股票期权激励机制在我国的发展方向探析

引入经理人股票期权(ESO)有助于协调公司股东和经理层的利益冲突,经过科学设计的股票期权激励机制对公司的生存、发展和全社会的变革产生深远影响。本文归纳了股票期权激励机制在我国发展所取得的成就,重点探讨了可能存在盈余管理的条件和时机,股票期权的终止、再授予行为的影响因素,以及制度保障力度情况。在此基础上,对我国股票期权激励机制的发展方向从市场监管、激励机制设计和会计制度基础三方面进行了分析。

Analysison the Development of Executive Stock OptionIncentive in China

Executive Stock Option(ESO) incentive is to provide managers with stock options,which link manager’ s personal interests to business interests. Recently the application and extension of ESO has occupied a very important position in China. Summarizes urgent systematic and environmental issues which listed companies faced, the paper broadens the scope of the current literature by investigating the ex ante earnings management behaviors of ESO and the factors that influence the termination, re-pricing and re-grant practices of ESO.