Research On Restriction Mechanism Of Stock Options Of High-tech Enterprise IT Personnel

With the importance of human capital significantly increased, how to attract and retain talented people to become a top priority for enterprises. So many companies change the way to inspire talents—from the traditional salary bonus incentive to the wage incentive and equity incentive bonuses combined. High-tech enterprises in the use of incentive stock options account for a large proportion of enterprises, and because of high growth they choose stock option incentive as the main way for equity inventive. Theorists often emphasize its positive effect, however, many companies in the implementation process has to renounce the incentive. This departure from the practice and theory has caused us deep reflection. Since the theoretical analysis is feasible, the main reason for failure is that some key factors constrain the implementation. Thus this article is to find factors analysis of these constraints.This paper firstly introduces the research background, current research status, significance, purpose and the main contents and methods. In Chapter Two based on the original incentive constraint theory, the concept of high-tech enterprises and talents is defined and the specialty of high-tech enterprise talents is summed up. And then the types of current high-tech enterprise talents equity incentive, internal and external environment and implementation effect are analyzed. From the analysis of the positive effects and negative effects, the conclusion is drawn that constraint mechanism need to be further improved at this stage. In Chapter Three after analyzing the current status of high-tech enterprise talents equity incentive, we can conclude that the cause of this problem is that the constraint mechanism is imperfect, including: the relevant laws and regulations are not perfect, the capital market effectiveness leads to price distortion, scientific and technological personnel performance evaluation system is not comprehensive, and personal risk liability is not clear. The exercise price restraint mechanism is the key, so in Chapter Four a new integrated model is created based on the traditional method of determining the exercise price. When given options, it is not the only criterion to the prevailing market price for the exercise price but a reference to an integrated model to determine the exercise price as the benchmark price, which overcomes the defect that historical price as the exercise price is out of current situation and operational reality. In Chapter Five by comparing the actual case, the integrated and the pricing model to determine the exercise price is verified more reasonable. Finally in Chapter Six several measures to improve constraint mechanism are put forward: determining the pricing model to determine the integrated the price as the exercise price of the benchmark, improving talent market operating mechanism, establishing comprehensive scientific and technological personnel performance evaluation system for individuals, making clear the risk liability of stock option constraint mechanism.