实行股票期权制度的理论探讨（Theoretical discussion on the implementation of stock option system）.doc

实行股票期权制度的理论探讨（Theoretical discussion on the implementation of stock option system） Theoretical discussion on the implementation of stock option system Theoretical discussion on stock option system 2008-12-20 15:11:40 Under the condition of socialist market economy, the operation of an enterprise depends to a great extent on the overall quality and ability of the operators. The reasonable income reward is one of the fundamental motive forces that impel the operator to work hard and pursue the development of the enterprise constantly. Therefore, establishing the necessary manager incentive system and confirming their contribution to enterprise value creation will contribute to the growth of the professional managers and their enthusiasm in doing business well. How to effectively motivate and supervise the top managers of enterprises is not only the focus of the theoretical research of modern enterprises, but also a key problem to be solved in the economic reform of our country. This paper intends to discuss this problem. I. main existing incentive models and evaluations in China 1., the contract system, which is the early stage of reform and opening up, the state to fully mobilize the enthusiasm of operators to implement a system. In the contract system, in order to operators within the term of the contract with the owners of the remaining share more, often using the method, which is not conducive to the long-term development of enterprises. The typical situation is to expand the profits and increase their income by the predatory management of fixed assets and the reduction of necessary long-term investments. This is because the contractual system does not have incentive compatibility in the long run, and the efforts made by managers to increase the long-term interests of enterprises can not be effectively compensated. 2., the annual salary system - the annual salary system to achieve business performance and income linked to the operators income is divided into basic