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The study of the stock option system

Author: HuXuDong
Tutor: LvMingZuo
School: Zhengzhou University
Course: Legal
Keywords: Stock options Principal-agent Incentive and restraint mechanisms
CLC: D922.291.91
Type: Master's thesis
Year: 2005
Downloads: 225
Quote: 1
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Abstract


Incentives and risks of the stock option system in theory and in practice a lot of controversy. From the analysis of the general theory of the stock options, the basic legal issues involved in the stock options to carry out a more systematic discussion based on the focus on China's stock options empirical investigation and problem resolution, combined with China's national conditions to solve China's stock options certain idea of ??the legal issues. Stock Option imported goods should be able to spread the system process, along with the transformation of the local environment of the realm of \This paper attempts to make efforts to promote the realization of this goal. The meaning of the legal characteristics of the stock options, the theoretical basis and values ??constitute the general theory of the stock options. Stock options is the operators have to purchase a certain number of the corporate stock rights within the agreed period of time with the enterprise, at a pre-determined price. Their legal characteristics mainly reflected in: limited, selective, incentive, stock liquidity and shareholders' decision-making. It is built on the basis of the theory of principal-agent theory, human capital theory of value and effectiveness of incentive theory. This paper analyzes the value of stock options is reflected in two aspects of the manager and the company that it is designed to solve the principal-agent conflicts \. The basic legal issues stock options mainly includes three aspects, namely, the legal issues in the stock option exercise stock sources, legal issues in the stock option grants and stock options exercised in the legal issues. In this paper, mature practice in the United States and other Western countries has been widely used as a reference, trying to analyze the legal issues in an economic system, and the two are closely linked to explore. First of all, the legal issues involved in the stock option exercise stock sources. The company must reserve a certain amount of stock, stock option plan can be implemented. There are three common practice abroad: issue aside, the issuance of new shares and share repurchase. Secondly, the grant of the stock options, mainly related to the granting and management of the main grant the timing and the number of legal issues. Finally, summarize the legal issues in the exercise of stock options, the analysis of the exercise price and exercise the way, waiting for and implementation of program implementation and adjustment elements. Empirical Investigation of the stock options and problem resolution is the focus of this study. The implementation of the stock options on Chinese companies have typical needs of the age significance, because it can strike a balance between, is a win-win strategy. Commentary on the stage of China stock option plans of the practice, to compare the differences in practice mode with the international practice of China's stock option practices, found that China's \This incentive mechanism with Chinese characteristics in the capacity limits of the existing legal system in China,

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CLC: > Political, legal > Legal > Chinese law > Economic Law > Corporate law, company law
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