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1、ABSTRACTTheownerandtheoperatorofnowadaysenterpriseshavedifferentevenoppositestandovertheirrespectivebenefitgoals.Luckily,stockoptionmotivationmechanismisthebesttooltosolvetheprincipal—agencyproblem,anditalsobalancestheinterestbetweenthetwopartstomakethee
2、nterprisebetterdeveloped・Astheoneofthemostimportantmotivationmechanisms,thestockoptionmotivationmechanismhasalreadybeenwidelyusedinwesterndevelopedcountries,amongwhichAmericahasthemostthoroughtheoriesandpracticerelatedtostockoptionmotivationmechanism.Rec
3、ently,thisnewtypeofmechanismwasgraduallyacceptedbyChinesegovernmentandmostofthelistedcompanyandputintouse・Asrelevantresearchshows,themechanismhassomeactiveeffectsonthecorporateperformance.However,limitedbyChinesecurrentatmospherewhererelatedlawsandregula
4、tionsarenotcompletedandthecapitalmarketrunsinefficiently,themechanismstillhasalongwaytogohere・Butastheformulatingandperfectionofsomerelevantlaws,suchastheListedCompaniesIncentiveManagementApproach,CorporationLawandSecuritiesLaw,thecountryprovidespolicyba
5、sisandoperatingguidetothelistedcompaniesafterthereformofnon-tradableshares・Afterwards,thestockoptionmotivationmechanismhasflourishedinChina.Thisessaywilltakethestate-ownedholdingcompany,theBrightdairyastheresearchsubject,andanalyzeitschangesanddevelopmen
6、tafteradoptingthestockoptionmotivationmechanismaccordingtothereality,whichisrepresentative.Thiscompanyispubliccompanythatcombinesmultiplepropertyrightslikethestate-ownedassets,foreigncapitalandprivatefunds.Itssuitablegovernanceandbusinessstructuremadeitt
7、hefirstpilotenterprisetoadoptthemechanisminShanghai.Undertheresearchmethodcombiningthetheoryandrealcases,thewriteranalyzestheimplementationeffectoftheBrightdairyfromthequantitativeandqualitativeperspectives,afterhavingasystematicknowledgeofthestockoption
8、incentivemechanismofthelistedcompany,referringtotherelatedlawsandregulationsinourCountryandthefinancialinformationrevealedbythegovernmentandtheenterprisesandcombiningthespecificanalysisofrelatedorganizationsandprofessorsan
