China's High-tech Virtual Stock Options Applied Research

Being an important incentive mechanism, stock option has been used widely in west countries and promoted high-tech industry development in many countries such as America. In recent years, stock option is promoted in China and implemented actively by lots of enterprises.On the foundation of analyzing in depth the characteristics of high-tech enterprises, the paper believes that stock option is theoretically based on human capital theory mainly and is confirmation of enterprises' ownership belong to human capital owners. Integrated the analyzing of current stock option application in China with the phantom stock option application base in Chinese high-tech enterprises, the author puts forward that under current domestic deficient sock option application situation, phantom stock option plan could perfect traditional stock option plan and be an important way to reform and innovate the high-tech enterprises' incentive mechanism in future years. The paper, on this basis, innovatory analyzes the application condition of phantom stock option in high-tech enterprises and summarizes and classifies different application types.Besides, the paper designs and applies a practical phantom stock option plan for A technology limited company to be a practice. Applying the phantom stock option theory and design ways, the project includes implement process, essential points design and finally, the appraisal of the whole project.