我国企业现行股票期权激励方案的本质是一种期股激励 ,使激励效果弱化。此外 ,考核业绩不尽合理 ,无法排除经理人无法控制的系统性不确定因素的影响。因此 ,给出一个基于相对业绩评价的、改进的指数期权定价模型 ,既可以排除经营者无法控制的外界因素的干扰 ,还可以通过惩罚函数来防止经营者操纵模型中的一些参数。 The essence of the current stock option incentive plan of Chinese enterprises is a kind of stock incentive which weakens the incentive effect. In addition, the assessment performance is not reasonable, can not rule out the manager can not control the impact of systemic uncertainties. Therefore, an improved index option pricing model based on relative performance evaluation is presented, which can not only exclude the interference of external factors beyond the control of the operator, but also prevent the operator from manipulating some parameters in the model through the penalty function.