Research On Legal Issues Of Stock Option In Chinese Listed Companies

Stock option originated in 1950s, before and after the western developed countries in Europe and the United States began to implement the stock option of Listed Companies in 80s, known as the modern enterprise incentive employees' golden handcuffs". China's first implementation of the listed company's stock option plan is the 1992 Vanke Group,which opened a new stock option in China's capital market in the new world. With the reform of the share splitting reform of Listed Companies in 2005, the stock option plan of China's listed companies has been fully developed."Listed company equity incentive management approach" was implemented in August 13, 2016. This method is of great significance to the development of the stock option of the listed companies in our country. But because of China's special domestic environment, make the product of the capitalist society to become "chicken ribs in china". Stock option as a "exotic" problem still exists a considerable number of legal issues in the process of China's implementation, this paper tries to point out the topic.This paper studies the legal problems of stock option in China's listed companies. It consists of three parts: preface, text and conclusion. The text is divided into the following four aspects.The first part is the general summary of the stock option, first of all, what is the stock option, followed by the analysis of the legal nature of the stock option. Then the paper simply summarizes the theoretical basis of the stock option of listed companies, such as principal agent theory, contract theory, human capital property right theory,efficient market hypothesis and so on. This chapter combined with the mainstream view of the current theory and practice, provides a solid theoretical basis for the application of stock option in china.The second part mainly uses the method of comparative analysis, through analyzing the present situation of Germany and the United States and other developed countries in the listed company stock option legislation and the development of comparative analysis, its main purpose is to proceed from China's capital market and national conditions, based on suitable for China's listed companies on the real conditions from its successful experience and lessons.The third part legal problems from macroscopic and microcosmic point of view on China's implementation of the listed company stock options exist in the analysis,summarizes the existing problems to be solved: the following sources such as stock options is narrow, the exercise conditions the standard is too low, the proceeds of nature is not clear, system is not perfect the legal problems of information disclosure.The fourth part puts forward some legal suggestions for the main legal problems of stock option. This part is the focus of this paper and the end result, but also the author of the important destination of the stock option. To broaden the sources of stock options put forward, improve the stock option standard, clear identification of the nature of stock option gains, a series of measures to regulate the information disclosure of stock option system to solve the main problems of the existing laws so as to realize the effective incentive mechanism, in order to provide practical reference,play greater efficiency.