上市公司经理股权与股票期权激励制度分析

近20年来,以工资加奖金加股权加股票期权的"三位一体型"激励制度成为西方发达国家公司经理激励的特点。但是,从中国股份公司在实施这一制度的现状来看,效果并没有当初想象的那样理想。原因在于经理股权与股票期权激励制度的引进没有从中国公司治理特点和资本市场的实际出发。因此,引进和实施这一制度,需要根据中国的国情和公司治理的现状来对它进行消化和吸收。

Analysis on Executive Equity and Executive Stock Options in China's Joint-stock Company

The trait of management incentives in developed countries has turned to be about the new incentive system that the corporations pay their management no only salary and bonus, but also equity and stock options in the past twenty years. But the success of the system's introduction is decided by china's situation of corporation governance and market reality. So the author analyzes those constraint conditions of the practice of the incentive system in China's joint-stock company, and gives some suggestions for efficient practice.