中国高层经理股票期权最优激励比例研究

高层经理股票期权机制将经理人员的报酬与公司的市场价值联系在一起,从而达到降低代理成本,增加社会福利的目的。目前国内关于股权激励问题的研究很多,但还存在着一定的争议,特别是关于股权激励的定量分析。本文以经济分析法为基本研究方法,辅以实证研究的方法以高层经理股票期权为内容进行了分析,针对最优期权比例的确立进行研究,通过委托-代理模型分析方法建立最优股权激励模型,并对影响最优股权激励的因素进行讨论,提出建议,以促使股票期权激励制在中国达到应有的实施效果。

Research on the Rate of Executive Stock Option in China

The executive stock option mechanism connects manager's personnel and the market value of the company to lower the agency cost,increase the social welfare,stock option was subjected to worship with the western nation of the American leader.Currently,a few of Chinese business enterprises also gradually adopt this kind of salary system,the understanding of the executive option seem to be very necessary.Although the research of encourage problem concerning a lot of investigator,there still exist the certain controversy,especially concerning the quantitative analysis of stock option.This text takes economic analytical method for basic research method,assist with the demonstration study method to discuss the executive stock option.This paper researches on the option rate through entrust-act model analysis method to build up the superior ownership of stock option to encourage the executives,and carry on discussing the factors affecting the superior outcome of the mechanism to improve the result that should China achieve.