The Effectiveness Of Chinese Listed Companies’ Stock Option Incentatives

In modern corporate governance, stock option system is considered to be an important corporate governance mechanism. It has been widely used to solve the principal-agent problem which due to the phase separation of ownership and management. In2006, the stock option incentive system in Chinese listed companies has also been rapid promotion and application. On the other side, stock option system does not so productive. Both practical and theoretical studies of corporate governance, academic debate has not stopped. Therefore, the effect of stock option incentive empirical studies listed companies on China to promote perfect and healthy development of Chinese listed companies stock option incentive system is essential.Incentive stock options at home and abroad findings based on listed firms select our2008Stock Option Incentive by descriptive statistics and related data, regression analysis of China’s stock options, performance of listed companies risk and growth studies, the following conclusions:first, the implementation of incentive stock options listed companies in China, listed companies increased ability to withstand risks, corporate performance varied from some improvement, some have The decline in growth is not only not been significantly improved, or even worse. Second, little incentive proportion of the sample results of the excitation gains help to improve the performance of the company, Incentive term performance of the company. and the third, a simple increase incentives proportion to extend the incentive period, does not make listed companies face improved risk good incentive income (exercise price), enabling operators to ensure their own income in the face of risk selection, more tend to be relatively stable income profitable projects. Fourth, incentive stock options and not significantly prompted operators to pay more attention to the future growth of the enterprise. Finally, the conclusions of this study, it is pointed out that the lack of in China stock option incentive system to promote the implementation of the process and put forward relevant policy recommendations.