A Study On The Incentive Mechanism Of The Stock Option In China's High-tech Enterprises

In the knowledge-driven era,the high-tech industry will become the cores of all industries and the decisive factor that a country makes and competes for the advantage for a long time. The capital of manpower is playing a very important part in promoting the development of high-tech enterprises. If the high-tech enterprises want to develop constantly and obtain advantage in the fierce competition, they must attract and steady the outstanding talents. However, the phenomenon of brain drain is very serious in the high-tech enterprises of our country, which has restricted the development of high-tech enterprises seriously. It is greatly due to the defects of the talent-encouraged mechanism in our enterprises. So, the high-tech enterprises must set up and amplify the talent-encouraged mechanism.The incentive mechanism of the stock option is a kind of effective talent-encouraged mechanism. It makes the stock option holder's individual interests linked to the long-term interest of the enterprises closely through the distribution of the enterprises'residual income. The stock option holder get a huge sum of repay by exercising the option and selling the stock. Thus, the stock option is the effective incentive mechanism which can attract and steady the outstanding talents. It already has been promoted extensively in the U.S.A. Especially, it has made enormous success in the high-tech enterprises in Silicon Valley. It is obvious that stock option can be perfectly executed in the high-tech enterprises owing to its high growth and high profitability. Now, some domestic high-tech enterprises have also implemented the stock option plan, but the results are unsatisfactory. Therefore, it is significative to regard high-tech enterprise as a special type, carry deep research on its incentive mechanism of stock option and discuss its scheme. It can offer the new high-tech enterprise the guarantee of manpower to last technological innovation.The research thoughts of this thesis is the combination of the incentive mechanism of the stock option and the high-tech enterprises. The author started this thesis with the theoretical foundation of the incentive mechanism of the stock option. The author introduced the characters, the incentive elements, the effects of the incentive mechanism of the stock option and the characters and manpower's characteristic feature of the high-tech enterprises. The author analyzed the brain drain situation in high-tech enterprises, its sequel and causation. Also, the author explained the importance of setting up the incentive mechanism of stock option in the high-tech enterprises. And then, the author designed a scheme of the incentive mechanism of the stock option which accords with one's own character of the high-tech enterprises. This is also the innovation of this thesis. In the end the author came up with the suggestion that if we want the incentive mechanism of the stock option be executed effectively in our high-tech enterprises we should improve its micro and macro circumstance.