| Stock options is the middle of the twentieth century emergence of an incentive system for managers to participate in it through the remaining share, so that the remaining residual control over the match and, to some extent, ease the principal-agent relationship, in order to effectively reduce agency costs, so that managers person's goals and objectives to maximize the interests of shareholders in line. This is why stock options have on the once highly respected.In recent years, there is no lack of theoretical circles on the design, improvement and incentive stock options to promote the writing, the practical sector of the stock option incentive plan incentive effects of a large number of tests. Study abroad shows that the stock market environment, relevant laws and regulations as well as the ownership structure of listed companies on incentive stock options have a significant impact on play. However, the theory advanced the introduction of an effective incentive mechanism to the internal failure to produce the same effect, The reason is due to China's capital markets are imperfect, equity structure is irrational, unscientific, such as performance evaluation system for the implementation of stock option system, the lack of basic conditions. Therefore, our incentive stock options is still in the exploratory stage, a number of stock options which have been implemented outside the system of stock options and a lot of difference between the system, options can not be equated with reward in the strict sense of foreign stock options.With the split share structure reform and the successful completion in 2006, "the management of listed companies in equity-based incentives approach to" the implementation of China's listed companies incentive stock options have an initial implementation of the system of enterprise ownership structure and legal conditions and regulations. In order to study the new situation, incentive stock options for the performance of the impact of China's listed companies, this article in the Shanghai and Shenzhen A shares, 2005-2007 the implementation of incentive stock options for the 64 listed companies in the study. First of all, the stock options of listed companies to carry out empirical analysis of incentive effects, equity-based incentives to draw level with the weighted average earnings per share, excluding non-recurring gains and losses return on equity is significantly related to stock options of listed companies in China to implement effective incentive; followed by build Vierordt of incentive stock options with endogenous to enterprise performance testing, test results showed that the level of equity-based incentives and corporate performance two-way causal relationship does not exist; again, the introduction of interactive variables to further test the impact of China's listed companies to implement the effect of stock option incentive factors. The results show that:the degree of concentration of equity incentives and stock options a significant positive correlation, the more concentrated ownership, the better the effect of incentive stock options, but inconsistent with the original assumption; the proportion of state-owned shares of the stock option incentive effects of the implementation is still uncertain; the company's growth nature of enterprise risk, market competition and incentive stock options to implement a significant positive correlation in the high-growth, high risk, a high degree of competition in the market listed companies in the implementation of the incentive effect of stock options is relatively good.Effect of long-term incentive stock options to play the market the need for strict security conditions and the system in light of these conclusions, this article from a macro-level policies and enterprise at the micro level incentive stock options for the future improvement of the program put forward policy recommendations. This study concluded that the limitations on the basis of follow-up study on the prospect. |
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