关于股票期权计划与企业绩效关系的思考

The attemption of analysing the relationship between stock option plan and enterprise benefical result by means of "ultra property right theory

“超产权论”是对“产权论”的继承和发展,运用“超产权论”的观点,从资本市场竞争、经理市场竞争、产品市场竞争等三个角度去分析,运用股票期权计划机制来提高企业绩效,无疑是一种新的尝试。从企业角度看,资本市场竞争的实质是对企业控制权的争夺;经理市场的实质是企业经营者的竞争选聘机制;产品市场的竞争对企业经营者的激励约束,既是对股票期权计划短期激励不足的补充,又有利于提高企业经营者的努力程度。而我国国有企业实施股票期权计划,在以上三个方面都存在不足,有必要加以完善和改进。

Ultra property right theory'is the inheritting and develop ment of'property right theory'.It is a new attemption which using the planned mechanism of stock option to improve the enterprise benefical result undoubtedly from three angles,such as capital market competition,manager's market competition and products market competition,etc..From the angle of en-terprises,the essence of the capital market competition is the contention of the enterprise control.The essence on manager's market is that the mechanism of the enterprise operator's competition and selection.The product market competition is good to improve the operator's enthusiasm.It is necessary for the stated-own enterprise to perfect'the stock option plan'.