The Research On Legal System Of Stock Option In China

With the continuous development of our country socialist market economy and gradual establishment of modern enterprise system,the formation of an effective incentive and restraint system is a product must be in the development of market economy. The stock options is gradually from a kind of financial derivatives of securities trading market into a long-term incentive system of company, it plays a vital role of stabilization of our market economy and steadiness of the corporate governance, and it has drawn great attention of economic science and legal science as well. On the one hand, the stock option system in a certain extent displayed the positive role of sharing the benefits and risks between operators and company, improving the company’s performance and so on. In addition, it has been widely used in the western developed countries. On the other hand, the stock option system as an "import" in China is implementing with a short time, the development of stock option system is not yet be nature, what’s more, the relevant laws and regulations of stock options is still not perfect enough, it hasn’t formed a systematic legal system, and lacks a guidance of legal norm which is clear and potent, provisions on stock options is still has some problems of the loopholes and conflicts in the company law, securities law, tax law and so on, such as ambiguous sources of equity, ill-formed of exertion option, unreasonable of the preferential tax policy, non-uniform accounting recognition and accounting measurement, omission of supervision, etc. However, these problems have a better solution in the United States, Britain, Japan and other developed countries. Compare with the ripe stock option system of foreign developed countries, we find it that we should absorb their successful experience and constantly perfect the stock option system in combination with the actual situation in China, and also, we should under the legal perspective concretize and repair the problems which exist in implementation of stock option system, such as defining the capital system of stock options, concretizing the specific provisions of sources and repurchase of equity, optimizing the classification of tax policy, correspondingly adjusting the link of tax, unifying the accounting principles, implementing supervision system and punishment system across the board, after this, we can really solve the legal loophole and predicament which exist in the stock option system, and let the legal system of stock option escort for the long-term and effective development of stock option system.