我国股权激励的发展历程与现状——基于股改前后的比较研究

管理层股权激励机制是一种长期有效的激励机制，运用得当不仅可以降低代理成本，还可以引导管理层努力进行经营管理，提高企业的价值。基于股权分置改革前后的我国管理层股权激励的比较研究与现状分析，发现股权激励真正得到有效实施的并不多，涉及的股票数量也非常有限，激励力度普遍不大，说明了我国管理层股权激励方式在我国的现实环境中并没有起到应有的激励作用。

The Developing History and Current Situation of the Equity Incentive in China： A Comparative Study on the Split Share Structure Reform

Management equity incentive mechanism is a long-term effective incentive mechanism. If used properly, it can not only reduce agency costs, but also help the management improve enterprise value. Based on the comparative studies and current situation analysis of the equity incentive around the split share structure reform, we find there are few really effective implements of equity incentive, that the number of shares involved is too limited, and that the strength of encouraging is not enough, which illustrates the equity incentive in the reality of our country did not play its due role.