美国企业现行股票期权计划存在的问题与争论

90年代以后，由于美国的股票市场、税收政策以及会计准则等都有力地促进了股票期权计划的发展，使股票期权在激励经理人员以及协调经营者与股东之间的利益关系等方面都发挥了良好的作用。但是，这一计划的实施并不完美，在实践中也暴露出许多不可忽视的问题，如经理人员的报酬与公司业绩脱节、激励作用弱化、股东利益受到损害等等，这些问题在西方引起广泛的关注与争论，同时对我国的公司治理也有一定借鉴与启示。

Problems and Debates on Stock Option Scheme Exercising in the U.S.

From 1990s, the stock market, tax policies and accounting standards have promoted the development of the stock option scheme strongly. Stock options are playing an important role in executive's incentives and aligning the interests of managers with shareholders. However, this scheme is not perfect, many problems are exposed in practice, such as, with no link between the executive pay and corporate perfopmance, Weaking incentives and harming shareholders, etc. These incur cares and debates in western countries ex tensively.