Study On The Juristical Problem Of Executive Stock Option System

As a long-time stimulating salary system, ESO came from America in 1950's. In the beginning, it is a versatility measure to escape the corroding of high quantum individual income tax to enterprise proprietors' salary. After time came into 1970's,America and other developed countries began corporation father configuration reform, people began to attach importance to ESO, and then it became a stimulating measure. Until today, there came into a quite maturity ESO system in America, and it became the most importance part of high proprietors in enterprise, especially in great enterprise. In other countries and Hongkong of China, this system has became a fashionable influence. At present, China is pushing ESO in corporation. We can say ESO is in exploring phase in China. In order to deepen national enterprises reform, put up corporations stock alteration, set up a suit of perfect ESO system which have China characteristic, we must use for reference legislation experience of America and other developed countries, and combine these with the situation of our country. Just because of this, I think that it is very necessary to study ESO system at the present time.In this thesis, I analyzed and studied ESO system completely. This thesis consists of five parts:The first part is on the basal connotations of ESO. It talks about it signification, characteristics and legal quality as well. ESO is a right which corporation endow to certain employees. With this right, these employees can buy some stocks of the corporation in special price. In the view of legal quality, ESO is a expect right. As a right of proprietors, ESO has right character, income character, time limit character and person character.The second part is about the theoretical bases of ESO and the analysis of ESO's domino effect.. We found enterprises of China and other countries all selected ESO to supervise and run their enterprise. Their objectives are all to solve the questions exist in corporation father configuration which are "insidercontrol" and "agency cost" which came from the separation of control power and administer power. Because ESO has relativity with stock increment income, it can establish a relativity relation between proprietor and owner of corporation. It can play inspiring effect and avoid the happen of "insider control", and reduce the cost of agency. At the same time, I introduced the effect of ESO.The third part tells about the necessary and feasibility of ESO. In our country, we have pushed enterprise reform 20 years. We have attempted incentive mechanism many times. But because almost all that are short-term incentive, their effect is faintness. As a long-time incentive mechanism, ESO admit the property right value of manpower and make the question that let people and the manage elements, technology elements participate hi enterprise's distribute which add on person a system. In succession, I introduced policy, law and code on ESO from all levels government and pointed out it is feasibility that push ESO in our country.The fourth part tells about the practice of ESO hi China, dealing with its present modes and the respective peculiarities of each mode. As far as the current modes of ESO in China are concerned , they are mainly Beijing Mode, Shanghai Mode and Wuhan Mode. Each mode has its own peculiarities, at the same tune they have certain shared ones. On the base of this, I pointed out that ESO encounter some obstacles on system and law.The fifth part put forward some advises for ESO. At present, the enterprises in our country are setting up modern enterprise system, so it is impendence to set up long-tune incentive system which include ESO. But this must carry through on the basis of market environment and law environment. Contrapose the obstacles which ESO encountered in our country, I put forward some advises for ESO from law and system lay.At the end of this thesis, I educe conclusion: As a part of corporation father mechanism, ESO is a necessary orientation for Chinese enterprises (especially national enterprises). Bu...