Study On Stock And Option Incentive Mechanism And Non-state Owned Hi-tech Enterprises' Development

Starting from general document analyses of the incentive theory at first, this paper holds the view that stock and option incentive mechanism embodies the innovation of incentive theory through reviewing some achievements in research of the incentive theory in economics and management briefly. So-called stock and option incentive mechanism, evolved from U.SA, means that the company carries on a certain stock right to arrange with some staff or all staff. It springs from western property right theory human capital, principle-agent theory, risk theory and technological innovation theory. The stock and option incentive mechanism and the characteristics of American corporation governance structure links to each other closely.The characteristics of governance structure lie in the double dependences on material capital and human capital obviously, but the human capital occupies the leading position. The risk distribution of production and management is multipolar in modern hi-tech enterprises day by day. So, basic orientation that its internal governance structure innovates is to correspondingly improve interests share of the person who puts into human capital on the basis of strengthening rights and interests of persons who put into of material capital, then offer correspond residual claim right and residual rights of control to the person who puts into human capital according to relative status and risk state of the human capital of high-tech enterprise. Thus, this paper thinks that the stock and option incentive mechanism can perfect the governance structure, strengthen the manpower capital incentive, promote enterprise's technological innovation, and ensure enterprises to develop continuously.The practice of the stock and option incentive mechanism includes the following several contents: the object of incentive, regulations about purchasing and selling stocks, rights and obligations, management of stock and option. According to these differences, the modes of the stock and option incentive mechanism are as follows: Employer Stock Ownership Plans, Employee Stock Ownership Plans, Stock Award, Deferred Compensation Plan, Performance Stock, Stock Options, Restricted Stock, Stock Appreciation Rights, Phantom Stocks, etc. According to different standards, these modes can be divide into two major classifications and five series, Two classifications: the incentive mechanism based on the historical contribution and that based on the future performance, five series of stock holding, achievement, appreciation, deferred compensation and option. By the comparison, this paper analyzes the characteristic and connections between different modes, and then thinks that two series of stock holding and restricted stock are the general choices of the incentive mechanism in our country's non-state owned Hi-tech enterprises as far as the ownershipstructure, industrial characteristic, development stage are concerned.Distinct definitions of property rights are the foundation of modern enterprise system, which is the important component of corporation internal governance structure. Only under the condition of clear border of the property rights, could we set up to effective legal person responsibility structure, thus to solve the problems of incentive mechanism, restrict mechanism and information sharing mechanism well. Three kinds of typical modes have appeared during the Development of our country's Non-state owned Hi-tech Enterprises: the mode of Shenzhen, the mode of Wenzhou, Zhejiang and the mode of Zhongguancun, Beijing, By the analyses of the property right characteristic, this paper thinks that the mode of Zhongguancun relies mainly on publicly-owned and private Hi-tech enterprises, such as Stone Group, Levono Group, etc.; The mode of Wenzhou, Zhejiang relies mainly on the non-state owned and private Hi-tech enterprises, such as Chint Group ,etc. The stock and option incentive mechanism of non-state owned Hi-tech enterprises is difficult because of the different characteristics of property rights system. Through the case stu...