股票期权与限制性股票股权激励方式的比较研究  

Which is the Better of Stock Option and Restricted Stock:the Comparison of the Two Main Stock Incentives

作　　者：李曜[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《经济管理》2008年第23期11-18,共8页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"管理层收购后的公司治理绩效及其改进研究"(05CJL011);上海财经大学211三期项目。

摘　　要：本文从权利义务、估值、会计、税收等多角度对股票期权和限制性股票进行了比较分析,并对近3年我国上市公司的实践进行了总结分析。发现公司偏好选择股票期权,但主要行业选择没有差异。运用事件研究法比较两种激励政策的证券市场反应后,发现证券市场对股权激励具有正面反应,但主要是由于股票期权的公告效应十分显著,而限制性股票的股价公告效应并不明显。本文认为,限制性股票优于股票期权,应该在政策上引导和鼓励上市公司选择限制性股票的激励方式。The paper compares the rights and obligations, valuation, accounting, taxes of the stock option and restricted stock. It analyses the recent stock incentives of China＇s listed companies. It finds that the companies prefer the stock options and there are no differences in main industries which apply the stock incentives. The event study illustrates that the stock market responses positively to the stock incentives declaration but mostly for the stock options declaration not for the restricted shares. The author believes that the restricted share is superior to the stock option and needs more policy support.

关 键 词：股票期权 限制性股票 比较研究 

分 类 号：F830.1[经济管理—金融学]