The Study Of Executive Stock Option Incentive System Of Listed Company In Our Country

At present, our listed companies have established the modern enterprise mechanism, and the enterprises' property right and the right of management are separated mutually, which caused these property owners and operators to build the principal-agent relation. However, because the bilateral information is asymmetrical, it possibly causes the operator to have "the reversion choice" and "the moral risk" and harm the enterprise's value and shareholder's benefit. Furthermore, in the contemporary economic life, the human capital undertakes the more and more important role in the enterprise, and it also requests the participation appropriation of profit as the element of production. These factors make our country's listed companies to carry on the effective drive to the operator and cause operator's benefit and the property owner's benefit to be organic union, thus to realize the shareholders' benefit maximization.The stock option system was appeared in U.S.A in the 50th last century. After many years' exploration and practice, it is applied widespread all over the world as one of company operator's long-term incentive patterns. The major characteristic of the stock option system is to manage the operator's personal interest and the enterprise's achievement to unify closely, and it has solved inconsistent contradiction between the operator and the shareholder's benefit.After the reform and open policy carrying on for more than 20 years, our socialist market economy system construction has obtained the achievement that attracts worldwide attention, the capital market has obtained the preliminary development, and a substantial number of enterprise already changed into listed companies. But because of the planned economy's influence, the enterprise's incentive mechanism is still backward, the incentive pattern is unitary, and this kind of condition could not adapt the request that our country economy develops further. Therefore, to establish the effective stock option incentive mechanism in listed companies of our country and to cause operator's own benefit and enterprise's long-term development to be combined organically has become the question that the salary organizational reform of listed companies in our country urgently awaits to be solved.This article takes principal-agent theory, the human capital theory as a foundation, takes implementing the incentive mechanism of the stock option in listed companies in our country as the object of study, and have conducted the systematic research on the present situation and the existence question which listed companies in our country implements the incentive mechanism of stock option should face, the concrete plan design as well as legal, the policy and building of market environment support program and so on. The goal is to provide the beneficial reference for national correlation department and listed companies establish,consume and promote incentive mechanism of stock option.