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企业所有权与经营权相分离导致了职业经理人的出现,那么,如何根据经营者为公司创造的价值大小来支付薪酬,如何建立有效的薪酬激励制度,就成为企业所有者关心的问题。就这些问题,笔者先从博弈论的角度分析了企业实施经理人激励制度的必要性,然后又结合我国具体国情阐述了基于EVA的认股权证激励的具体模式。希望本文能对我国经理人激励的实践起到一定的指导作用。
The separation of corporate ownership and management rights has led to the emergence of professional managers. Then, how to pay according to the value created by the business operators for the company and how to establish an effective compensation incentive system has become a concern for business owners. With regard to these issues, the author first analyzes the necessity of the implementation of managers’ incentive system from the perspective of game theory, and then elaborates the specific model of warrant activation based on EVA in light of China’s specific national conditions. I hope this article can play a role in guiding China’s managerial incentives.