人性如水,随物赋形,人之趋利,犹水银泻地,迅趋而无孔不入,古今中外,概莫例外。因为股权激励的诱惑,安然管理层为虚构高超业绩,无所不用其极。最终导致巨人安然一夕崩塌。此为股权激励负效应的体现。观下文安然手段种种,对比中国证券市场,相信读者亦有似曾相识之感!美国严密的监管体系和公司治理,对安然公司高管而言,竟然如牛栏关猫,那么,中国目前对国有企业高管实行以市值为基础的股票期权激励,又会否造成灾难性的后果?当然,我们不可能等条件完全具备了再去实行股权激励,就像小孩不摔跤,就学不会走路一样。只是美国安然、施乐等公司殷鉴不远,我们可少走弯路,同时也启示我们,要使股票期权发挥积极的作用,必须要有相互配套且有动态适用性效率的制度安排,才能打破串谋,诱导各方参与者的正向行为选择,形成皆大欢喜的结局。 Human nature, such as water, with the material shaped, people benefit, still water silver, rapid and all-pervading, all ages at home and abroad, no exception. Because of the temptation of equity incentive, Enron management for superb performance, do everything in its favor. Eventually led to collapse of the giants overnight. This is the embodiment of the negative effect of equity incentive. View below all kinds of safe means, compared to the Chinese stock market, I believe the reader also has a sense of deja vu ... The United States strict regulatory system and corporate governance, Enron executives, even as bullpen off the cat, then China is currently state-owned enterprises Of course, we can not wait for the conditions are fully equipped to implement equity incentives, just as children do not wrestle, they will not learn to walk the same way. Only the United States Enron, Xerox and other companies not far from Yin, we can detours, but also enlighten us, to make the stock options play an active role, we must have complementary and dynamic applicability and efficiency of the institutional arrangements in order to break the conspiracy , To induce all parties involved in the positive behavior of choice, the formation of happy ending.