Study On The Operators' Stock Options And Incentive Systems Of Listed Companies That State-owned

With the separation of ownership rights and management rights, the enterprise - Acting problem emerged gradually, the issue of encouraging bebomes to the major factor which constraints the development of the modern componies. For a long time, structural imbalances and incentive strength has been troubled listed companies of state-owned, listed companies of state-owned make the fundamental motivation for the development of the issue has not been soluted,so the clients how to design a set of effective incentive sistem and restraint mechanisms to meet the agents'order that maximize the individual interests of enterprises and to maximize profit at the same time now becomes to the first problem which the company to solve. Stock options originated in the 1970s in the United States, after years of practice in the western developed countries, it's considered to be the effective way to solve the problem of long-term incentive and enhance the competitiveness of companies. As the advancedment of share-trading reform of China's listed companies and the amendments of "Company Law", "Securities Law", and the publishedment of "shares of listed companies incentive management approach" , The environment of China's listed companies to implement the system of incentive stock options has improved, and it has provided good opportunities for development and guidelines more . However, with "Enron" occurred, we gradually realized that this system is a "double-edged sword", we should treat it rationally and study it in-depth.Therefore, how to understand stock options and incentive system correctly, establish a sound system of stock options and incentive for improving China's enterprises, particularly in the corporate governance structure of listed companies, the achievement of sustainable development is of great significance.So the paper studies the stock options of state-owned listed companies as an incentive system for research in the listed companies of state-owned on China's implementation of the operator of stock options and incentive system for the status of the problems that exist in practice, such as an in-depth analysis on the basis of reference developed National implementation of the experience of incentive stock options, design a set of line with China's state-owned companies listed on stock options incentive systems, and make policy proposals related to listed companies on China's stock option incentive system to provide the establishment and improvement of reference.The paper is divided into eight parts, in part one, the paper generally describes the topic of the article and its definition,besides it introduces research approaches,structure and content,on the basis of other people's research achievements and literatures,and defines the related concepts. In part two, the paper introduces some theories about Stock Options, it provides a theoretical basis for the paper.In part three, the paper analies the current state of China's listed companies which use the status of stock options,and selects three typical representatives of the state-owned company listed on stock options cases to compare.In part four, under the analysis of part three, the paper aggregates the problems of the state of China's listed companies in corrent, and to pave the way for the below. In part five,the paper introduces the experiences of the United States, Japan and other countries who use stock options ,it provides the experiences for the future. In the part six,the paper designs a management stock options incentive systems for the state-owned listed companies in China, including stock option plan design principles, stock options and the development plan approved by the determination of the scope of beneficiaries and determine the source of stock . To determine the right price, to determine the right time, given the number of identified, the basic construction of listed companies of state-owned on stock options incentive systems of the Chinese model. In determining the price of stock options ,we introduc the idea of index and use the black-schole model to determine the intrinsic value of stock options, this is a major innovation for this article. In part seven, according to China's realities, the paper gives us some advices for the China's listed companies of state-owned which use the stock options for the further.The part eight is the conclusion, limitations, and the direction that I will research in future.