为规范上市公司的股权激励计划从而保护中小股东的利益,中国证券监督委员会(“证监会”)于2005年底发布了《上市公司股权激励管理办法(试行)》(“原激励办法”),对上市公司实施股权激励计划的基本要求、实施程序和信息披露等内容进行了初步规定。此后陆续发布的相关备忘录1影响巨大,2008年公布股权激励方案的上市公司2多达60家。在股权激励计划获得上市公司如此追捧之时,其负面效应也不 In order to regulate the equity incentive plan of listed companies so as to protect the interests of small and medium shareholders, the China Securities Regulatory Commission (CSRC) released the Measures for the Administration of Equity Incentives of Listed Companies (Trial) "), The initial requirements of listed companies to implement the basic requirements of equity incentive plan, implementation procedures and information disclosure were preliminarily stipulated. Since then, the relevant MOUs 1 released successively have had a great impact. As many as 60 listed companies 2 were announced in 2008 with equity incentive plans. When the equity incentive plan is sought after by listed companies, its negative effect is not