| As an important incentive mechanism, Executive Stock Option (hereinafter short for ESO) has got a wide and successful application in the west countries. In recent years, this system has been introduced by some of our enterprises. They hope that this system can successfully solve our enterprises problem of inspiring managers, which has not solved in the past over 20 years reformation .A distinctive feature of modern enterprise is the separation of the ownership and the manager ship. Therefore, the problem that the rights of surplus claiming and surplus-controlling don't match the capital ownership comes into being. In order to solve this problem, the enterprise circles and the theory circles are exploring and practicing incessantly.Undoubtedly, ESO is an excellent system innovation to solve this problem. ESO is a right afforded by the owner of the enterprise to the managers to purchase the enterprise stock. It solve the contradiction in some degree that the rights of surplus claiming and surplus-controlling don 't match the capital ownership, therefore it makes the benefit between managers and stockholders accord inherently as much as possible. However, owing to the unsoundness of our marketed economic system, putting ESO in practice at present time will suffer from many drawbacks, which lie at the aspects of law and regulation, market system, corporation hams, even at the aspect of people's idea and consciousness. How to overcome and solve those drawbacks effectively is a key problem whether ESO will bring practical effect or not in China. Therefore, the research in this paper will has extreme importance of realistic meaning and far-reaching strategic meaning for theory circles to probe ESO system, for enterprise circles to put ESO in practice and for governments to limit and restrict ESO system.The article adopts the norm analysis and a research method for combine together of cases, in writing the way of thinking, encouraging the logic beginning from the ESO, being the clues with a series of obstacle meet in our country carry out with the concrete operation of the ESO system, definitely analyzed to overcome to reach agreement finally the path of these obstacles. The thesis totally is divided into four sections; the system introduces the agent stock option in our country. 1 General introduction part. 1.1 The author elaborates that why he choice ESO as the graduation thesis; In the process of our country's pushing forward state-owned business enterprise reform, because of lack of definition in producing and authority, lack of the proprietor and long acting as agent etc.causing the direct toward the state-owned business enterprise executive arrived with encourage the mechanism, on the one hand the executive makes use of the state-owned property client falsely resulting in blank on schedule practice" internal person control", not only develop private with the tactics, the bad habit that public funds consume, but also cause the management performance of the state-owned property lowly, the capital is hard to protect the value to increase in value, and run off through various outlet; On the other hand, those managers that created the huge wealth can not get the reward and guerdon that they should have , thus losing the motive of the work, and appearing 59 phenomenon's etc. making the grieved problem of person. Seen from the surface, solving these problems apparently encouraged the mechanism effectively to resolve, therefore the local academic circles are still a business enterprise field, all these heat slices a ground of ESO for expecting to usher in the United States. 1.2 The author to the domestic and international research present condition from following a few aspects namely the income and business enterprises conduct the efficiency that the results research, business enterprise manages the structure research; Chinese stock market and encouraged the mechanism research to carry on the summary. 1.3 The author introduced the structure and the research way of thinking of the full text.2...
|
PDF Full Text Request