摘要
对经理人股票期权制独特的激励约束效应、实施中的障碍及技术操作方面的难点分析表明 :经理人股票期权制仍将是解决经理人长期激励约束问题的重要选择。为确保股票期权作用的充分发挥 ,应尽快消除宏观环境方面的障碍 ,完善股票期权计划设计 ,而不应因为存在的障碍而否定股票期权有作用。
Based on the current executive stock option (ESO) system of China, this paper analyses ESOs' characteristic effects as incentives and constraints. Obstacles and difficulties in the performance of ESO system are also identified. This research shows that ESO system is still an important tool to solve long-term incentives and constraints problems. To get the full effect of such a system, some macro-environment related obstacles should be remove as soon as possible, and design of ESO plan should be improved. There is no evidence for that the role of ESO could be ignored though still some performance problems need to be solved.
出处
《财经理论与实践》
CSSCI
北大核心
2004年第3期47-50,共4页
The Theory and Practice of Finance and Economics