The Impact Of Restricted Stock And Stock Options On The Performance Of Listed Companies

The choice of equity incentive mode to improve the achievements of listed companies has always been a hot topic in recent years.Especially in recent years,the environment and conditions of the capital market have gradually matured.The number of listed companies adopting restrictive stock and stock options in China has been increasing.However,most domestic and foreign scholars have studied the relationship between equity incentive mechanism and the achievements of listed companies.It is seldom analyzed from the perspective of restricted stock and stock options.Based on this background,this article studies the effects of restricted stock and stock options on the achievements of listed companies.This article will choose restrictive stock and stock option as two incentive models to explore their impact on the achievements of listed companies.The main contents are as follows: Firstly,it defines the connotation of restricted stock,stock option and enterprise performance,and elaborates the relevant theories of restricted stock and stock option.Secondly,combined with the characteristics of listed companies that implement restricted stock and stock option incentives,this article analyzes the five aspects of quantity change,industry distribution,regional distribution,grant proportion distribution of equity incentive,statistics of performance appraisal index.Thirdly,the mechanism of restrictive stock and stock option on the achievements of listed companies is analyzed in detail,mainly from four aspects: symmetry of rights and obligations,restrictive conditions and restrictive links,accounting treatment and tax treatment.Fourthly,taking the listed companies using the restricted stock and stock option incentive plan published in the Tai'an database from 2006 to 2016 as samples,and researching the annual report data of the companies from 2005 to 2017,the empirical research is mainly based on independent sample T test,paired sample T test and multiple linear regression analysis,then we study the relationship between the two incentive models and corporate performance.Fifthly,combined with the analysis of theory,current situation and empirical results,then put forward the corresponding countermeasures and suggestions from the system design,internal environment and external environment.The main conclusions of this article are as follows:(1)Compared with no incentive measures,whether restricted stock or stock option incentive plan has a certain effect on corporate performance,but the effect is not significant.(2)The incentive effect of stock option is better than that of restricted stock,but this difference is not significant.