Stock Option Incentive Plan Announcement And Opportunism

Since the announcement of the listing Corporation’s equity incentive management, China’s stock market has been listed on the stock option incentive, and has increased year by year. The stock option incentive plan has been used in the stock option incentive plan, the information disclosure and the choice of the incentive plan. These problems are getting more and more attention from the government and academia.In this paper, we take the 324 listing Corporation as the overall sample of the stock option incentive in June 31st -2014 in January 1, 2010. In this paper, we study the information disclosure of stock option incentive plan announcement, and the information disclosure of stock option incentive plan before and after the announcement of the stock option incentive plan to study the three aspects of the stock option incentive plan, and then use these three aspects of the choice of the overall choice, and to further study the relationship between various options and option incentive notice content.The study found that there are 63.88% of the enterprise is the presence of opportunistic point elective,61.11% of the enterprise is the presence of selective disclosure of information is 58.33% of earnings management companies choose when, more than a half. While weighted composite, obtained 77.78 percent-owned enterprises there exists a whole selection of opportunism, the Chinese enterprises in the selection visible when the situation is more serious, the principal-agent problem contradiction, design of the option incentive system has some flaws, and finally through Empirical Study 4-choosing indicators and stock option incentive relationship between the draft announcement, obtained total capital ratio of total issuance incentive (%), while in the four selected are significant; reserve account total equity incentive issue Total Percentage (%), in the overall selection, point selection announcement and earnings management when selecting time model is significant; the number of incentive target for the first time granted when it is in the overall market timing and announcements point selection model was not significant, but In the information disclosure of market timing and earnings management selected the model is significant; Incentive Option can be valid exercise of, when it selected the announcement point, information disclosure market timing, when earnings management selected the model is significant; for the first time awarded high equity ratio of pipe, it is significant in four models with the.Through the above research, on the one hand, we have proved that most of the listing Corporation have carried out one or more of the time management of stock option incentive, on the other hand, this paper also provides a certain policy basis for the government and enterprises on how to improve the incentive plan system.