股票期权激励机制的应用研究工商管理专业论文.docxVIP

IV IV RESEARCH ON STOCK OPTION BASED ON INCENTIVE MECHANISM ABSTRACT In the age of knowledge economy, the manpower capital has been the most active factor of development for enterprises. However, in order to make full use of the manpower capital, it is necessary to introduce an effective incentive mechanism, of which the most outstanding is stock option, to activate the owners of the manpower capital. The stock option has obvious advantages: decreasing agent cost, encourage the senior executives to take necessary risks. It helps to closely unite the senior executives’ benefits and the enterprise’s long-run development, then it incent senior executives to innovate and reform for strengthening management. So stock option incentive mechanism affirms the future achievement, and guarantees the long-run development for the company. It wins high attention in academia and be adopted by China and foreign countries. The separate of proprietorship and management right results in the problem of principal-agent. The stock option is a contract to make the benefit of principals and agents convergent. It can alleviate their conflict effectively, urge the agents launching suitable activity, increase benefit for the principals furthest, decrease losses due to moral risks and converse choice, and encourage the managers to innovate and pay more attention on the long-term development. The author introduces several incentive theories and their functions briefly at first. Then, on the basis of exposition of the theoretic basis and incentive effect of the stock option, the author discusses the superiority of the incentive mechanism of the stock option by Game Theory. At last, based on the analysis of the problems in implementing stock option in China, the author gives some suggestions on how to select the right index t, the price of implementing stock option, awarded quantity and valid period, as well as a set of effective resolutions, hoping to help China’s PAGE PAGE VI en