The Research On Stock Options Of The Independent Director

The independent director institution is an effective measure to improve and perfect the governance structure of the corporate in our country. But the establishment and the implementation of this institution are impacted by the underdeveloped motivating mechanism of the independent director.This innovated financial derivative instruments of stock options, apply to motivate the manager at first, can arouse operator's enthusiasm, prevent operator's short-term operation, reduce enterprises cost and cash which is flowed out. With the enhancement of the independent director's function and effect in the modern enterprise's governance structure, how to keep its independence and go on effective encouragement become an important subject to research, the western countries succeed in applying stock options to motive the independent director, which has offered the thought for the research to motive the independent director of our country.According to this, the thesis has explored the new way to encourage the independent director, that is to say, we can make use of stock options to overcome some questions at present, such as inadequate motivating, lacking enthusiasm and insufficient.function of independent director in our country.The thesis divides into seven chapters.Chapter 1, Preface. We introduced mainly the source, the main purpose and meaning for this investigation, the research summary about the independent director motivating, the main content and basic thought, etc.Chapter 2, Independent director and independent director's system. We expounded briefly the concept of independent director, the independence of independent director, development of independent director institution and function orientation in our country.Chapter 3, Current situation and existing problem of domestic and international independent director's salary. We introduced the ways to encourage independent director in foreign countries, counted the salary of independent director , executive director and senior executive of 356 listed company in 2003 according to different trades, and analyzed the current situation and existing problems of independent director's salary in our country.Chapter 4, Basic theories of stock options. We introduced the concept of stock options, theoretical foundation and four key elements of stock options of the independent director.Chapter 5, The research on stock options of the independent director. We carried on the research of the independent director's stock options based on the performance appraising.Chapter 6, Perfect the encourage and restrain mechanism of the independent director's stock options. We expounded how to perfect the encourage and restrain mechanism of independent director's stock options from four respects, such as the reputation mechanism, company administration structure and competent right mechanism of the independent director, market competition mechanism and riskmechanism.Chapter 7, Conclusion. We drew conclusion and pointed out the questions that need to study further.Among these, the independent director's stock options plan based on the performance evaluation is an emphasize in this thesis. On the basis of analysing the rationality of the independent director's stock options, we put forward the thinking of the independent director's performance evaluation, including appraising subject, principles that confirm evaluation index and assign weight. And we adopt fuzzy comprehensive appraisal method to set up the performance evaluation system of the independent director. Then, we carried on the research of the independent director's stock option plan on the basis of the independent director's performance evaluation. Finally, we proposed some relevant measures to implement the independent director's stock options, such as accelerating setting up the independent director's association, strengthening supervision , promoting independent director's professional process ,etc.The innovations of this thesis lie in putting forward the thought of the independent director's performance evaluation, setting up the index syst...