Based on the theory of option, the new style stock index and option plan breaks the inexactness which used to be based on the theory of material capital, and sets a price by dint of stock price and stock index changes, and can measure how human capital contribute to the enterprise achievement objectively and exactly, so th.

Thinking on establishing stock option plan in state－ owned enterprises;

Many problems in determining the exercise price of stock option plan are analyzed in this paper,such as insufficient incentive effect,ignorance of the true effort extent of senior managers and lack of restriction.

Analysis is given to the application of stock option plan (SOP) in state owned companies in terms of agency theory as an attempt to improve the current incentive control system.

After analyzing the phenomenon that the senior managers in our country hold shares of 2005, I think the level of shares held by senior managers is low, and there is few companies which carry out executive stock options.

Finally, we discuss the necessity of opening stock index option trade in Chinese current stock market.