The Empirical Analysis On Executive Stock Option System In The Listed Company Of China

With the separation of ownership rights and management rights, the enterprise-Acting problem emerged gradually, the issue of encouraging becomes to the major factor which constraints the development of the modern companies. The clients how to design a set of effective incentive system and restraint mechanisms to meet the agents'order that maximize the individual interests of enterprises and to maximize profit at the same time now becomes to the first problem which the company to solve. Stock options originated in the 1970s in the United States, after years of practice in the western developed countries, it's considered to be the effective way to solve the problem of long-term incentive and enhance the competitiveness of companies. As the accomplishment of share-trading reform of China's listed companies and the amendments of《Company Law》,《Securities Law》and other relevant laws, listed companies in China has improved stock options environment for the development of the system,《Stock Incentive Management Measures》(Trial).The introduction of the system has provided good opportunities for development and guidelines. However, in recent years the United States listed companies looking at the outbreak of a series of false financial events, especially, with "Enron" occurred, we gradually became aware that this system is a "double-edged sword". We should be rationally conduct stock options in-depth research and reasonable improvements. Therefore, how to understand stock options and incentive system correctly, establish a sound system of stock options and incentive on the national conditions of China. Particularly in the corporate governance structure of listed companies, the achievement of sustainable development is of great significance. The system of stock options, therefore, is kind of research both in the right system, or timeliness of theory and practice at a meaningful choice.To the part of Empirical Analysis, the dissertation select 33 listed companies which implemented executive stock option before 2009 as the sample, the dissertation studies their historical data of 2008 empirically. The empirical result shows that:(1)Executive stock option's effectiveness to the samples'operational achievements is positive and obvious.(2)Executive stock option's effectiveness to the samples' potential growth ability is positive and obvious.The dissertation first reviews classical literature about executive stock options, emphasis on executive stock option incentive related to the part of empirical research. The next, the dissertation explain the meaning of executive stock option, describes the positive effects and negative effects, Then summarize the theoretical basis of executive stock option. Based on the theory, the dissertation analyze the status about implementation of executive stock option incentive in China. And summarize shortcomings about the implementation of China's listed companies in executive stock option prompting.To make up for shortcoming of the above empirical study, the dissertation compares the sample companies'operational achievements,growth ability with their comparatives in the same industry separately. The result shows that the sample companies'operational achievements is good obviously compare to their comparatives, and their growth ability have relative improvement too. So the dissertation come to the conclusion that executive stock option have positive effect on improving list companies'operational achievements and their growth ability.At last, we put forward several suggestions. At first listed companies should set their executive stock option plan according to their own situation; Secondly, we should further improve the stock market's pricing mechanism and the listed company's ownership structure; Thirdly, we should cultivate a competitive managerial labor market.