国内两种主要股权激励模式比较

The Analyzing of Two Main Domestic Patterns of Stock Ownership Incentive

基于公司价值评价的基本观点 ,通过运用投资学的评价方法 ,文章对国内现行的两种主要的股权激励模式 ,北京模式和武汉模式的激励及约束效果进行了比较。武汉模式的约束性较强 ,激励性较弱 ,因而比较适用于传统型企业 ;而北京模式的约束性较小 ,激励性较强 ,因而比较适用于创新型企业。

This paper is based on the basic viewpoint of DSV (Driving Shareholder Value) and uses the evaluation method of investment to make an analysis between the two main domestic practicing patterns of stock ownership incentive by their incentive and restrictive effect. Moreover, through the analysis, the paper points out that the Wuhan pattern is more restrictive and less incentive, thus is suitable for traditional companies, while Peking pattern is more incentive and less restrictive, thus is suitable for the innovative ones.