A Research Of Stock Option Based On Human Capital Property Rights Theory

Ever since a long time ago,material capital has been considered the most valuable style of capital in all the people's opinion. Although in a larger and larger scale human capital has been admitted to play an important role, the right for human capital owners to obtain residual earnings as material capital owners was not admitted at the beginning. In a long period of time, salary was considered as a distribution to residual earnings.And human capital's value cannot be reflected according to this distribution principle. Nowadays, various agents of production such as the capital belonged to individuals would be able to participate in the distribution of residual earnings.Stock option is an effective attempt among them. Along with the accomplish of displacement reform of share ownership in our country and the perfection of Corporate Law and Securities Law, the circumstances for stock option's operation have been changed greatly. Then, Administrative Measures of Incentive Share Ownership (Tentative) was released. It provided good chances and guidelines for the development of stock option in our country.A new angle of view is used in this thesis to try to reexamine stock option and solve some relevant problems according to it. Then its development in our country will be more energetic. This is the purpose of the research. And it also makes the research have higher theoretical significance and application value.The thesis is divided into 6 parts. Chapter 1 is Introduction. It includes the background of the research and a literature review which consists of the following 2 parts, human capital property rights and stock option. Chapter 2 is Stock Option and Its Current Situation in China. In this chapter, some basic factors of stock option, such as its origin, basic components, incentive principles and so on, are introduced briefly first of all.Then a fairly overall analysis of the current situation of stock option is given. The analysis includes the listed companies that carry out stock option, the purposes to carrying out stock option, the basic components of stock option and so on. Chapter 3 is Theoretical Basis of Stock Option. The thesis is mainly based on human capital theory, human capital property rights theory and some interrelated theories such as principal-agent theory, residual claim theory and team production theory. Chapter 4 is Theoretical Analysis of Stock Option Based on Human Capital Property Rights. In this chapter, the inevitability for human capital to share the ownership of corporations is analyzed firstly. Then through the following 3 aspects,the game between human capital and physical capital, the value of human capital reflected by stock option, the inevitability and feasibility for human capital, the conclusion that human capital is an effective method for human capital to share the ownership of corporations.Chapter 5 is Design Ideas for Stock Option Based on Human Capital Property Rights.It includes specific arrangement of the ownership of corporations, design of the basic components of stock option and dynamic system of tracking and feedback. Among the above 3 aspects, specific arrangement of the ownership of corporations is fundamental, design of the basic components is crucial and dynamic system is guaranteed. Chapter 6 is Circumstances for the Implement of Stock Option. It is dissertated from social identity, system supporting, market construction and corporate culture.The original idea of this thesis depends on the thorough analysis of stock option based on human capital property rights and the propose of new design ideas for stock option. The new ideas are as follows. A few factors such as the value of human capital and risk preference are used in the distribution of stock option between the grantees. The grant period is chosen according to the relationship between the lifecycle of the leaders and the enterprise performance. A new method of human capital measurement is raised, which is only relevant to stock option. Exercise conditions are designed separately for each grantee according to his or her specific situation. And dynamic system of tracking and feedback is also an important original idea.