人力资本计量与股票期权制实施  

Human Capital Measuring and Stock Option Implementing

作　　者：黄文锋[1] 慕刘伟[2] 赵宗华[3] 

机构地区：[1]广东金融学院,广州510632 [2]西南财经大学,成都610074 [3]中国人民银行,北京100800

出　　处：《金融研究》2004年第6期68-72,共5页Journal of Financial Research

基　　金：广东省财政厅立项课题(编号03013)

摘　　要：企业内人力资本计量的模糊性,导致企业内公共领域的出现。企业制度的演进过程,就是不断创新公共领域的产权规则,以减少管理者在公共领域产生的机会主义。股票期权制的实施,减少了管理者决策行为的机会主义,却诱发了会计领域的机会主义,导致一系列的财务丑闻。事实表明,股票期权制的成功实施,依赖于科学的业绩计量规则、健全的信息生成机制、高效的市场监管体系以及健康平稳的宏观经济政策,显然这是一套严格的制度安排。我国正在推行的长期激励制度改革应该充分意识到这项制度的复杂性和艰巨性。Due to the blurring of human capital measuring of the enterprises, the public fields are appeared . The evolution process of the enterprise system lies creating property rule, in order to reduce the opportunism .The implementing of stock option decreases the managers' opportunism in their decision - making but induces the one in accounting filed ,and resulting a lots of financial sandal .In fact , the successful perform of stock option depends on scientific measuring regulation, sound information producing mechanism of, high efficient market supervision and stead macro - economic police, which really are a serial strict institutions arrangement .We must fully understand the complexity and arduous of the stock option for the reform in our long - term incentive system at this stage.

关 键 词：机会主义 人力资本 计量 公共领域 股票期权 

分 类 号：F271[经济管理—企业管理]