论经理股票期权的性质

关于经理股票期权性质的争论主要集中在两个问题上:它是负债还是权益;它应不应该费用化。针对这两个问题,文章深入分析了经理股票期权的产生、本质,认为:它是现代企业为了实现“剩余索取权与剩余控制权相对应”这一效率最大化原则而采取的最为突出的一项激励措施,应属于权益而不是负债;它可以看作企业接受经理以人力资本进行的投资,即他需付出比从前多得多的辛苦和努力才能满足行权条件,故企业须在受益期内将期权的价值摊销为费用,因为行权后经理就变成以物资资本进行投资的投资者了。

The Nature of Executive Stock Option

The argument about the nature of ESO mainly focuses on two issues: one is whether it is a liability or an equity,and the other is whether it should be turned into expense.Faced with these two problems,this article thoroughly analyzes the origin and the essence of the ESO by the knowledge of economics and then draws the conclusion: ESO is the most outstanding incentive measure for modern enterprises to achieve the principle of maximizing efficiency so the residual claim should correspond to the residual masterdom;it belongs to equity but not a liability.And we can look ESO as an investment of the administrators' human resources.They have to pay much more effort than before to meet the requirement of exertion stock option.Therefore,enterprises should amortize the value of ESO to an expense during the benefit period,because the administrator will become the investor of material capital after exertion stock option.