Study On ESO Of Listed Companies In Our Country

As an important incentive mechanism for the modern enterprises, executive stock options(ESO) have gained the extensive application in the western developed country. In recent years, it has been accepted by some listed companies in our country, in order to solve the principal-agent problem of corporate governance, has obtained incentive effect, however, the real mechanism still were not implemented for the sake of realistic conditions formerly. At the end of 2005, the Chinese Securities Supervisory Association had issued "Listed Company Stockholder's rights Policing method", and announced stock right putting divided reform completed basically in October, 2006. Under such background, it is extremely essential that carefully examined incentive mechanism of ESO. Therefore, this thesis took ESO of listed company as the object of study, redesign ESO that match the present situation of the listed company, and researched how to optimize the environment on the ESO implementation on basic of it.This thesis confirm through the theory and empirical research that ESO of listed company in our country exsits incentive effect. However, introducting new system need the process of localization and continually study connecting with current stiuation, therefore, it is extremely important that design ESO of listed company plan fiting for the recent situation in our country in order to enable to adequally exert its efficiency, and try our best to perfect the capital market, the professional manager market and corporate governance.Firstly this thesis reviewed and summarized the domestic and foreign research results on the stock option, then carried on the basic theory in chapter 2, introduced emphatically the practice of ESO abroad, systematically analyzed positive and negative effects, and enduce the enlightenment to us that the implement of ESO. Through the practice on ESO of listed company in our country and empirical research confirm in chapter 3 that ESO system of listed company system exsit incentive effect but limited, in essence all are not real stock options. According to current policy condition and capital market development situation, redesign ESO plan of the listed company in chapter 4. Finally, the thesis puts forward the suggestion on optimizing the environment of ESO implement: firstly perfect the capital market; secondly establish and consume professional manager market; thirdly perfect the corporate internal governance.