股票期权激励的若干问题解析

股票期权作为一种长期激励机制已被我国许多企业所接受.本文在明确了控制权激励是期股激励的基础后,进一步分析了市场结构、风险态度、治理结构及行业差别等影响期股激励强度的因素.指出在寡头垄断性市场中,激励强度较弱的原因,提出在新兴高科技企业中使用期股激励,增强激励强度的建议.最后说明在我国,对经理的期股激励决策应该由除董事会以外与经理无利害关系的第三方来完成.

On Analysis of Some Problems in Stock-Option Motivation

Stock option has been accepted by many Chinese enterprises as a long term mechanism. After the mastery motivation has been clarified as the basis of option motivation, this paper further analyses some factors affecting the intensity of option motivation, i.e. market structure, attitude to risk, governing structure and trade differentiation. This paper also points out the reasons of weaker motivation intensity in oligopoly market. This paper suggests that stock option should be applied to developing high tech enterprises to strengthen the motivation. Finally, this paper states that in China the option motivation decision of managers should be accomplished by a third party outside the board of directors that has no bearing on managers.