经理股票期权制度的理论基础  

Theoretical Basis of Executive Stock Option

作　　者：刘勇[1] 

机构地区：[1]合肥工业大学管理学院,安徽合肥230009

出　　处：《安庆师范学院学报（社会科学版）》2008年第5期27-32,共6页Journal of Anqing Teachers College(Social Science Edition)

摘　　要：委托—代理理论是ESO形成的客观理论基础,人力资本理论强调企业剩余索取权不应只属于所有人,团队生产理论解释了企业代理人不断强化企业管理和监控的动机。实施ESO制度,有利于解决对国有企业代理人的长期激励问题,更有效地约束国有企业代理人的经营行为,吸引更多的优秀职业经理人加入国有企业代理人队伍,有利于国有资产的部分变现和保值、增殖。Authorized representation theory is the objective theoretical basis of forming ESO. Human capital theory emphasizes that residual claim rights of enterprise don＇ t belong to owners. Team production theory explains the motivation of enterprise management and monitoring which enterprise agents strengthen continuously. With the implementation of ESO system, it is beneficial to the solution of the long-term incentive problems of state-enterprise agents and also effective to the constraint of management＇s behavior and attracts more outstanding professional managers into state-enterprise agent teams, so it is beneficial to partial liquidation, maintenance and increment of state- owned assets.

关 键 词：经理股票期权制度 委托—代理理论 人力资本理论 团队生产理论 

分 类 号：F830.91[经济管理—金融学]