| The means by which the owners of the enterprises stimulate the operations of the enterprises has been used more and more extensively by the enterprises of west countries since 1970s. The income from exercising Executive Stock Option (ESO) takes up a large proportion in the annual income of the senior executives, especially in Hi-tech companies. ESO salary system has been adopted widely so they have accumulated rich experience in the aspect of ESO.In the western developed countries, the ESO salary system has taken the place of the traditional salary system. After the business circle and theoretical circle in the west have reached consensus on the formation of human capital, they try their best to design all kinds of operable schemes to define the value of human capital property right, which makes the structure of the salary more reasonable. It can efficiently stimulate the operators to work hard and encourage the executives concern more about the long-term development of the company. So they will not pay more attention to the short-term financial indicators. The executives can maximize the company's value by starting from the long-term interest of the company's stockholders, finally the operating efficiency and the profit of the company will be raised greatly and the relationship between operators and the company is adjusted; meanwhile, the executives can get return from the company's profit by exercising the option.The Chinese economic system reform will gradually separate the ownership and operating right of the enterprises. In order to assure the long-term value keeping and value adding of the state-owned assets, how to stimulate the executives of the state-owned enterprises is a problem to be solved urgently. Some enterprises carry out the policy that stimulate the executives of the companies in the long run so as to keep the long-term interest of the operators and investors the same so that the company's benefits can grow continually, and ESO is one of the effective means. After China enters WTO, it is urgent to build modern enterprise system and perfect the capital market. The aim of this project is to solve the key existing problems while the ESO system is built currently in China, it points out the countermeasures to solve these problems and the scheme design to carry out ESO system.The Fourth Plenary Session of the 15th Central Committee of CPC posed that in the future the state-owned enterprises that have conditions should carry out certain proportion of stock option stimulation system for the senior executives internally to constrain and stimulate the operation and investment behavior of the enterprises'executives so as to raise the operating efficiency of the enterprises and realize the basic objective of the value keeping and value adding of the state-owned assets. According to the general and specific policies of China and CPC on the reform of state-owned enterprises and in connection with the actual needs to construct the socialist market economy and modern enterprise system, the project and its study content are defined, which embodies the organic concoction of theory, creativity and practicalness.This project uses the method that is the connection of theory and practice. It probes the actual problems under the guidance of current theories, finds out problems through research and points out the views and schemes to solve the problems. This paper mainly uses the methods such as role analysis, organization analysis, standard analysis, system analysis and comparative analysis method. The paper contains 5 chapters, the main content of each chapter is as following:Chapter One IntroductionFirstly, it explains the main content of ESO and expounds the bases on which the paper studies. Secondly, it analyzes the development conditions of ESO in the west developed countries and it summaries and evaluates the study and practices (piloting) in China completely and objectively. It thinks that the promotion of ESO system is the requirement to deepen the current state-owned enterprise refo...
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