Study On Effective And Incentive Of The Stock Option Plans Of The Listed Companies-theory And Case

Since China joined the WTO，the listed companies facing increasingly fiercecompetition，in order to win in the fierce competition，stock options plans become one ofthe deeply pro-gaze long-term incentive ways adopted by the listed companies.This paper bases on the results which studied by past scholars and experts on thestock option plans and related theories，combined with the implementation of stock optionplans that have been the practice of listed companies， mainly use case study methods andrelated literature research methods，comparative analysis and other methods, select BeijingSL Pharmaceutical Co.，Ltd. as the research object， in-depth analysis of double-HeronPharmaceutical’s stock option plan’s incentiveness and effectiveness， including theimplementation of the plan of internal and external environment impact on theincentiveness and effectiveness of the plan，as well as the incentiveness and effectivenessof the plan itself and effectiveness of plan implementation. Through these researches，drawthe results that stock option plan being a success plan implementation depends on theinternal and external environment，the incentiveness and effectiveness of the plan itself aswell as executives of listed companies layers’ efforts. Recommendations include from theperfecting plan itself and the three aspects of internal and external governance environmentto improve stock option plan.The main results and innovations of this study: Firstly，using case study approach toexplore the incentiveness and effectiveness of Chinese listed company’s stock option plan;secongdly is the use of the data for research during2002-2012，so higher reliability;Thirdly, before the case analysis, developed the standards and methods and analyticalframework about how to analysis the case;Fourthly is a combination of research purposesand research methods, and gives measures of the incentiveness and effectiveness indicators; Fifthly before and after the implementation of stock option plan, compared theperformance indicators by a large number of charts for data analysis, argumentationsufficient; Sixthly is putting forward proposals for a comprehensive incentive stock optionsralated to environment，which conducive to the future stock option incentive for furtherpromotion.