中文摘要：

在指出传统股票期权缺陷基础上，借用欧式股票期权多指数化和相对化设计的思想，结合美式期权特点构建了美式相对多指数化股票期权约定价格和定价模型，从而设计出美式相对多指数股票期权激励契约．在对定价模型进行静态比较分析和与欧式期权对比分析中，得出了美式相对多指数股票期权比欧式相对多指数化股票期权具有更大的Delta系数，很好考虑了激励中不确定性问题，即具有更大激励效率的优点．

英文摘要：

Based on considering the traditional stock option＇ s deficiency, the thought of European-style stock option multi-index and the relative design integrated with American-style stock option characteristic is adopted to construct American-style relative multi-index stock option agreement price and price model in this paper, accordingly incentive contract of American-style relative multi-index stock option is designed. Based on static comparative analysis of the price model and contrast analysis between European-style and American-style relative multi-index stock option in the price model, a conclusion is drawn. It is that Delta coefficient of American-style relative multi-index stock option is bigger than European-style relative multi-index stock option and the uncertainty question of incentive is more comprehensive considered in American-style relative multi-index stock option. As a result, the incentive efficiency is more effective.