Stock Price Manipulation Based on Equity Incentive

股权激励作为一种基于公司业绩的中长期薪酬制度，在国外已有相当长的发展历程。我国2006年才正式拉开股权激励的大幕，在不到十年间的发展中，受到越来越多上市公司的青睐，并且得到监管层的鼓励。但是，从国外相对成熟的发展经验来看，这一激励制度具有风险和收益双高的特点，期权回溯丑闻给美国监管机构敲响警钟，也给我国监管制度的完善带来诸多启示。但与此同时，股权激励对于激励对象的利益诱惑仍然似“双刃剑”一样存在：使用得当就是公司的长期稳定发展；使用不当就是激励对象个人利益对公司利益和股东利益的侵蚀。 经过理论分析，本文认为激励对象无论是出于自身的利益考虑，还是基于我国资本市场环境和企业治理现状所能创造的客观...As a long-term compensation system based on performance, stock ownership incentive has a rather long development process in foreign countries. In China, it has been officially appeared in 2006. In less than a decade of development, this kind of incentive system get more and more attention and encourage. However, stock ownership incentive has both high risks and benefits as it performed in developm...学位：经济学硕士院系专业：经济学院_金融学学号：1562013115208