The Core Factors Design Of Proprietor's Stock Option Project

As an effective mode of incentive and reward, the proprietor's stock option project were widely used in western country in the lead of American. From the Atone company's trying out the plan, the proprietor owned the stock collectively for the first time, many domestic corporations actualized the kinds of the stock-based incentive system. And the stock option system played the role it should or not, how to design the stock option mode which can play the role it should were the core contents which discussed in this thesis.Firstly, this paper used the empirical research actualizing the stock option incentive effect of the marketing companies. On the one hand, the central component analytical method was used to analyze 836 sample companies' financial guideline in 1998 and 2002, and got the outstanding achievement arrangement of the sample companies. The demonstration result showed that the average outstanding achievement arrangement of the sample companies using the stock-based incentive system ascended 13.2% comparing to the non-stock-based incentive system. On the other hand, the agency cost was analyzed in the course of the practicing stock-based incentive system and got the conclusion that the agency cost didn't change evidently after carrying out the system. The results of empirical research made out that stock-based incentive project played the role on some degree, but not the optimal effect.The main reason of the pessimistic incentive results in stock-based incentive system is that the design of the stock option's material index is unreasonable which couldn't connect the option reward to the manager's outstanding achievement by using an effective fashion. Thereby, this paper designed the technique index materially, which include the confirmation of exertion option time model and stock option quantitative distribution model, the confirmation of technique index of the origin of the stock and exertion option pricing method. This paper used the central component analytical method in the thesis, translated some financial index into integrated outstanding achievement marks of the companies, and designed the models of exertion option time though the contrast of the changing marks in different point. The system harmony reflection theory was used in the thesis which related to the traditional separativeomnidirectional scan theory to design the stock option quantitative distribution model, the model distributed the option collectively by the station contribution, fractionated the option by the personal ability and modified it by the personal outstanding achievement. Based the feasibility analysis of the transferable debenture, this paper designed the ideographic using method by using the transferable debenture as the origin of the stock and designed the exertion option pricing in the basis of the considering the domestic stock market's feeble efficiency and the expanding of corporation's outstanding achievement.