Research On The Influence Of Stock Option On Performance Of Chinese Listed Corporations

Equity incentive system originated from the USA, began in twentieth Century 50 time, as a long-term incentive mechanism, intended to reduce agency cost. In the early years, many west enterprises began to carry out equity incentive and succeeded. In order to learn from the western advanced management experience, some Chinese enterprises attempted in equity incentive, With the promulgation of the measures governing equity incentive plans of public companies on December 31,2005, the SASAC and the Ministry of Finance jointly issued the "state-owned listing Corporation (China) the implementation of equity incentive pilot scheme" In 2006 March. Many enterprises went for it.by the end of December 31,2012, there are about 270 enterprises launched plans about equity incentive. For the implementation of equity incentive effects inconsistencies conclusions,there are three views:the value of a positive theory, independent of theory, negative theory. The main difference is due to the choice of the sample caused by different time span. Our equity incentive started late and less data, coupled with the impact of the financial crisis in 2008, the data support the lack of an effective on previous research, resulting conclusions are quite different, but in recent years, China’s rapid development of the equity incentive for the study provided strong the data support.The article is aiming at the research on relation between comprehensive Performance and equity incentive of the public companies by acquiring new data and the introduction of new methods.Firstly, the article introduces the research background and significance and conducted a literature review about the research results, for the implementation of equity incentive effects inconsistencies conclusions,there are three views:the value of a positive theory, independent of theory, negative theory. Then article analyzes the related equity incentive theory, including definitions and theoretical basis, such as agency theory and human capital theory, After studying the theoretical aspects of analysis, cut into the Present Situation of China’s equity incentive, not only analyzes the macroeconomic environment, but also about the equity incentive development in our country, listed company announced equity incentive program since 2006 to 2012, including the number,the proportion,horizontal distribution interval analysis, distribution industry. Then, based on the theory and practice of equity incentive, article proposes three hypotheses, namely to verify their hypothesis by multiple regression analysis and independent sample T-test, And draw their own conclusions:(1)a non-significant positive correlation between equity incentive and corporate performance;(2) the ratio of equity incentive in different intervals affect the performance of listed companies on different;(3) equity ratio and the performance of listed companies exist to motivate a significant positive correlation within range.At last according to the conclusion, it also suggests some advices to improve the institution of equity incentive. For example, increase the proportion of equity incentive, complete the capital market, laws and regulations, insider control, the under development of maaager markets, and performance evaluation system.