The production factors of enterprises involve labor, land, capital, and entrepreneurs?talents. The latter can also be referred to as Intellectual Capital of Executives, including their various professional knowledge, skills, management experience and capability, innovation, mentality, amount of information possessed, social connection network, etc.Over the last 20 years, as the theories of modern enterprise, human resource and incentives advance, the intellectual capital value of entrepreneurs has been increasingly recognized. The academic and business circles in the western countries have, through the annual salaries, stock options, and other long-term incentives, attempted to establish a logical link between the value of an enterprise and the intellectual capital value of the enterprise executives, to encourage them to work harder. Thus both enterprise owners capital and the executives?intellectual capital gain in value simultaneously. Their attempts have paid off remarkably. Enterprises in many countries have widely adopted the annual salary, stock options and other long-term incentive systems as various forms of their income distribution. Economic researchers in China have recently also been studying issues of the annual salaries, stock options, and other long-term incentives, and many enterprises have been attempting to practice these systems.How to measure the intellectual capital value of the executives? How much an executive annual salary should be and how many stock options should be given to reflect a comparatively fair price of the intellectual capital value of the executives? Current studies and actual practice elsewhere have been based on simple descriptive researches and enterprises?traditional financial analysis. This Dissertation employsmodern probability theories and mathematical statistics to build a fiJll set of theories andmethodology to describe and measure the intellectual capital value of publicly-listedcompanies' executives and to derive through positive analyses a series of applicationmodels fOr the measurement of the intellectual capital value.This Dissertation consists of seven chapters in fOur parts.Chapter One is also Part One. As the theoretical base of this Dissertation, itbriefiy reviews the evolution and the main contents of the theories of entrepreneurs,options, and income distribution.In Chapter TWo which is also Part Two, value measurement of the executives'annual salaries is studied. Annual salary system may be applicable in two differentsituations; first, used by a company's top management fOr its employees, second, usedby the equity owner of a company fOr its executives. This chapter mainly studies thelatteL Under a certain theoretical assumptions, a theoretical model is given fOr valuemeasurement of the executives' annual salaries. Then l05 listed companies in China arechosen as samples, to generate, through statistical analysis, an application model fOrvalue measuremellt of their execotive's annual salaries. Then, the significance test ofthe assumption of the correlativity of the variables is conducted. Finally positiveanalysis is developed.Part Three includes Chapters Three to Six, which is this Dissertation's emphasis.Thorough studies and positive analysis are made on issues such as the theories,technique, pricing of the executives' stock options, and the determination of optionsums.Specifically Chapter Three studies the general theories and technique of theexecutives' stock options. It first briefly reviews the development of the stock optionssystem in the recent 20 years. Then it studies the relevant theories and technique of thestock options system. Main theoretical issues covered include f Why can stock optionsmotive the executives to work hard fOr the enterprises' long-term, Stable groWth? Whatare the incentives' theoretical bases? How to explain theoretically the effects ofincentives? AIe stock markets really efficient? What are the legal basis for the stockoptions...
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