摘要股权激励有利于促进公司的业绩与竞争力的提高，也是促进公司长期健康可持续发展的一种手段，使职员与公司能实现各自的目标，达到共赢的目的。股权激励在我国的引入与实施的时间并不长，股权激励制度的发展并不是十分成熟，仍有问题存在和可以更加优化的空间。本文以木森公司为研究对象，以股权激励相关理论为基础，简单概括了木森公司三次实施股权激励的方案，并对木森公司及同行业的其他公司的净资产收益率、总资产报酬率及净利润增长率进行分析与比较。发现其实施股权激励时存在着一些问题，如对管理层约束的不足、股权激励模式的单一、股权激励对象的选择范围较狭窄和行权条件的单一。为此，本文提出更加优化的股权激励方案的建议，如优化木森公司的治理结构、改变公司的股权激励模式、拓宽所激励对象的选择范围和合理制定行权条件。关键词：上市公司股权激励行权条件AbstractEquityincentiveisconducivetopromotingthecompany'sperformanceandcompetitiveness,andisalsoameanstopromotethecompany'slong-termhealthyandsustainabledevelopment,sothatemployeesandthecompanycanachievetheirgoalsandachieveawin-wingoal.TheintroductionandimplementationofequityincentivesinChinaisnotlong.Thedevelopmentofequityincentivesystemsisnotverymature.Therearestillproblemsandroomformoreoptimization.ThisarticletakesMusenCompanyastheresearchobject,andbasedontherelevanttheoryofequityincentives,brieflysummarizesMusenCompany'sthreeplanstoimplementequityincentives.Rateandnetprofitgrowthrateareanalyzedandcompared.Itisfoundthattherearesomeproblemsintheimplementationofequityincentives,suchasthelackofconstraintsonmanagement,thesinglemodelofequityincentives,thenarrowselectionofequityincentivetargetsandthesingleexerciseconditions.Tothisend,thisarticleputsforwardsuggestionsformoreoptimizedequityincentiveprograms,suchasoptimizingthegovernancestructureofMusenCompany,changingthecompany'sequityincentivemodel,broadeningtheselectionrangeofincentiveobjectsandformulatingreasonableexerciseconditions.Keywords:ListedcompanyEquityincentiveExerciseconditions目录TOC\o"1-2"\h\z\uHYPERLINK\l"_Toc35613322"一、引言PAGEREF_Toc35613322\h1HYPERLINK\l"_Toc35613323"二、木森公司股权激励现状PAGEREF_Toc35613323\h1HYPERLINK\l"_Toc35613324"（一）木森公司简介PAGEREF_Toc35613324\h1HYPERLINK\l"_Toc35613325"（二）木森公司股权激励现状和业绩指标分析PAGEREF_Toc35613325\h2HYPERLINK\l"_Toc35613326"三、木森公司股权激励计划存在的问题PAGEREF_Toc35613326\h9HYPERLINK\l"_Toc35613327"（一）对管理层的约束不足PAGEREF_Toc35613327\h9HYPERLINK\l"_Toc35613328"（二）股权激励模式比较单一PAGEREF_To