从美国大公司财务丑闻看股票期权的制度缺陷

对公司的经营管理者实行股票期权是目前国内外普遍运用的一种激励制度。本文结合 2 0 0 1年美国大公司一系列财务丑闻事件 ,针对“股票期权神话破灭”这一话题 ,从理论上阐述了股票期权的本质 ,指出了股票期权在美国实践中存在的问题 ,进而从四个方面深入剖析了股票期权的制度缺陷 ,并给出了几点启示。希望能对我国正在积极开展的企业股票期权计划有所借鉴。

Looking on the Institutional Defect of Stock Option from the View of Financial Scandal of U.S.Large Companies

Carrying out to the managers of company has become a general incentive institution. On the evaporating of stock option myth, This paper combined with series of financial scandal of U.S. large companies in recent years, discussed the nature of stock option, pointed out the problems in practicing in the U.S. companies, and then analyzed the institutional defect of stock option from four side, and obtained some meaningful revelation to our stock option scheme which is being implemented.