对经理股票期权激励的分析
对经理股票期权激励的分析
摘要：随着改革开放的深入，加入WTO近7年来，我国的市场经济进一步完善。企业开始积极地“走出去”，企业的激励制度也逐渐与世界接轨。对经理的股票期权激励正是一种典型的引自国外的激励制度。因此在中国股市繁荣的今天，有必要更深入地对经理股票期权激励的应用加以研究。企业是否采用经理股票期权激励制度要用动态的眼光看待。当前，许多曾经受益经理股票期权的西方大型企业纷纷放弃这一制度，但这并不说明股票期权制度本身有致命缺陷，而是因为这些企业所处的发展阶段和外部经济社会环境使其不再适合使用经理股票期权激励，要随自身发展阶段不同而采用其他更为适合的激励方法。本文主要在分析了经理股票期权激励的理论基础、研究现状及作用机制的基础上，结合我国当前的实际情况来探讨我国企业采用经理股票期权激励的前景。
关键词：股票期权； 经理；激励机制
Analysis on the encouragement of executive stock option
Abstract: With the further development of open-door ,and the entry of WTO for seven years, Chinese market economy has got further improvements. Enterprises begin to implement “throw into foreign market” strategy, while our incentive system also catch up with the whole world gradually. The encouragement of executive stock option(ESO) is just an typical mechanism which is from foreign incentive system. Therefore, with the flourishing of Chinese stock market,it is necessary to research the application of ESO. Whether adopt ESO system, enterprise should consider it in a dynamic way. Though some western multinational have given up the ESO system,it is not the indication that system have fatal flaw but the system needs an appropriate environment to work well. The paper analyzes stock option ’s theory ,studying state and its function mechanism. Moreover, It discusses the prospect of ESO together with Chinese enterprises’ actual situations.
Key words: stock option ; managers; encouragement mechanism
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