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文章分析了股票期权的积极作用和局限性 ,认为其积极作用主要表现在股票期权能在一定程度上将经营者的利益与公司股东的利益统一起来 ,因而它能在相当程度上解决企业中存在的代理问题。其局限性主要表现在 :一是股票期权诱使管理者采用激进的会计政策 ;二是股票期权的有效性依赖于资本市场的有放性 ,而资本市场并不完全有效 ;三是股票期仅假定管理者是万能的 ,而事实上 ,管理者并非万能。
This paper analyzes the positive role and limitations of stock options and holds that the active role of stock options is that stock options can unify the interests of managers and the shareholders of the company to a certain extent so that it can solve to some extent the existence of enterprises The agency problem. The main limitations are as follows: First, stock options induce managers to adopt radical accounting policies; Second, the validity of stock options depends on the release of capital markets, while the capital market is not completely valid; Third, the stock period Assume managers are omnipotent, and in fact, managers are not everything.