股权激励作为公司治理结构中的长期激励机制,一直以来被称作公司管理者的“金手铐”。股权激励将高级管理人员的薪酬与公司长期利益联系起来,有利于解决“委托——代理”的矛盾,激发经营者努力工作以达到公司绩效与价值的预期目标。但如果激励机制设计不当、约束不足,股权激励则会成为经营者“名正言顺”掠夺股东利益、谋取私利的工具,“金手 As a long-term incentive mechanism in the corporate governance structure, equity incentive has always been called ”handcuffs “ of the company’s managers. Equity incentive linking the remuneration of senior executives with the long-term interests of the company helps to resolve the contradiction between ”entrustment-agency“ and inspire managers to work hard to achieve the expected goals of corporate performance and value. However, if the incentive mechanism is improperly designed and insufficiently restrained, the equity incentive will become a tool for operators to ”justifiably" plunder the interests of shareholders and seek personal gain.