A Study Of Executive Stock Option Incentive Effect Of Chinese Listed Company

The Executive Stock Option is the application and the innovation of the option thought in the business management.Its goal is to make an operator work better, then bring the shareholder more income. The company can attract talented person through the stock option, while the staff can promote its benefit.Doing this not only reduce enterprise's operation cost, but also enhance enterprise's competitive power.The enterprise, the shareholder and the staffs can all be better.The stock option plan now has become the important component of Company governs in the developed Capitalist country. And our country has started the official stock option incentive since 2006, more and more listed company start to use this emerging drive method.This article first reviewed domestic and foreign research results of the stock option incentive, then definite what the stock option is, and then further discuss the rationalof the stock option,from the principal-agent theory, the human capital property right theory and surplus claim power theory these three aspects. Then describes the stock option evolution advancement of our country,from the inprovement pattern before the reform of non-tradable shares,to the laws' and regulations' promulgation about the stock option incentive, then to the five years basic conditions. Then selects the listed company, which use the stock option incentive since the year 2006 to now,to be the sample.Not only describes the statistics of the situation of stock option,but also empirical analyzes the implementation effect.The results indicate that the stock option has not achieve the expect the effect.And finally carry on to the reason of this result and put forward the related proposal.