I
摘 要
股票期权是一种发轫于西方国家、盛行于全世界的企业收入分配制度，其最
大的优势在于将企业所有者、经营者与技术人员的切身利益高度凝结与统一，从
而增进企业治理的有效性。经营者一旦拥有公司股份，必然提升其经营管理的自
主性与积极性，提高公司决策的科学性与准确性，这也是股票期权制度的设立初
衷。当前，我国国有企业在诸多层面（譬如资金、技术、经营、管理、风险防范
等）均与外资企业有一定的差距，特别在企业的激励约束机制层面，我国企业的
制度建设远远落后于西方发达国家，这一状况亟待改善。

有鉴于此，本文将股票期权引入企业激励机制建设的范畴，以期提升企业经
营者在经营管理过程中的积极性与有效性，以更好的提高公司治理的现代化水平。

论文主要分以下六个部分：第一章节是绪论。主要论述了选题背景、研究的意义、
国内外研究现状、研究内容、本文创新之处以及论文章节安排。第二章节是经营
者股票期权的内涵和理论基础。本章节对经营者股票期权理论进行了相应地概述，
并针对于国内外的研究成果进行了详细地论述，指出股票期权从不同的角度进行
分类可以分为债权、选择权以及期待权。第三章节是经营者股票期权制度对公司
治理作用分析。本文在探讨了股票期权理论为基础上对经营者股票期权制度的特
点以及作用进行了分析。并以实际数据分析股票期权制度对对公司治理的促进作
用。第四章节是股票期权制度在我国的实践当中所存在的问题。其中最大的一个
特点就是直接抹杀了股票期权所拥有的权力性，将股票期权的协议变成经营担保
的合同，强制经营者承担购买期权股的义务，可以说，这种以强调约束而忽视激
励的做法严重违背的期权制度的初衷。与此同时，在期权制度的实践当中也遇到
了一些障碍，主要包括法律上的障碍以及制度环境上的障碍，这些问题都亟待我
们去解决。第五章节是对策建议。主要是针对于我国股票期权制度在我国实施过
程中存在问题提出的相应的建议对策。第六章节是结论与展望。主要是针对本文
的研究内容作了总结。例如改善公司的治理结构，建立经营者市场以及培育并发
展我国的股票市场，并且建立职业经理人制度等等，并对下一步研究计划作了展
望。

关键词：股票期权 公司治理 激励机制 效用分析

III
The use of executive stock option system in our country
Abstract
As an kind of widely used modern income distribution system in vogue of the west,
the Executive stock option (ESP) can make enterprise owners and the management team、
technical staffs into an interest group. Once the management holds certain share in their
managing enterprise, they will care more about enterprises as caring about their own
property inevitability. They will be more cautious about the investment decision-making
and perform much better than not having got the stock share. A lot of state-owned
enterprises are unable to compete with the MNCs in the hyper-competitive market; the
main reason is they are far behind the market economic process and internationalized
process on the area of motivation-restrain system, besides the factors like technology, fund,
ability, etc.
This paper intent to describe some theories on the implementation of Executive Stock
Option (ESP), the special utility on motivate the executives of China to excellent
performance, and the practice of this system in our nation. The frameworks of this paper
are: The first chapter is introduction. This paper mainly discusses the selected topic
background, research significance, research status at home and abroad, the research content,
this article innovation place and the thesis chapters arrangement. The second chapter is the
connotation and theoretical basis of executive stock options. This section of executive
stock option theory accordingly, and for domestic and foreign research results were
described in detail, points out that stock options are classified from different angles can be
divided into right of creditor's rights, options, and look forward to. The third chapter is the
executive stock option system analysis to corporate governance function. Based on stockoption theory is discussed on the basis of characteristics and function of executive stock
option system is analyzed. And with the actual data analysis on stock option system in
corporate governance. The fourth chapter is the stock option system in the existing
problems in the practice of our country. Mainly includes the legal obstacle and the obstacle
of the institutional environment, needs us to solve all these problems. The fifth chapter is
the countermeasures and Suggestions. Mainly for in our country in the process of
implementing stock option system in China. Corresponding Suggestions of
countermeasures put forward. The sixth chapter is conclusion and prospect. Mainly is aims
at the research content of this article made a summary. And the next research project.
Key words: Stock Option Corporate governance Utility Analysis
Implement