| How to push the reform of the state-owned enterprise to a higher level is a very hot issue at present. The reform of the state-owned enterprise needs improving the internal systems and external environment. A fairly essential factor in all kinds of system is establishing the perfect and effective payment system of the managers in the state-owned enterprises. Therefore, in this paper we studied the system of the managers of the state-owned enterprises in the ways of combining history and reality, illustration and regulation, assumption and test. It establishing a set of rewarding payment system and encouraging the managers to work hard for the sustainable development of state-owned enterprises.First, we analyzed the make-up of the pay for the state-owned enterprise' managers. We found the problems such as fairly low level of payment, its single structure, the divorce of pay form the performance results and off-payroll income which accounts for fairly large proportion. After a analysis of the payment system of foreign countries, we came to a conclusion that the stock option rewarding mechanism has great significance to the managers. By a comparison of two kinds of payment systems, we found that the payment system of the managers of Chinese stste-owned enterprises should be improved as follows: we should admit the human capital value of the managers and allow them to share the profits of the company;we should link up the pay of the manager with the market performance of the company and make the manager and the company become a community;we should emphasize the multiple make-up of the managers' pay and introduce the stock option rewarding mechanism to the companies;we should design the payment according to the character and the target of the company.Based on the above analysis, this paper presents the design target of the payment system related to the managers of Chinese state-ownedenterprises is to optimize both the value of the company and the individual effect of the manager. And then, after a careful study and analysis of the design principle on the payment system and the choices of the performance evaluation indicators, it demonstrates a creative design plan to the payment system of the managers according to the target. In the payment system of the managers according to the target. In the payment system of the managers of stock company designed emphatically in this paper, a stock option rewarding mechanism is introduced, which is characterized by low cost, high risk and long term. The system combines subtly the rewarding mechanism with the ownership mechanism. In the light of the system, the managers can be rewarded beforehand or afterwards or in the course of the event. It shows the characteristic of an integrated contract rewarding and market rewarding mechanism. In order to reflect the feasibility of the stock option plan and the effect of the rewarding mechanism, this paper illustrates how the listed stock companies and the unlisted stock companies implement the stock option plan, Tn the Daymen1 svstcm of the managers of r.tntr-owncd cjitcrpri:;:. with achieves the combination of short-term and long-term reward.Seeing that the stock option rewarding mechanism is something new in china, its implementation will meet with some difficulties. The paper finally provides some suggestions for the effective implementation of the stock option plan. At the same time, it points out which we should go on to study deeply in the future. |
