摘要
股票期权制度已成为现代公司激励管理层的主要方式,但由于此制度本身的不足及我国股票市场的不规范,其在我国的适用还存在一定的缺陷。经济增加值(Economic Value Added,简称EVA)是由J.Stern与G.B.Stewart在分析传统财务指标在度量公司市场价值方面的严重缺陷后提出并加以推广的。基于EVA的虚拟股票期权是将EVA价值融入股票期权制度中,解决了股票来源问题,不受资本市场有效性的影响,克服了流通转让的障碍,不仅适用于非上市公司和企业分部,并且行权价格的规定较为客观,可避免现金行权带来的问题,而且不会影响公司的总股本和所有权结构,因此对于我国具有很强的现实意义。
While the Employee Stock Option system（ESOP） has become the major incentive to motivate the managements of the modem companies, there still exist certain deficiencies in its application in our country because of the deficiencies of the system itself and the lack of standardization of our stock market. Compared with the ESOP system, the Phantom Stock Options（PSOP）based on the Economic Value Added（EVA）is a fusion of the EVA value into the stock option system. This application of EVA in employee stock option system solves the problem of stock sources. It is not influenced by capital market effectiveness and overcomes the obstacles of circulation and transfer. It is therefore not only applicable to non- listed companies and company subsidiaries, but, because of its relatively objective stipulation of exercise price, can also solve the problems brought about by cash exercise and meanwhile does not affect companies＇ general share capital and ownership structure. The application of EVA in employee stock option or PSOP based on EVA therefore has an immediate and strong significance for our country.
出处
《山东财政学院学报》
2006年第3期84-86,共3页
Journal of Shandong Finance Institute
关键词
股票期权
经济增加值
激励机制
Employee Stock Option（ESOP）
Economic Value Added（EVA）
incentive scheme
作者简介
纪巍，女，山东济南人，天津商学院硕士研究生，研究方向：人力资源管理。
