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1、耗散结构理论在股票期权激励机制研究中的应用田丽，贾正源（华北电力大学工商管理学院，河北保定，071003）摘要：耗散是一种系统行为，是系统与外界所进行的物质、能量和信息的交换过程。本文把耗散结构理论应用于股票期权激励机制中，指出了根据耗散结构理论，在股票期权激励机制研究中，首先要保证股票期权激励机制必须是开放系统，再者，改进股票期权激励机制存在的缺陷，才能使系统到达远离平衡态的区域。关键词：耗散，耗散结构理论，股票期权激励机制，开放系统，平衡态TheResearchoftheStockOptionExcitationMechanismbasedontheDissip
2、ativeStructureTheoryTIANLi,JIAZheng-YuanAbstract:Dissipationisasystem.Dissipativesystemisachangeprocessofmaterial,energyandinformationwithoutside.Thispaperusesdissipativestructureinstockoptionexcitationmechanisms.Anditshowsthataccordingtothetheoryofdissipativestructure,intheresearchofs
3、tockoptionexcitationmechanisms,thefirstthingistoassureitisopen,andonlyimprovethedisadvantage,thesystemcouldfarfromequilibriumstate.Keywords:dissipation,dissipativestructuretheory,stockoptionexcitationmechanism,opensystem,equilibriumstate1、IntroductionExecutiveStockOptions(ESO)isoneofth
4、eexcitationmechanismsofmoderncompanies,whichproducedinUSfirstly.ThebasiccontentistogivetheseniormanagementsheadedbyCEOarighttobuyowncompany’sordinaryshareswithafixedpriceinthefuturebyacertaintime.[1]。Dissipativestructuretheoryisastudyofthenature,formation,stabilityandevolutionofdissipa
5、tivestructure,andwhichisaself-organizationtheoryonthenon-equilibriumsystem.Itmainlystudiesthemechanism,condition,andthelawsoftheconversionofsystemfromdisordertoorder,andwhichdiscussesthecommon,basicprincipleintheprocessoftheself-organization.[3]Studyingthestockoptionexcitationmechanism
6、fromtheperspectiveofdissipativestructuretheory,whichwillhelptoprovidemoreeffectiveconclusions.2.TheFeaturesoftheStockOptionExcitationMechanismStockoptionexcitationmechanismistoadmitthemanagers’humancapitalvalue,andallowthemtohavetherequestedrightofcompany’sresidualbenefits,aswellastake
7、thecorrespondingrisk.Withthemanagersjointheshareofresidualrequestedrightofcompany,itsuccessfullysolvestherelationshipofentrust-agencybetweenshareholdersandmangers,makingbothpursuetheconsistentgoal.Stockoptionasanexcitationmechanismthathasfollowingfeatures:①Flexibleoptionmechanism.Sto
