实施股票期权的几个基本问题

Some Basic Problems about the Implementation of the Stock Options

认为股票期权的理论基础是现代企业理论中的人力资本和非人力资本之间的契约理论、代理理论中代理人的机会主义行为所导致委托人同代理人的目标函数不一致的理论;实施股票期权对完善现代公司治理结构和治理机制,治理代理人的"道德风险"和"逆向选择",减少企业现金支出等方面具有积极作用;股票期权制的实施范围是高新技术产业、竞争性国有企业和国有控股企业;股票期权的授予者应是企业经理人员和核心技术人员。

The thesis believes that the basic theory of the stock options is the contractual theory between the manpower capital and non-manpower capital in the theory of objective function inconformity bwtween the consignor and the agent brought about by the behavior of opportunity of the agent in the theory of agency.The implementation of the stock options will play an active part in the improvement of the governing structure and mechanism of the modern corporations,governing 'the moral risk' and 'reversal selection', and reducing the paymen by cash of the enterprises. The scope of the implementation of the stock options is high-tech industries,the competitive state-owned enterprises and state-owned proprietary enterprises.The grantees of the stock options should be corporate managers and key technicians.