Study On Stock Options Incentive System Based On Human Capital Property Rights

Enterprise's operator is the soul of an enterprise, and a kind of important and rare human capital of economic development. The problem of enterprise's operator's incentive has been the major subject that the modern enterprise's management theory has studied all the time .Facing the intensive international competition in the era of globalization and knowledge-driven economy,it is of great significance to solve the problem that enterprise's operator in our country has stimulated insufficiently for a long time by refering the successful foreign experience of the stock options.The stock option , as a set of incentive system to senior executives as one, makes its theoretical foundation mainly on the principale-agency theory and the theory of human capital property right. Its validity lies in : the hypothesis that the stock option ,offering operators a certain option of purchasing shares has realized "Incentive Compatibility" between the manager and shareholder through the remuneration and ownership incentive,thus reduced agency costs; The game theory proves that the stock option will align the goal of owners and managers and make them reach Nash Equilibrium to maximize their utility . The stock option , which is the result of operator's human capital articipating in enterprise's residual distribution , is substantially the effective way of turning human capital into property rights.Nowadays the stock options has already been an effective way in western developed countries to prompt senior executives. However ,the stock options ,in which some defects appear gradually in recent year , has received some queries. Analysis on characteristics of the stock option in foreign countries will provide precious experiences to the execution of stock options in our country . Several kinds of typical modes has been formed in pilot projects in China such as the mode of Shangha, Beijing , Wuhan , Lenova , Taida ,etc. Though the above modes have played an...