| The owner and the operator of nowadays enterprises have different even opposite stand over their respective benefit goals. Luckily, stock option motivation mechanism is the best tool to solve the principal—agency problem, and it also balances the interest between the two parts to make the enterprise better developed.As the one of the most important motivation mechanisms, the stock option motivation mechanism has already been widely used in western developed countries, among which America has the most thorough theories and practice related to stock option motivation mechanism. Recently, this new type of mechanism was gradually accepted by Chinese government and most of the listed company and put into use. As relevant research shows, the mechanism has some active effects on the corporate performance. However, limited by Chinese current atmosphere where related laws and regulations are not completed and the capital market runs inefficiently, the mechanism still has a long way to go here. But as the formulating and perfection of some relevant laws, such as the Listed Companies Incentive Management Approach, Corporation Law and Securities Law, the country provides policy basis and operating guide to the listed companies after the reform of non-tradable shares. Afterwards, the stock option motivation mechanism has flourished in China.This essay will take the state-owned holding company, the Brightdairy as the research subject, and analyze its changes and development after adopting the stock option motivation mechanism according to the reality, which is representative. This company is public company that combines multiple property rights like the state-owned assets, foreign capital and private funds. Its suitable governance and business structure made it the first pilot enterprise to adopt the mechanism in Shanghai.Under the research method combining the theory and real cases, the writer analyzes the implementation effect of the Brightdairy from the quantitative and qualitative perspectives, after having a systematic knowledge of the stock option incentive mechanism of the listed company, referring to the related laws and regulations in our Country and the financial information revealed by the government and the enterprises and combining the specific analysis of related organizations and professors and specialized knowledge I learned before. This analysis is firstly based on the quantitative target reflecting the stockholder’s wealth, operator’s carrier capability and debt paying ability, and is secondly on the qualitative target reflecting the corporate behavior and reserve of talents. In the meantime, lateral contrast and vertical contrast are combined to analyze the effect brought by the adopting of the stock option motivation mechanism. The vertical contrast goes to the period before and after using the mechanism while the lateral contrast to the similar enterprises like the Brightdairy. Most of the analysis indexes can elaborate my opinion, and provide feasible suggestion to the implementing of the mechanism among listed companies.According to the synthetic analysis, we can find that the Brightdairy has already realized the development of performance index and improvement of kinds of financial indexes. But according to the analysis of earnings management, problems such as loss from asset devaluation and expense allocation occurred at the same time. During the implementing of the new mechanism, the food security problem revealed the disadvantages of the rapid expansion and vulnerability is also found in the primary level management. And after analyzing such problems, I concluded and put forward some suggestions for improvement such as optimizing the stock option motivation mechanism, establishing and perfecting the supervising and restriction system of this mechanism and I also raised some feasible proposals for listed companies for reference. |
