对股票期权激励机制的思考

Meditation of Stock Option Encouragement Mechanism

股票期权激励机制,是一种有效的所有权文化,曾被世人所推崇,称为是20世纪制度安排中的创举。自安然事件之后,美国所揭示出来的一系列财务欺诈案,使股票期权这一激励机制受到质疑。如何正确认识股票期权的作用与反作用,如何借鉴股票期权的激励机制并有效地解决委托代理问题是我国当前经济领域中面临的重要课题。本文对股票期权这一激励机制进行了深入分析,通过分析提出了在我国企业实行这一制度的政策建议。

Stock option encouragement mechanism is an effective culture of ownership, which is called pioneering work of the 20th century system arrangement. After the event of enron, a series of financial swindles have been revealed in American. So share option encouragement mechanism is called in question because of these events so how to undestand action and reaction of share option encouragement mechanism, how to draw lessons from share option encouragement mechanism and solve authority of agency effectively is became a very important task for discussion which is we faced in our economy. This paper analyses share option encouragement mechanism deeply and draws out some political suggestions to share option encouragement mechanism which is how to exercises in Chinese enterprises.