在指出传统股票期权缺陷基础上,借用欧式股票期权多指数化和相对化设计的思想,结合美式期权特点构建了美式相对多指数化股票期权约定价格和定价模型,从而设计出美式相对多指数股票期权激励契约.在对定价模型进行静态比较分析和与欧式期权对比分析中,得出了美式相对多指数股票期权比欧式相对多指数化股票期权具有更大的Delta系数,很好考虑了激励中不确定性问题,即具有更大激励效率的优点. On the basis of pointing out the defects of traditional stock options, this paper constructs the American relative multi-indexed option pricing and pricing model based on the multi-index and relative design of European stock options, Option incentive contract.In the static comparative analysis of the pricing model and the comparison with the European option, it is concluded that the American relative multi-index stock option has a larger Delta coefficient than the European relative multi-indexed stock option, The problem of uncertainty, that is, the advantage of greater incentive efficiency.