经理股票期权制度的移植及本土化

经理股票期权 (Executive Stock Options,简称ESO)最初于20世纪70年代出现于美国,目前已发展成为西方国家普便采用的企业激励机制。为寻求对企业高层管理者产生长期的激励效果,在西方经理股票期权风起云涌并取得成效的同时,国内许多上市公司针对自身特点,将西方经理股票期权制度进行变通,制定出适合本公司的经理股票期权激励计划。本文对国外经理股票期权制度的产生、发展及理论基础进行了阐述,并对该制度的移植及其本土化提出了可行性的操作建议。

Transplantation and Indigenization of the ESO System

As a kind of enterprises?motivation system, Executive Stock Options (ESO) first emerged in the U.S.A. in 1970s, and today it has generally been adopted by the western enterprises. In view of the prosperous achievement that the system has gained in the West, many public-held corporations of Country have made some alternations on the Western ESO system according to their own characteristics, and put out their own ESO motivation plans, so as to acquire a long-term motivation effect on the high-level managers. This article purposes to clarify the emergence, development and theoretical foundation of the ESO system, and thus to make some practicable suggestions on its transplantation and indigenization.