The Study On The Relationship Of Executive Stock Option Incentive And Performance Of Listed Companies In Post Financial Crisis Era

The separation of the ownership and management in corporate system leads to the entrusted agency problem, in 1950's,American listed companies had searched to practice the incentive systems to managers for the problem, and listed companies in China began the incentive system in 1980's. The amount of the listed companies which practiced the incentive systems enhanced year by year until the financial crisis in 2008.However,the bad affection on economy and performance of listed companies by financial crisis leads to the pause of more than half of the incentive systems, faced to the embarrassment, CSRC and the ministry of finance in China bring out several criterions,to regulate the incentive systems of listed companies, the listed companies also revised their incentive systems or put out new incentive systems, to adjust the new principles.To test that if the incentive systems of listed companies have affections on the companies'performances, the issue has used standard study, empirical study, quantitative study, qualitative study and compared study, to analyze and test empirically the conditions of Chinese listed companies'incentive systems in post crisis era. The issue aimed at the performance of listed companies'successful incentive systems which were practiced between 2008 to 2010,used principal component analysis to pick out 5 principal components from 12 financial targets, which affect the performances of the listed companies, for forming the model of multiple performances; used paired samples T test, to test if the listed companies'ROE changed significantly after the putout of incentive systems; used multiple linear regression to test if top executives shares , macroscopic economic environment ,the companies'size have linear relationship with the companies'performances.The research results show that in post financial crisis era the top executives shares has no significant linear relationship with the listed companies'performances, the listed companies'ROE haven't changed significantly after the incentive systems, and the macro economic environment haven't affect the listed companies'performance significantly. In post crisis era, the Chinese listed companies still have the problems of less of motivation, lower standards or faultiness of corporate governance. The incentive systems haven't brought the distinctive changes to the performances of Chinese listed companies. Listed companies have to pay more attention to prolonging the efficient period, to enhancing the standards for exercising and to adding the amount of the targets for performances. For the governance ministries, it's necessary to strengthen the governance and exercises for the incentive systems of listed companies.