Research On The Legal Regulation Of Listed Companies Abusing Stock Option Incentive

In 1950 s,Stock option incentive as a long-term incentive was born in the United States,in order to be able to effectively solve the problem that the interests of the owners and the interests of management are separated from each other by the separation of ownership and management right in the process of economic development.But,with the development and application of the stock option incentive system,the negative effects of the system appeared gradually,making it become a tool of management rent-seeking.Especially after the prosperous American Enron Corp “collapsed”,let the people have to reflect on the stock option system contains the great moral risk.In our country,the development of the stock option system is not yet mature,the theory and practice are still relatively poor compared with the capital market countries,so need to improve the relevant laws,to curb the phenomenon of stock option incentive mechanism be abused.This article aims to base on clarifying the inherent defects of the stock option system,inductive analysis the concrete manifestation of the abuse of the system,pointing out the need for appropriate intervention of state regulation,while reflect the present situation of the legal regulation of the stock option incentive mechanism in our country,and put forward corresponding countermeasures.In addition to the introduction and conclusion,the article is divided into four main parts.The first part: the abuse of stock option incentive in Listed Company from the perspective of economic law.In this part,the author tries to find out the combination of the abuse of stock option and the economic law through digging out the system defects that lead to the abuse of stock option and inducting the concrete manifestation of the abuse of stock option incentive in the practice,found that the abuse of stock option has already cause the damage of the social public interests which is protected by the economic law,and to prove the legitimacy and necessity of economic law to regulate the abuse of stock option incentives.The second part: an analysis of the legal regulation of Listed Companies abuse stock option incentive in China.This part is mainly about analyzing the regulation legislation and institution framework of stock option incentive in China,then find the deficiency of legal regulation from six aspects about legal system,exercise during the design rationality,incentive target range,information disclosure,remuneration and appraisal committee independence and shareholders the judicial relief way.The third part: an study on the legal regulation of the abuse of stock option incentives by American Listed Companies.This part takes the United States as the reference object,which mainly introduces the development of the legal regulation and concrete constitution of stock option in the United States.This article systematically studies the law and regulation of the United States to regulate the abuse of stock option,in order to provide reference for perfecting the legal regulation of stock option incentive in China.The fourth part: the perfection of legal regulation of Listed Companies abuse stock option incentive in China.This part is the focus of this article,which is based on the deficiency of legal regulation in China,and refer to the relevant provisions of the United States stock option legal regulation in the third part,the four aspects,from the legal system of stock option,the rules design of the stock option system,external supervision and implementation environment put forward to perfect the legal regulation of stock option of China.