经理股票期权制的基础和效用分析

现代西方资本主义为了解决由于所有权和经营权分离而产生的代理成本问题，发展多种约束和激励措施，对职业经理人行为加以控制。采取的主要措施之一就是目前流行的经理股票期权制。本文试就这一现象作一初步的探讨，主要包括其产生的理论与现实基础，以及对企业发展的作用与影响分析。引证的论据重点放在美国的经验与教训上，主要是考虑到经理期权制度在美国运用最为普遍。

Analysis of the Effect and Basis of Executive Stock Option Program

Various measures have been employed to reduce the agency cost from principal-agency problems in the western countries in the recent decades, among which executive stock option program plays an important role. This paper have researched the program, discussing the basis of both theories and practice. The effect of the program on the enterprises is also studied. The data and evidence mainly targets the United States, which uses the program most.