摘要：股票期權激勵作為一種有效解決企業委托代理問題的方法，由于效果明顯，在美國等成熟市場被廣泛應用。股票期權激勵可以減少代理成本、吸引人才、留住人才、激勵人才。我國A股上市公司的實證研究數據表明，股票期權激勵這種股權激勵方式在我國當前的現實條件下激勵效果不明顯,不能顯著提高公司經營業績,增加股東財富。股票期權激勵這種激勵方式應用于中國產生的激勵效果遠沒有應用于美國明顯。基于此，我們有必要探討我國上市公司經營者股票期權激勵中出現的問題。理論上，產生不同效果只會有三種可能性的影響因素差異：背景（實施環境的存在差異）、作用手段（具體的激勵方案存在差異）和作用對象（接受股權激勵的經營者差異）。本文從這三個方面對于美國和我國的差異進行細致的比較，并對差異為什么會產生不同激勵效果進行了分析。對于解決股票期權激勵不明顯的問題，本文力圖畫出一個簡單的框架。希望對于提高我國的股票期權激勵效果可以從這三方面進行努力和改進。

關鍵字：股票期權激勵； 激勵效果； 影響因素； 差異分析

Abstract：Executive equity compensation and incentives, as an effective mechanism to solve business problems including how to reduce agency costs, attract and retain qualified personnel, develop a long-term incentives mechanism to motivate talented people, has been widely used, especially in the United States and other mature markets. The effect is obvious. However, according to China A-share listed companies’ empirical evidence, the incentive effect of executive equity compensation and incentive is not obvious. Executive holding does not significantly improve the company's operating performance and increase shareholder wealth. After the application of the same method produced different results, based on this, we need to explore the Listed Company stock option incentive issues that arise. In theory, there will only be three possibilities of influencing factors to produce different effects: Background (implementing environmental differences), the role of means (differences in specific incentive programs) and the role of the object (to accept equity incentive personnel difference). From this three aspects of the United States and China，this article conduct a careful comparison to analyze incentive effects. This paper seeks to draw a frame structure for improving the country's stock option incentive effects and solving the problem, that incentive effect of stock options is not obvious, through the efforts and improvements from the three aspects.

Keywords:  Incentive Stock Options; Incentive Effects; Listed Company; Differences Analysis