国外经营者股票期权_ESO_激励理论评述与分析

:2001206220:(19562),,,,;:(ESO)(,,510090):(ESO),:ESO:F830.91:A:16712623X(2002)0120023206,,,,,,,,,,,,,,,,,,(),,,,,,,,,,,(ESO),,,[1,2],,,,,,,,,,,,ESO:,,ESO3221()Vol.2No.120023JournalofGuangdongUniversityofTechnology(SocialSciencesEdition)Mar.2002()(),198619901055700,TimesWarmer()S.J.Ross,51.37;10MascoMauogian,270090,;19932,1990365200,85,45(),,,,45%,15%,30%,8%,2%,,,65.9%,16.5%,12%,5.6%,,[3](),,,?,,1.,,,,,,,,,,,2.,,,,,,,(),(),,,(),,,,,,,,3.,,(),,,,,,,,,,,,,,,?,,,,42:(ESO),,,,,ESOESO():(MichealJensen)H(Willan.H.Meekling)1976:,(),,,,,,,;,,,:,,()1.(Salary),;,,,,,,2.,,3.(ShareHolding),,??,4.(Bonuses);5.(ShareCropping)()();,?,,,,6.(StockOption),(),(Lock2in)()()(ExecutiveStockOption)1.ESO?(ESO)()ESO,,,(),()(),,,ESO,2.ESO(1),,;(2),;(3),3.ESO,,:()5221()Vol.2No.120023JournalofGuangdongUniversityofTechnology(SocialSciencesEdition)Mar.2002,,,,,,,2070,90ESO,25%,500,89%ESO,ESO,,,10%,16%,,4.ESOESOPESO2070,ESOP(Em2ployeeStockOwnershipPlan),ESOP,,ESO()ESO()ESO,ESO,,ESO;,ESO(),(1),(2),,;(3),,,(4),(5),()ESO,ESO:,,,;,,,,ESO,,,,,,,,64(65),ESO,:,,,,,,,,,,:,,,,,62:(ESO),,,,,,:,,,,,,,,ESOESO:ESO520,ESO()()ESO,ESO()ESOESO,ESO,ESOESOESO10%ESO;;ESO;ESOESO,,:;;;,ESO,(),1.,,,10%,,,2.:,,1503.,,,10%,,110%50%(),10,52010%,,,57221()Vol.2No.120023JournalofGuangdongUniversityofTechnology(SocialSciencesEdition)Mar.2002,(),,1.,,,,2.,,3.,,,(),,(Windowsperiod)3310,,:(1),,;(2),;(3);(4),;(5),,,,,,1Jensen,MichaelC.,andMurphy,Kevin1J1ExecutiveCompensationandIncentwetoManagementJ.politicalEconomy,98(2):2252264.2Murphy,Kevin1J1corporateperformanceandManagerialRemuneration:AnEmpiricalAnalysis,J.AccountingandEcomony,1985(7):11242.3Monks,RobertA1G1,TheAmericanCorporationattheendoftheTwentyCentury:AnOutlineofOwnershipBasedGovernance,SpeechatcambridgeUniversity.Ju2ly,1996.TheForeignExecutiveStockOptionIncentive:TheoryandPracticeLIZi2jiang(SchoolofEconomicsandManagement,GuangdongUniversityofTechnology,Guangzhou,Guangdong,510090)Abstract:Thispapergivesageneralreviewofthepremise,theoreticalfoundation,functioningmecha2nism,principles,criteriaofforeignexecutivestockoption,andthetypesofstockoptionplanning.Itin2tendstoprovideadviceforChineseenterprisestolearnfromtheexperiencesoftheforeignexecutivestockoptionplanning.Keywords:foreigncountry,ESO,executive,rewardsystem(::)82:(ESO)