参考文献 1 -2 )。正因为如此 ,许多人认为 ,不修改现行《公司法》将无法引入经理股票期权制度 ;股票市场不完善到西方发达国家的水平 ,也不能实施经理股票期权制度。本文在现有法律和市场环境不变的条件下 ,运用金融工程思想 ,创新出“名义股票期权”工具 ,“盯住市场 (MarkingtoMarket)股票期权履约基金”和三种价格参数等金融技术和方法 。

Widespread ideal is that the key problems trying out Executive Stock Option in China at present are the source of stock, method of execution and bargaining of the stock option, and abnormal waving of stock price (see reference 1-2). For this cause, many people deem: not to make over the Company Law, our country could not work in the system of Executive Stock Option; not to perfect the stock market to the level like the west developed country, our country could also not carry the Executive Stock Option into effect. Under the present law and market condition, this paper bring to bear the thinking of the financial engineering and innovate a series of financial technology, namely: the tool of 'name stock option', 'marking to market' fund for carrying out the stock option, and three price parameter. By these innovations, we have preferably settled the key problem mentioned before.