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现代公司制度的一个显著特征是公司的经营权与所有权相分离,这种分离在一定程度上提高了公司的治理效率,但同时由于企业经理人与企业所有者形成了委托代理关系,可能会导致经理人从自身利益出发,从而侵害股东权益等一系列问题的产生。为了解决上述问题,股票期权激励制度便应运而生。股票期权激励早在上个世纪80年代就已经在西方企业广泛实施,并取得了极大成果。上个世纪90年代,我国也开始引入这种激励机制,但由于我国企业实施股票期权激励现状存在一些障碍,真正应用到实践中去,便发现取得的效果不是十分理想。由此提出了相关建议,旨在推动股票期权激励机制在我国发挥更大效用。
A distinctive feature of the modern company system is that the management right of the company is separated from the ownership. This separation improves the efficiency of the company to a certain extent, but at the same time, the agency relationship between the manager and the owner may lead to Managers start from their own interests, thus infringement on the rights and interests of shareholders and a series of problems. In order to solve the above problems, stock option incentive system came into being. As early as the 1980s, stock option incentives have been widely implemented in western enterprises and achieved great results. In the 90s of last century, China also started to introduce such an incentive mechanism. However, due to some obstacles existing in the implementation of the stock option incentive in China, the actual application to practice shows that the effect achieved is not very satisfactory. Accordingly, the relevant suggestions are put forward to promote the incentive mechanism of stock options in our country to play a more effective.