股票期权理论与应用研究

激励问题是现代企业要解决的主要问题之一,股票期权是能够满足此需求的一种激励机制,其最大作用是按企业发展成果对经营者进行激励,使经营者的个人利益与企业的长期发展更紧密地结合在一起。股票期权是一种长期激励制度,其理论基础是人力资本产权理论。中国实施股票期权受到法律、证券市场等因素的制约,应从制度、资本市场的规范、激励与约束相平衡等方面提出建议。

A study of the theory and application of executive stock option

One of the main problems exiting in modern enterprises is inspiriting the stuff. One effective solution to this problem is the executive stock option. Its first advantage is that it is able to stimulate the managers by associating their personal benefits with that of the enterprise, thus the managers would concern more of the long-term development of the enterprise. Stock option is a stimulation mechanism which operates in a longer period. Its theoretical basis comes from the theory of human property. In China, the performance of stock option is subject to some factors such as laws and stock market. It is suggested that regulations, capital market control and the balance of stimulation and constraints should be taken into account in the conduct of stock option, considering the specific situation in China.