Practical Analysis And Alternative Design Of ESO In China

With the deepening reform of Chinese enterprises and establishment of market economy, how to seek a scientific and effective mechanism is becoming an urgent issue to be resolved. During the 20 years' reform, the lacking of effective incentives, especially long-term ones, has become one of the biggest obstacles of enterprises' development, which directly leads to the low efficiency of operation and moral hazard of executives. As an efficient incentives method adopted by enterprises in western countries, ESO is drawing more and more attention in China. It provides our listed companies with a new way to establish the incentive system. On the basis of concept and relevant theories, this thesis introduces the comparatively mature models of ESO in the foreign countries, and according to the present practices in Chinese listed companies, analyses some typical models respectively and entirely. Considered the overseas experience and domestic conditions, it makes a discussion about the key problems in the implementation of ESO. Last part describes the practicable ESO implementation and the corresponding models, and then offers a designing and executing framework (especially in the listed companies) which purpose is to provide some helpful illumination and inspiration for further popularizing and perfecting the ESO program in China.