论文部分内容阅读
企业股票期权制度是一项有效的激励约束机制,其实施的理想效果是产生强激励强约束效应。然而,我国目前的实际情况导致企业实施股票期权制度存在强激励弱约束效应。要使企业股票期权制度充分发挥作用,必须变“一强一弱”状态为“双强”状态。为此,需要从四个方面着手不断加强对经理人的企业内部约束和外部约束,包括:建立企业经营管理者的市场选拔机制;建立有效的业绩考核评价体系;完善证券市场;完善公司治理结构。
Enterprise stock option system is an effective incentive and restraint mechanism, the ideal effect of its implementation is to produce a strong incentive and restraint effect. However, the current situation in our country leads to the strong incentive and weak restraint effect for the implementation of the stock option system. In order to give full play to the role of the enterprise stock option system, it is necessary to change the state of “one strong and one weak” into a “double strong” state. Therefore, it is necessary to continuously strengthen the internal constraints and external constraints on the managers from four aspects, including: establishing the market selection mechanism of the business managers; establishing an effective performance evaluation system; improving the securities market; and improving the corporate governance structure .