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股票期权约束机制不健全导致很多高科技企业在实施股票期权激励的过程中宣布放弃。本文在分析现状的基础上,总结出股票期权约束机制不健全具体包括:相关法规不健全、资本市场弱有效性导致股价失真、科技人才个人绩效评价不全面、风险责任不明确。最后提出健全约束机制需要采取的对策:剔除系统风险的股票价格作为行权价的基准、完善科技人才市场运行机制、建立科技人才个人绩效评价综合体系、明确股票期权约束机制中的风险责任。
The failure of the stock option constraint mechanism has led many high-tech companies to abandon the implementation of stock option incentives. Based on the analysis of the status quo, this paper concludes that the stock option constraint mechanism is not perfect, including: the relevant laws and regulations are not perfect; the weak effectiveness of the capital market leads to the stock price distortion; the individual performance evaluation of scientific and technological talents is not comprehensive; and the risk responsibility is not clear. At last, the countermeasures to be taken to perfect the restraint mechanism are as follows: removing the stock risk of the system risk as the benchmark of the exercise price, perfecting the market operation mechanism of the scientific and technological personnel, establishing the comprehensive system of individual performance evaluation of the scientific and technological personnel, and defining the risk responsibility in the stock option restraint mechanism.