| In the modern enterprise system, the separation of the two powers makes the en-terprise owners and operators have been separated. According to the hypothesis of ra-tional person, each market participant is to maximize their own interests, but theowner’s and operator’s effectiveness target is inconsistent, therefore, how to make thegoal of the enterprise owners and operators same becomes a problem to be solved now.Stock option incentive is just such an incentive mechanism, which awarded the topmanagement a reasonable number of stock option, so that they can enjoy the residualclaim right of company earning. It solves the principal-agent problem which resultsfrom the inconsistent of information asymmetry liability risk and the benefits of ownersand operator. It makes the business interests of owners and operators maximize consis-tency.Stock option incentive first started in the nineteen fifties of the United States ofAmerica, which was introduced into China in nineteen nineties. But, because the insti-tutional defects of our market in early days, the stock option incentive has been in thetheoretical research and the pilot stage, has not been effectively implemented. In2005,China began to implement comprehensive reform of non-tradable shares. In2006,China began to allow listed companies to implement the stock option incentive, andpromulgated a series of laws to regulate it, which pulled the curtain of real implementa-tion of stock option incentive. By the end of2010, our country has implemented the in-centive stock option for six years, and59manufacturing listed companies had imple-mented the incentive stock options. And whether the stock option incentive can effec-tively improve the performance of the company, if can, what extent will it improve per-formance?Given this background, the paper focuses on two aspects of theory and empirical ofstock option incentive of listed companies to start elaboration and argumentation. Firstof all, this article begins from the stock option incentive theory, and sums up the exist-ing theories on the basis of the predecessor research results, then obtains the theoryenlightenment, as the basis for empirical study below; Secondly, it summarize the studyon the stock option incentive situation on the domestic and internationals; Third, studythe listed company in view of the stock option incentive efficiency and effect of our country from the empirical. And arrival at a conclusion what stock option incentivemechanism can effectively improve the performance of the company. Finally, summa-rized some relevant policy recommendations in regard of upgrading of China’s listedcompany stock option incentive effect, according to the important conclusion from thepreceding part of the text, provide reference for listed companies. |
