人力资本与产权制度安排——兼评管理层股权激励

人力资本产权制度安排是微观主体追求潜在的利益而产生的外在动力及生产力水平发展与传统分配制度内在矛盾产生的内在动力共同作用的结果。管理者作为一种异质性人力资本，产权的有效界定是实现企业可持续发展的关键。相比其他剩余利润分配的方式，股票期权合约能够同时实现管理者和物质资本所有者利益的最大化，是最优合约。在我国的实践中，由于资本市场二元产权主体结构的缺陷和治理结构的不完善，应对传统股票期权进行创新使其能够反映有效期内股票价格的变化路径，达到真正的激励效果。

Human Capital and The Arrangement of Property Relations

The arrangement of property relations of human capital results from the coaction betwen the extenal and internal motives, which are caused when microcosmic subjects pursue potential profit and production capability contradicts traditional distribution system respectively. In our country, the real stimulation will be reached by innovating the traditional stock option to make it reflect the change route of stock price in the period of validity.