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entrepreneur would is not fair. Introducing the option, due to the company long-term mechanism of good brought the stock appreciation can make managers through the options higher returns in a certain degree, and overcome the ratchet effect. Three, perfecting the external environment, the introduction of options, and improve the mechanism of state-owned enterprise incentive mechanism in China's current option mechanism kobe shoes of joint-stock enterprises entrusted and different; The agency relationship has extensive adaptability, effectiveness and to better improve operator's incentive mechanism, but specific operation up and many difficulties, defective system need improvement. At present, the law and regulations on options the constraints of implementation mechanism mainly reflects in: first, the company law of stock sources of restrictions. To reserve, the buyback, kobe bryant shoes transfer, shares of stock system, is the main way of stock sources. China company law, in addition to the provisions of article 83 of the stock subscribed for by the sponsors, the stock should be offered to the public to raise, do not take stock; Article 149 the provisions, the company may not purchase the company's stock, thereby in legal kobe 6 limits the stock return, and the possibility of state-owned shares and legal person share not listed, and transfer the circulation lost meaning, does not have a stock, a source of stock options but empty words. Second, the stock of the marketability restrictions. "Company law" the 147th regulation, the listed company senior managers of the company held by stock in their kobe bryant vi posts period may not be transferred, stock price according to the market price of an option to determine. And the market price, stock options and frequent change of incentive effect and the stock of liquidity, that is closely related to the liquidity, the greater the incentive to the sensitivity of the entrepreneur, the greater the incentive strength is bigger also, kobe bryant shoes 6 but the manager's stock is not transferable, stock option system will lose the actual effect. In addition, the "securities law" in the listed company secondary offerings aspects related provisions listed the senior management personnel on-the-job period shall not through the secondary market trading shares of the company; The tax law in stock options according to actual in individual income tax. Kobe Bryant Shoes VI This and foreign mature market economic countries increased incentive cost comparison, so that the incentive effect is reduced. Supervision is lack of stock options and implementation of the system should have the a complete set of legal constraints measures to guard against the practice process of moral risk, to cause some people to borrow implementation options system the name of Kobe Bryant Shoes V profit, and reality of the rent-seeking damage the reputation of stock option system. Therefore, the introduction of options system, must be sure that a complete set of laws and regulations to protect, supervision, such ability make it really play a role. In combination with the current situation of China for western state-owned enterprise has put forward the following specific reform Kobe Bryant Shoes Olympic measures: 1. Perfect western capital market shares of entrepreneurs can determines the liquidity to the incentives, and the sensitivity of the western China capital market liquidity is very bad, on one hand, the state-owned and of legal person share not to flow in real flow on the market the stock of the company stock only commonly one percent, plus some