商业银行实施激励股票期权若干问题研究

近年来,激励股票期权在我国商业银行中逐渐被重视,并即将成为重要的激励方式.本文在阐述商业银行实施激励股票期权重要意义的基础上,指出应合理定位法律在实施激励股票期权过程中充当的角色,法律不宜过多介入商业银行激励股票期权方案的实施,但对激励股票期权实施过程是否公正、实施结果是否合理等情况则应保留相当程度的审查权与裁判权.同时,指出以股价、财务会计手段作为业绩测量标准来界定银行业绩的含义均存在一定缺陷,授予业绩或指数期权而非固定溢价期权应为更佳选择;本文还对激励股票期权的授予数量、持有时间和期权重新定价等问题进行了剖析.

Some Issues Regarding Incentive Stock Options by Commercial Banks

In recent years, incentive stock option has arrested greater attention from our state-owned commercial banks and become an important means of incentives. In this paper, the significance of adopting stock option by commercial banks is stated. Then it is pointed out that the role of law should be properly defined in this respect. It will not do for the law to get too much involved in stock option programs by commercial banks. But, the law should maintain considerable power of inspection and arbitration regarding the fairness and reasonability of stock option in force. At the same time, it is stated that defects do exist when stock price and financial accounting methods are used to measure banking performance. A better choice will be a performance or index-linked option rather than fixed premium option. Finally, the amount of stock option to be given, holding time and repricing are discussed.