我国上市公司实施期权的制度性障碍及其克服

System Obstructions for Starting Executive Stock Option (ESO) by Listed Companies in China

现代企业要解决的一个重要问题是代理问题,而股票期权的激励与约束的双重作用可有效解决这一问题。我国要推进股票期权制,一是要从政策上消除期权制的实施障碍,对现行的证券法律法规进行必要的修订,弥补制度供给不足和制度安排过剩二者的缺陷;二要加强对股票期权制的研究,不断完善期权制,为期权制的发展提供一个适度的制度空间。

An important problem for the modern enterprises to solve is the agen t problem, and the double function of motivation and restraint of ESO can solve this problem effectively. In order to put into practice the system of ESO in Chi na, the first thing is to eliminate the obstructions for carrying out the system of ESO from the policies, making necessary revisions for the current laws and r egulations of security and countering the balance between system under-supply a nd system over-disposition; the second thing is to strengthen the research on t he system of ESO, continuously perfecting the system of ESO and providing a mode rate system space for the development of the system of ESO.