关键词: 股权激励 , 行权条件 , 行权价格 , 机会主义 , 高管自利

Abstract: he equity incentive regarded as an efficient mechanism to lower agent cost and improve corporate governance. However the Enron case had exposed the shortcomings of this mechanism. In recent years, the system of equity incentive grew up rapidly in Chinas listed company, which led to some seemingly inspired results in raising the stock price and benefiting the investors. In fact, the system of equity incentive had been distorted as the tool of rent seeking. This paper showed the equity incentive was not suitable for the market with low capital efficient and poor corporate governance.

Key words: equity incentive vesting conditions , exercise price , opportunism , senior management self-interest