经营者激励与约束问题始终是公司治理研究的核心问题。自Berle和Means(1932)以来,股权激励作为经营者激励的重要方式,一直成为研究的热点问题。近年来,股权激励被普遍认为是我国国有企业转换机制的重要途径。从1999年起,北京、上海、武汉、杭州等地开始探索经营者股权激励机制。2002年10月,国务院办公厅也转发了财政部和科技部制定的《关于国有高新技术企业开展股权激励试点的指导意见》。自去年以来的股权分置改革以及MBO政策 The incentive and restriction of managers has always been the core issue of corporate governance research. Since Berle and Means (1932), equity incentive, as an important way of manager’s incentive, has always been a hot issue of research. In recent years, equity incentive is generally considered as an important way for the conversion mechanism of China’s state-owned enterprises. Since 1999, Beijing, Shanghai, Wuhan, Hangzhou and other places have started to explore the incentive mechanism of stockholders’ equity. In October 2002, the General Office of the State Council also forwarded the Guiding Opinions on Conducting Pilot Projects of Stock Right Incentives by State-owned High-tech Enterprises Developed by the Ministry of Finance and the Ministry of Science and Technology. Share Merger Reform since last year and MBO policy