Abstract: This paper discusses the issue of how to select equity incentive mode scientifically and rationally. It not only takes into account the factors of enterprise features in previous literature, but also considers the other two factors of incentive object and external environment at the same time. This paper puts forward the index system of equity incentive mode selection, analyzes the dependencies among these indexes, and establishes the ANP network model based on these. It selects two representative sample enterprises to verify and apply the method. Finally it makes different enterprises select the equity incentive mode according to their own actual situation, and verifies the rationality and feasibility of the model.

Key words: equity incentive mode, stock option, restricted stock, analytic network process

摘要： 本文对企业如何科学合理地选择股权激励模式问题进行研究探讨。不仅考虑到以往研究中的企业特征因素,同时也考虑了激励对象特征因素和外部实施环境因素,建立股权激励模式选择指标体系,并分析各指标间的依存关系,基于此构建了ANP网络结构模型,并选取两个代表性样本企业进行算例验证和应用,最终使得不同企业可根据自身的实际情况选择合适的股权激励模式,验证了该模型的合理性与可行性。

关键词: 股权激励模式, 股票期权, 限制性股票, 网络分析法