| The mechanism reform of enterprise is becoming the key point for the sustainable development of resource-based cities, while they entered mature period. The urgent problem is how to establish the effective incentive mechanism so as to stimulate their executives. The thesis spreads out analytical research based this point. And providing reference for implementation of executive stock option (ESO) is the intention and significance of this thesis.Firstly, the introduction reviews the related theories on resource-based city and ESO briefly, the foreign and domestic research on origination and progress is also sum up. Then, the analysis start with the present status, characters and managerial mechanism reform of resource-based enterprise, the comparison of three kinds of executive incentive system is concluded by improving the model between performance and effort. Aimed at the weakness sector (the lack of long-term stimulation of executives) and legal environment, the thesis brings out phantom stock option plan (PSOP), which is more applicable in practice. After dissecting the essence of ESO and combining the driving origination, the systemic enterprise value appraisal model is build up, meanwhile, the intellectual capital coefficient modifying the appraisal result is put forward, which improve the veracity and objectivity. The internal price per share of PSOP is draft by the real value of company, and also as the benchmark of vesting price, which solve the bottleneck of PSOP.In the section of case study, the LHJM company is took as an example, based on analysis of the long-term strategy and operation status, the PSOP is implemented in this company. Therefore, comparing with the effect the annual salary system, it is concluded that the implementation of PSOP could drive executives to make decision, which contributing to the long-term profit of company.Finally, the thesis advances the area for further research. It still has some drawbacks and will guide the follow-up research. |
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