| The Executive Stock Options (ESO), stemming from U.S.A., applies principles of financial option to solve "adverse selection "," morals hazard" from trust-agency relation and insufficient Long-term motivation due to traditional salary structure. Its practice in the western developed country has proved it a kind of effectual long-term motivation means. Since middle period of the 1990s, the theory circle of our country has undergone extensive research and discussion on ESO, but most of them focused on introduction of practices abroad, with less on combination and practice at home. Till now, the circle has not yet achieved widely acceptable opinion on ESO's mechanism and efficacy. In practice, some enterprises tried the new motivation means by combination with their own situation. But in general, their operations have wide disparity with those in western developed country not only in the implementing effect, but also in essence of Executive Stock options. At present, most enterprises of China encounter series of problems such as low efficiency,high-rate talent lost, lacking long-term development power, investor interests under violation. To a great extent, this line of problems is due to the deficiency of long-term motivation toward enterprise's managers. In order to improve whole quality and increase international competition abilities of our enterprises, reforming traditional salary system and establishing a set of new distribution systems in conformity with modern enterprise system including ESO is of urgency. The purposes that this thesis lie in three aspects: Firstly, analyze concept, mechanism, utility and element included, and build theoretical foundations with modern theories of Human capital property right, trust-agency and so on in order to reach the unified understanding in theory. Secondly, by analyzing and summing up the successful practices of U.S.A. enterprises, find out a set of indispensable terms or conditions that make for effective implementation. Then use models to prove their impacts on validity to achieve the goal of reaching the all-round knowing of ESO's validity. Thirdly, On the basis of above-mentioned researches, expound the necessity and the current situation of implementing Executive stock options in our country; analyze the practical obstacles and put forward the corresponding countermeasure in implementing Executive Stock Options; and also carry on preliminary design research.This thesis is made up of five chapters. Chapter one mainly explains concept, composition, mechanism and effect of the Executive stock options, and use theories of manpower capital property right, trust-agency, risk theory and team product to establish ESO's theoretical foundation. In addition, I compare ESO with other types of stock rights incentive.Chapter two a research focal point of the full text, try hard to prove the validity of the stock option and influence factors in terms of theory. At first, I investigate successful practices of U.S.A.'s Executive stock options, and analyze American Company's favorable conditions on implementing ESO. Then further classify above favorable conditions into three sorts of factors. They are market price signal mechanisms of capital market, company outside governance factors, Company inside governance factors. Finally, apply the famous Jenson-Meckling model about enterprise ownership structure to analyze three factor's influence on validity of the Executive stock options separately.Chapter three is supported by research results of chapter two, systematically analyzing and explaining obstacle factors and corresponding countermeasures that our country may encounter or need in implementing Executive Stock Options. At first, I prove the necessity that our country should carry out the stock option, and summarize current situation of the stock option motivation in our country. Secondly, analyze the inside and outside obstacle factors of our country in implementing the stock option. And aiming to above-mentioned obstacle factors, I also put forwa... |
PDF Full Text Request