一、引言自股票期权制度引入国有企业的激励制度以来,它便成为各方学者争论的焦点。多年以来,为了解决如何最大限度地激励经营者尽力为股东创造财富的问题,对经营者的激励制度经历了从固定的年薪制到绩效薪金、授予公司股份,到目前的股票期权一系列的制度变迁。许多人曾形象地评价股票期权是一副企业赐给高层管理人员的“金手 I. INTRODUCTION Since the stock option system was introduced into the incentive system of state-owned enterprises, it has become the focus of debate among all parties and scholars. Over the years, in order to solve the problem of how to maximally motivate managers to do their utmost to create wealth for their shareholders, the incentive system for the operators has undergone a series of systems ranging from fixed annual salary to performance-based salary, award of company shares, and current stock options. change. Many people have vividly evaluated stock options as a ”golden hand" given by a company to senior management personnel.