股票期权激励制度的回顾与展望  

Review and Prospect on Incentive Mechanism of Stock Option

作　　者：王慧[1] 

机构地区：[1]东北财经大学工商管理学院,辽宁大连116023

出　　处：《商业经济》2009年第13期80-82,共3页Business & Economy

摘　　要：股票期权,作为一种内部分配制度的创新,早已成为世界各国上市公司重要的激励模式。国外学者的研究主要集中在股票期权的激励机制、股票期权补偿合约标的资产、股票期权方案的影响因素等方面,并认为股票期权的快速发展与其激励效应密切相关。我国证券市场尚处于逐步完善和发展阶段,尚未推出期权等衍生工具市场,对于股票期权激励制度的研究也仅仅处于初级阶段。目前,我国学者关于股票期权激励制度本身已有较全面的研究,包括其运行机理、组成要素及其优点等,但是在实施股票期权激励制度上仍然存在两种观点,即我国股票期权激励制度的实施还有一定的环境与障碍问题;我国公司化改革的进程迫切要求推行股票期权制度,股票期权激励制度的效应分析应主要集中在该制度的正面效应上。As an innovation of internal distribution system, stock option has been an important incentive mode of listed company all over the world. Foreign scholars mainly focus on the incentive system, underlying assets on compensation contract, and influential factors of plan on stock option, and conclude that the quick development of stock option is closely related to incentive effect. Chinese stock market lies in developing and improving stage without derivatives markets such as stock option, and the research on incentive system of stock option is at primary stage. Now Chinese scholars have begun studying the incentive system itself comprehensively, including its operating mechanism, combining elements and advantages. But there are two viewpoints in the implementation of incentive system, that is, there are some environmental obstacles in carrying out Chinese stock option of incentive mechanism; Chinese corporate re.form need pcactiee stock option system urgently, and the effect analysis on incentive system should be based on its positive aspect.

关 键 词：股票期权 激励机制 回顾与展望 

分 类 号：F830.91[经济管理—金融学]