Option Activation In High-Tech SME Of Establishing Period

Since 1990s, high-tech enterprises ( especailly high-tech SMEs ) in China have been greatly developed, and highly contributed to GDP and society development. The government has established favourable policy and good economic condition for high-tech SMEs development. But, because the high-tech SMEs are quite different from the triditional enterprises in factors construction, operation direction, organization features, innovation administration, expansibility, venture, etc. and most high-tech SMEs is in establishing period, they face two problems to solve: How to active employees constantly and effectively? How to establish a durative developing enterprise system effectively?The answer is "Option Activation". In the article, the auther deeply expatiates on the concept of stock option, basic principles ( including devolving-deputizing theory, half-baked contract theory, and the theory of demanding surpluse value right ), the history of origin anddevelopment of option activation, types, factors, etc. and indicates the affirmative and negative effects of option activation. At the same time, the auther discusses macro-environment and policy factors about the option activation in high-tech SMEs. In allusion to the features of high-tech SMEs, the author points out, that the option activation in high-tech SME has the phase feature. In the analysis, the author uses the life-period theory, double-factors theory, and demand-level theory.Because of the limit of laws and stock market, the high-tech SMEs can not bring the triditional stock option into effect, the author inducts a new concept "Allotment Option" to solve this problem. Allotment option is a right that an employee can buy allotment of the enterprise in affirmatory amount at a certain time in the future. Allotment option also has four basic factors. In the four factors, the most important factor is allotment sources. There are three allotment sources: obligating, remising and enlarging allotment. The author has built a simply model of allotment option in this article to explain how to operate it. In conclusion, after designing in reason, high-tech SMEs can bring effective option activation into effect, solve the problems. This article makes refference sense to the high-tech SMEs.In the end, the author has built a design of allotment option activation for his enterprise. This design is based on the fact circus of the enterprise, arranges the next aspects: decision-making organization,beneficiary, option sources, means of distributing, especial condition, etc. The author wishes this design could take great role on the development of his enterprise...