摘要
人们对于安然公司破产的原因众说纷纭,但股票期权的先天缺陷无疑是其中很重要的一个。文章简要地回顾了股票期权制度的产生,然后分正、反两个方面论述了股票期权对公司管理层的激励效果,最后从理论上分析了股票期权产生负激励效果的原因,从而指出了安然公司破产的原因。在文章结尾处,列举了两个克服股票期权内在缺陷的措施,并指出了它们的不足。
People hold different opinions on the reasons of Enron' s bankruptcy, among which the inborn defect of stock option is obviously the most important one. In this article, a brief review on stock option' s emergence is made, followed by positive and negative elaboration of stock option' s stimulating effect on corporation managers. Then, a theoretical analysis on the reasons why the negative stimulating effect of stock option appears, thus pointins our the reason of Enron' s bankruptcy. At the end of this article, two measures, as well as their weakness, to overcome the inborn defect of stock option are suggested.
出处
《华南农业大学学报（社会科学版）》
2003年第z1期57-61,共5页
Journal of South China Agricultural University(Social Science Edition)
关键词
股票期权
安然
假账
激励
stock option
Enron
false ledger
stimulating
