Research On Legal System Of China Stock Option

Stock option incentive system as a long-term incentive, then to build andimprove corporate incentive system has laid a solid foundation since its production.After half a century of constant change and development, stock option incentivesystem has been widely promoted on a global scale, and are increasingly being usedin business management which has become one of the most effective corporateincentives. However, this system inevitably has two sides, namely "double-edgedsword" continue to provide the impetus for the development of the company, whilelurking in which moral hazard is also increasingly showing its amazing destructivepower. By the end of2001, once vibrant Enron bankruptcy quickly, under theCompany’s equity incentive system fraud become a hot topic, it is from this pointon-wards, how to constrain its negative equity incentive system while promoting thepositive effects of effect become the focus of academic research.In China, thedevelopment of equity incentive system is just more than twenty, in theory andpractice with the advanced countries there is a big gap: In theory, the breadth anddepth of the research are to be strengthened, in particular the need to further enhancethe core system supporting research and fit the system; in practice, it is not a soundcorporate governance structure can not provide a development platform for the equityincentive system, and in the early stages of development of the capital market is ahuge obstacle for the realization to set incentive effects. Against this background, wechoose the United States as an example of comparative study aimed expectations bycomparing the U.S. equity incentive system made useful explorations of our countrycorrelation system.This article contains six parts, in addition to the introduction and conclusion, themain contents of the remaining four parts as follows:The first part,“the overview of the system of incentive stock options”. The firstpart defines the definition, characteristics and legal nature of equity option, and contrastive analysis of the stock option incentive and other related equityincentive; secondly, the theoretical basis of the stock option incentive system analysisfrom the principal-agent theory, human capital theory, stakeholder theory andcorporate governance theory in four dimensions on both sides; finally, focus on thesystem, in-depth study of its positive effects while also actively summarize itsnegative effect, tries to reveal the comprehensive effect of tickets option.The second part,"analysis of the Localization Practice of incentive system ofstock option in china". The development process to sort out our stock option incentivesystem as the foundation, from the basic framework of grant subject, to explain sevenangle, source of stock, the stock option incentive system in China, put forward thelegal system is not perfect, the lack of core system design is not good and supportingmechanism is not fully three aspects, combined with the specific system deeply.The third part,"the system of American incentive stock option and ItsEnlightenment to china". In this section USA as research sample, after a briefintroduction of the generation and development USA stock option incentive system,legal system, the system of the existing system of core system and the supportingsystem in three aspects, which are worth using for reference and absorbing partsdescribed in detail.The fourth part,"proposals to improve the legal system of incentive stockoptions in china". As the key of the whole thesis, this part put forward to the secondpart of the system as the goal, combined with the third part American experiences forreference, from the sound of the stock option incentive system of laws and regulations,improve the stock option incentive system, enrich the stock option incentive system ofthree point of view, described in detail to improve the path and Countermeasures ofincentive system of stock option in our country.