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虽然在美国安然公司丑闻爆发以后,对股票期权的抨击不绝于耳,并有研究结论认为,在过去30年里,所有授予公司高管的股票和股票期权对提高公司的业绩都于事无补,这种激励性报酬对提高公司的股价和提升资产收益率的作用不大。但是,从我国企业,特别是国有企业经营者长期激励机制不足的现状,以及该制度在国外实施的主流业绩出发,股票期权自然也可以作为我国企业经营者经济利益激励、减少代理成本、改善治理结构、促进稳健经营等的制度安排之一。股票期权在我国当然只能算是一个新生事物,要使其在我国规范、有效地发展,除了要在法律上扫清障碍并制定相应的法律之外,当务之急是要在税收、会计和融资方面形成与其配套的制度。
Although the Enron scandal broke out in the United States, the criticism of stock options was endless and some studies concluded that in the past 30 years, all the stock and stock options granted to the company’s executives did not help improve the performance of the company. Incentive compensation to improve the company’s share price and enhance the return on assets of little effect. However, starting from the current situation of the lack of long-term incentive mechanism for the enterprises in our country, especially the state-owned enterprises, and the mainstream performance of the system implemented in other countries, the stock option can also be used as the incentive for the economic interests of the enterprises in our country to reduce the agency costs and improve the governance Structure, promotion of sound management and other institutional arrangements. Of course, stock options can only be regarded as a new thing in our country. In order to make it develop in our country in a normative and effective manner, it is imperative that taxation, accounting and financing should be the top priority in order to clear the obstacles in law and formulate appropriate laws With its supporting system.