| Since the emergence of option incentive in the 1970 s,because of its superiority and practical,it spread all over the world,especially the stock option incentive.In the 1990 s,stock option incentive is imported to China.after a series of change,On January 1,2006,the China government pushed commission issued the "measures for the management of the listed company equity incentive(try out)" which marked the stock option incentive formally started in China,and set off a upsurge of implementing of stock option incentive.Stock option incentive in theory can reduce agency cost,encourage managers to enhance the value of the company as the target to achieve their own interests.But in practice,the domestic and foreign scholars for stock option motivation disagreement on the impact of positive or not,especially in our country,the domestic companies will adapt to the "import",and "Chinese characteristics" can produce proper chemistry or not is a subject worth exploring.Based on this,this paper is to reflect the influence of the stock option motivation on investment and the no-efficiency of investment is used to reflect the change of investment from the other side.Simple implementation of stock option incentive in 2013 listed companies as samples,with 2013 as the cut-off point,analysis of the first stage in 2011 and 2012,the second stage in 2012 and 2014,the third stage in 2014 and 2015,the change of underinvestment and overinvestment,grasp the effect of stock option incentive.Eventually come to the conclusion: in the first stage,the investment efficiency proved;in the second stage,the phenomenon of inefficient investment continued expanding,especially underinvestment;In the third stage,the underinvestment and overinvestment suppressed.The change of investment efficiency can be described as a ”N”,According to this paper,combining with the actual situation of our country at present,deeply excavating intrinsic factor,the rationalization proposal is put forward. |
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