Listed Corporation’s Stock Option For Corporate Performance The Impact Study

In the era of knowledge economy, human capital as the most active, the mostcritical and most important capital, is the main driving force for economic growth, isthe important force of scientific and technological innovation, has an irreplaceablerole to play in the economic development process. However, the restriction ofproperty rights and corporate governance structure is not perfect is the bottleneck ofthe development of human capital participating in the enterprise’s income distribution.In participating in the enterprise’s income distribution of stock options have been inused for more than10years in China, brings a very important strategic significance,but not reasonable human capital incentive mode and option structures remain themain causes of slow performance increase. Therefore, this article use an empiricalstudy of the relationship between China listed companies’ stock option and firmperformance has theoretical and practical value.This article in full understanding of domestic and foreign scholars on research onthe basis of the stock option, selection after the reform of non-tradable sharesimplementation of stock option127house listed company’s financial data in2009to2011as the research object, with earnings per share, the ratio of liabilities to assets,the rate of return on net assets,10financial indexes as the enterprise performanceevaluation index, with the stock period authority is the total capital ratio of SOR as atest of variables, with the ratio of liabilities to assets, the scale of the company, thenature of enterprise as the control variable, build stock option and corporateperformance between the multiple regression model, analysis of the stock option andthe relationship between the performance of enterprise. Study found that, listedcompanies’ stock option and firm performance have a significant positive correlation,and there is a definite interval effects.Therefore, China’s listed companies should combine their own actual situation tochoose the reasonable equity incentive mode; to establish a sound legal system,identify and specification incentive laws; to improve our capital market and securitiesmarket mechanism, and gradually establish competitive occupation manager market;to strengthen the supervision of China’s listed companies stock option, perfectinternal supervisory mechanisms; to establish a scientific system of performanceevaluation for easy implementation of stock option; scientific select whether use the implementation of stock option and stock option rate, fully stimulate the creationability of entrepreneur’s human capital.