Research On Stock Option Incentive Mechanism In Our Country

Since the reform and open policy, our country in the economic area made great achievements in economic growth, at the same time also high-speed vulgar with has caused many major problems. Unclear property right problem has been restricts the healthy development of Chinese enterprises. In our country has been existing enterprise managers salary structure unreasonable, the lack of long-term incentives, and so there was a damaged the interests of the state and shareholders, stock option system behavior as a long-term incentive means, make business owners and operators form community of interests, to a certain extent, can effectively solve the principal-agent problem. In the 20th century, China began to explore the suitable for China's national conditions of stock option incentive system, as our country's legal system and other aspects of the limit, and no company implemented a real stock option plan. The good news is, after generation of entrepreneurs and scholars of constant exploration and research, in our legal framework for enterprise itself cases in accordance with incentive stock option plan change and flexible.The 2006 China securities regulatory commission "listed company equity incentives to manage the way" (try the line) of listed companies, regulate the promulgated by the option incentive system, greatly promoted the incentive stock option plan the development of China's listed companies. Meanwhile, China's capital market is weak effectiveness and the listed company's internal governance structure unreasonable problems hindering stock options authority road, how to effectively implement incentive stock option system, to perfect our country business enterprise, listed companies, especially in corporate governance and realize sustainable development to have the important meaning.First, this article from stock options theory basis, starting with system itself the line detail and research, the positive and negative effect of stock options are analyzed theoretically explain stock option system is an effective incentive system. Secondly, in early implementation of stock option three modes (Shanghai mode, Beijing mode, Wuhan mode), this paper analyzed in 2006 after laws related to the implementation of perfect statistical analyses, the author selects the typical 71 companies analysis, this paper summarizes the listed companies in the implementation of the existing problem, and puts forward related Suggestions. Finally, this paper analyzed the joint stock limited company of xin hu zhong bao stock options implementation.