股票期权:基于人力资本产权的分析

本文认为,企业是一个由人力资本和非人力资本共同订立的特别市场合约,企业家根据其人力资本分享企业剩余,人力资本在产权上永远具有独特性,其产权要求是保证其使用过程中的排他性。文章提出,提高人力资本开发和使用经济效率的唯一有效的途径是满足人力资本的报酬要求,实行充分的激励制度,保证人力资本的全部价值实现。股票期权是公司给股票期权受权人按约定价格和数量在约定时间购买股票的权利,既可避免直接定价的市场效果,又能实现企业家的利益回报,有利于人力资本正态效应的发挥,尽可能地将企业家所创造的收益与其所得保持比较高的正相关关系,在一定程度上是对人力资本参与分配的一种肯定,是对企业家索取剩余权利的承认,是一种人力资本的有效激励方式。

Stock Option: an Analysis Based on the Property Right of Human Resources

The author points out that the enterprise is a special market contract made by human resources and non-human resources.The only way to improve the efficiency of human resources is to meet the human resources' requirement on reward,implement incentive mechanism,and guarantee the realization of human resour ces' full value.Stock option is the right given by the enterprise to the holder of it to buy the stocks in a future time by a predetermined price and quantity.It can help the entrepreneurs realize their returns and give full play to the role of normal effects of human resources.It gives approval to the participation of human resources in allocation,and it is an effective incentive method for human resources.