我国上市公司经理股票期权制的适用性分析

On the applicability of the mechanism of executive stock options in China

经理股票期权作为一项激励制度，其效率的发挥需要严格 的外部条件：有效率的股票市场和经理人市场，以及完善的法律环境等。我国的主板市场目 前尚不具备上述条件，所以主板上市公司应暂缓实施股票期权，而未来的创业板股市基本具 备上述的条件，应当先行，但仍应当完善法律法规等。

As an incentive mechanism, executive stock options hinges its efficiency on the rigid external requirements, i.e. full-efficiency stock and manager market, perfect law conditions and regulations.As the above re quirements are not available in the A-share market in China,the stock companies should postpone enforcing this mechanism. But it can be employed in the Ventur e stock market with the necessary improvement of the legal environment.