我国上市公司期权计划实施效果研究
关键词 期权激励计划，业绩综合评价，因子分析，回归分析
Title Research on the Effect of Listed Companies' Option Incentive Plan in China
Abstract
Option Incentive Plan as a long-term incentives, is set up to overcome the short-term behavior of the managers .Fundamentally, it is set up to solve the principal-agent problem arising due to the company management and ownership separation. This paper selects the latest listed companies' data to analyze .At first ,we use Factor Analysis to evaluate the performance of Sample companies in the study period .Then ,we use the result of Factor Analysis to do Paired T Test to find the change of performance before and after the implementation of the Option Incentive Plan .After this ,we take the number of incentive equity of the total share capital as incentive proportion and performance scores as the dependent variable to do regression analysis .Through these analyzes, we obtain the relationship between the performance of listed companies with the option incentive .The study found that before and after the implementation of the Option Incentive Plan ,China's listed companies' performance change is not obvious .From the results of regression analysis ,we find that the performance of listed companies in China and option incentive exists only a weak positive correlation. This study concluded that incentive effects of China's listed companies' Option Incentive Plan was not significant, maybe a result of unsound securities market and imperfect corporate governance mechanism. Finally, on the conclusions of the study ,we make relevant recommendations for improvement.
Keywords Option Incentive Plan , Performance Evaluation, Factor Analysis，Regression analysis
目 次
1 绪论 1
1.1 研究背景及意义 1
1.2 研究方法及结构安排 3
2股票期权激励的理论基础 5
2.股票期权激励概述 5
2.2 股票期权激励的理论基础 11
3 我国上市公司实施股票期权激励的发展进程与现状 14
3.1 股票期权激励的发展历程 14
3.2 我国上市公司实施股票期权激励的现状 14
4我国上市公司股票期权激励实施效果的实证研究 17
4.1 研究设计 17
4.2 实证研究 18
5结论和建议 24
5.1本文研究结论 24