Research On The Stock Option In The State-owned Enterprise Distribution Reform

The distribution restructuring is one of the important items in implementing a modern enterprise system in the state-owned enterprises(SOE). How to motivate and stimulate the initiative of SOE managers who thus can strengthen the management effectively of SOE. The stock option which was carted out in some pilot cities,such as Beijing, several years ago was a profitable attempt in the distribution.This essay starts out with the concept and incentive fruition of stock option and analyses the exploration and practice of it with evidence. Meanwhile, it puts forward the difficulties and counterman cmfrenting the stock option when its carted out. The main feature of the essay is the applying of a measure of practical material in the stud of stock option in the process of SOE distribution system.Introducing and analyzing the primary connotation of stock option Beijing with the concept, the essay elaborates it' s background, developing and basic operating measure. And introducing the incentive function of stock option, esp. the function on SOE operators. After a long period of attempting in the reform SOE, it' s recognized that the core of implementing a modern enter. System is to establish rational and effective relationship betwee proprietors and operators. Stock option is happened to be a beneficial attempt to solve problem.Analyzing the difficult situation failing us when carrying it out. The essay points out that the performing of stock option with encounter four kinds of obstacles rather than go smoothly. The obstacles consort of the institution on resource of stock, the price of stocks in the market, the shareholders and the lack of specialistswho can operate the stock option familiarly. At the same time, it makes some evaluation on these harriers.Elaborating the attempts made to carry it out. For example, the earliest Shanghai model, and the national pilot, Beijing model.Manifesting the following 2 aspects in both theory and practice.First, seen form the practice of hone and abroad, the stock option plays a first and foremost role in the salary of enterprises operators. Appropriate instructions do operators good and make them work hard to than greatest extant, it can also solve "five-nine phenomenon" and some other problems exist in this incentive institutions effectively.Secondly, as for practical examples, chunlan group and Qinghua TongFang, the two typical instances are adopted in this essay. As it' s mentioned before , in Shanghai model, the "modified stock" program in Beijing, Shanghai is introduced, the modified stock is used as a way of connection the operators prolonged income with the stock prices of the company. It' s also helpful to solve the resource of stock needed by managers by learning the experience of Beijng who performed the praise scheme inner their company. The modified stocks are granted as award.