作为公司治理的一个重要方面,经理人的薪酬安排具有重要的研究价值,传统激励理论认为,股票期权制度能够起到激励经理人努力工作的重要作用。但实践中,这种制度安排往往没法达到制度设计的初衷,甚至成为经理人进一步剥削公司的一个工具。文章将从一个简化模型入手,并随着假设条件的放松引入更为接近现实世界的模型来分析股票期权制度及其作用效果。%As one of the important aspects of the management, the managers＂ salary arrangement has an important research value. In traditional incentive theory, stock incentive is an important way to excite managers to work hard. However, in practice, this system arrangement often cant achieve the purpose of this design. And it even becomes a tool for managers to exploit the company. To begin with a simplified model, this paper will gradually relax the assumption of model to analyze the stock incentive system and its effect.
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