本文将国有控股上市公司股权激励风险划分为外部风险和内部风险,外部风险主要包括政策风险、市场风险和法律风险;内部风险包括道德风险、激励不足风险和经营风险。采用基于模糊函数的风险评估法,在对股权激励风险发生的概率和后果进行评估的基础上,对各种风险进行了综合评估。按风险综合影响大小最后排序为:政策风险、道德风险、市场风险、经营风险、激励不足风险和法律风险。 This article divides equity incentive risk of state-controlled listed companies into external risks and internal risks. External risks mainly include policy risks, market risks and legal risks; internal risks include moral risks, insufficiency incentives and business risks. Based on the fuzzy function-based risk assessment method, based on the evaluation of the probability and consequences of equity incentive risk, various risks were comprehensively assessed. The final ranking of the total impact by risk is: policy risk, moral risk, market risk, business risk, incentive risk and legal risk.