The Study Of The Stock Option System Of China

As the milestone of company's administration structure development and the "gold handcuffs" of connecting the shareholder and the manager, the stock option is a long incentive mechanism which solves the problem of agency of modern company.Some breakthrough regulations of our country's "Company law" and "Securities Law" in 2005 and the promulgation of the "the management method of stock right encouragement of listed company" by securities regulatory commission have offered legal support for normal development and perfection of the system of stock option.So,under the legal and economical environment which our country has already had,the effective operation of the system of stock option becomes very necessary.This article introduces the development of the system of our country's stock option,analyses the rationality and defect of current legal regulation of the stock option,and provides some legal suggestions about the perfection of our country's stock option system.It is composed of four chapters.Chapter one is the summary to the system of stock option.This chapter introduces four questions mainly:the concept and the characteristic of stock option,the operation principles of the stock option,the legal nature of the stock option and the positive and negative effects of the stock option. Through the all-side introduction to the system of stock option,the author tries hard to catch its some central characteristics and make the legislation more pertinent.Chapter two introduces the setting-up course of the system of stock option of our country and legal structure system.The purpose is to definitude the characteristics in different period and the state of the legislation at present of our country's stock option system.Chapter three analyses the content of the system of stock option of our country.This chapter analyses legal regulations of some key elements which involves in effective operation of stock option.The analysis of the rationality and defect of current legal regulation propose laying foreshadowing for the perfection of chapter four.Chapter four offers the suggestion of legislating to the perfection of system of stock option of our country.At first,a legal system of stock option including a high-order rank law,such as Company law,Securities Law,etc is necessary.Second,the author provides some concrete suggestions to the perfection of our country's stock option system on the basis of other countries' legislation.It mainly includes seven points:the source of the stock,the mode of exertion of right,the stub trade,the price of exertion of right,the tax allowance,the disclosure of information and the management of the stock option after the end of the managers' service to the company.