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Stock option incentive mechanism

Author: WangYuWei
Tutor: YeChenGang
School: University of Foreign Trade and Economic
Course: Business Administration
Keywords: Principal-agent Stock options Incentives Elements of design
CLC: F271
Type: Master's thesis
Year: 2006
Downloads: 799
Quote: 7
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Abstract


Modern enterprise a significant feature of separation of ownership and management , resulting principal - agent conflicts . Executive stock option plan as a long-term incentives , originated in the United States, because of its huge incentive and restraint mechanisms for management of the Company , has expanded to many countries in the world . China from the 1990s in some enterprises , a pilot incentive stock options , stock options did not give full play should be the role of incentive and restraint , and the whole implementation is also very irregular from the existing situation . This article discusses the theoretical basis of the economics and management of the stock options from the four principal-agent theory , corporate incomplete contract theory , the theory of human capital and residual claims theory , then explain the stock options as an important component of modern incentive theory the part has a scientific and historical inevitability , followed by analysis of the positive and negative effects of the stock option system implementation . On this basis , the paper detailed analysis of the necessity and feasibility of stock options in our country . Finally, in legal policy increasingly clear that under the new situation , the various elements of the stock option system design specification , but also concerned about the main problems in the implementation of stock option causes the system itself and the external environment is not complete proposed improvement program to improve the effectiveness of the operation of the stock option system in China , as low as possible to reduce the negative impact of its run . This paper argues that with the laws and regulations in China and continuously improve the capital market continues to mature , the corporate governance structure of the constant improvement , coupled with the deepening of our understanding of the stock option system , I believe that this system will certainly be on China 's enterprise reform and operating 's long-term positive impact on the incentive to produce more .

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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