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近几年来,关于如何调动企业经营者积极性的激励机制在国内越来越受到重视。改革开放以来,我国对企业经者收入分配制度进行了多次调整,从最初的承包责任制、资产经营责任制、租赁制、委托代理制等形式发展到1994年开始在国企中推行的年薪制。但是从各种分配制度的实施效果来看,激励机制难以令人满意。而日渐倍受关注的股票期权制不仅在理论界引起强烈地探讨,而且在我国武汉、上海、北京、深圳等地实施了这一激励机制。那么,如何认识股票期权激励机制?实施股票期权制的意义何在?就目前我国的现行政策法规及资本市场现状是否适用于股票期权制的顺利实施呢?本文拟就以上问题进行探讨。
In recent years, on how to mobilize the enthusiasm of business managers incentive mechanism in the country more and more attention. Since the reform and opening up, China has made many adjustments to the income distribution system for business elites, starting from the initial contract responsibility system, the asset management responsibility system, the lease system and the principal-agent system to the annual salary system . However, from the implementation effect of various distribution systems, the incentive mechanism is unsatisfactory. However, the stock option system, which has drawn more and more attention, not only caused intense discussion in the theoretical circles, but also implemented the incentive mechanism in our country such as Wuhan, Shanghai, Beijing and Shenzhen. So, how to understand the incentive mechanism of stock options? What is the significance of the implementation of stock options? At present, China's current policies and regulations and the status quo of the capital market is suitable for the smooth implementation of the stock option system? This article intends to explore the above issues.