Research On Phantom Stock Option Of The Second Board Market Enterprise

Nowadays, the development of the international economy has already stepped into information age, the new high-tech industry has already become main motive force of promoting economic and social development. The knowledge economic tide sweeps across the whole world. The economy of our country is in the period of making the transition, the development of the new high-tech industry is promoting the economy of our country to develop toward intensification. However, the fund becomes the bottleneck which perplexes development of new high-tech industryRunning the Second Board Market that will be opened soon would has solved the capital source problem for the development of the new high-tech industry, but how effective encourage the senior level executive of enterprise of the Second Board Market take advantage of the fun which raise from the Second Board Market, and how encourage those high technicians to give play to their dynamic role and creativity, it is a problem badly in need of solution in modern enterprise's institutional improvement and development.With the development of encourage thought and motivational theory in the west, there is already as to on the senior level encouragement of executive form a whole set of intact schemes. The development of manager stock option has successfully solute the question which coming from " morals risk " and " reverse choice" which derive from separate ownership from power of management. GEM enterprise because its characteristics of high risk and high rentability have been stage for the use of stock option.But because of the second board market of our country is one thing of new student, it must have some imperfect place. And there are a series of system, market condition and other system factors in various fields to hindrance the using of stock option, such as stock source issue, interests that plan cash mechanism and of our country weak efficiency issue of stock market accurately. On this basis, this text has analyzed the necessity and feasibility that GEM enterprise of our country to adopt with Phantom Stock Option, analyzing the difference from main boardmarket to the market for the second board. And I point out the advantage and important meaning of our country's Second Board Market enterprise to adopt phantom stock option.How to design the phantom stock option is the key question in the use of phantom stock option in Second Board Market enterprise. The design of the phantom stock option should be solved mainly is the source of the stock and so on. This text has drawn lessons from the market price type phantom stock options of their listed companies and inside price type phantom stock option from practice of foreign countries Right plan, has analyzed the question existing among them. Through analyzing phantom stock option in domestic such as Shanghai shellfish mountain range etc., have put forward the plan of design of the phantom stock optionCome from essence and say, the phantom stock option is a kind of long-term incentive mode of cash way, its implementation demands to have sufficient encouragement funds at first. In conceptual design, the model proposing encouraging funds to be drawn. Use the economic value-added method and optimize the design principle most, analyze what a price of rational phantom stock of sureness under condition at present. I have point out the awarding to the target and quantity of phantom stock option, has probed into the question that the phantom stock option should be paid attention to while exercising.How to examine the performance of phantom stock option is the key problem in incentive the manager. Through use overall balance keep the scorecard, homework law of cost and economic value-added method synthetically, I structure the performance appraisal system of the phantom stock option. Through its financial affairs, customer, inside procedure with study and grow up to go on the comprehensive examination in enterprise, maximization realizing the goal of abundant use and achievement of resources. Thus guarantee the value preserving and appreciation...