Study On The Problems Of Executive Stock Option In China's Public Listed Corporation

Currently, the industry reform running throughout the country is in it's critical stage ,in which a very key part is to change the enterprises' distribution system .Under that circumstance, to establish the ESO in accordance with the international rules seems to be an indispensable way to help form the effective inspiration system within companies and speed up the pace of the industry reform .However, ESO in china is not so agreeable in that it's theoretical study is still insufficient ,with so many defects such as confusion with other stock incentive methods and all-operating situation lying in the practical cases .Thus .taking the foreign lessons and our country's reality into consideration and studying from both the aspects of ESO's internal part and external running environment ,the paper tries to take a comprehensive view of those problems and to forward the corresponding methods through a series of qualitative analysis and the design of relevant modes.Firstly, the paper retrospects the development of ESO and tries to probe into the theoretical field: the explanation of it's definition, the conclusion of it's characters, the comparison of ESO and other stock inspiration system, followed by the analysis of it's theoretical basis and incentive effect; Meanwhile , the paper probes into the realistic situations of ESO in USA and China in order to seek the regulation and draw the advantages and disadvantages; To this part, the paper takes the following four items as the main barriers to ESO's implementation in china: the over restriction of current law system, the low efficiency of the market, the poor corporate governance structure and a lack of a reasonable performance index system ,and elaborately analyze the impacts of the obstacles on ESO; After the analysis made above ,the paper gets down to taking some methods to solve the problems in accordance with the characteristic of the barriers .As far as the internal defects of the mechanism are concerned ,the paper begins with the scientifically design of the key components ,studying the aspects of bestowal, change, loss, the executive method and the executive time. Then the paper focuses on designing a performance index system which is an essential part of ESO, introducing the BSC to improve the present performance index system ,under the reasonable guidelines Resigning it at both the levels of company's and employee's levels.Finally, as regards how to perfect the outside surrounding of ESO, the thesis makes some suggestion.Through the comprehensive and systematical study on the realistic and theoretical aspects of ESO ,the paper tries to provide those public listed corporations on how to set and run ESO scientifically with the technique support and theory guidance.