Study On The Stock Option Incentives Implementation Effect Of Public-Traded Companies In China

Since the birth of the stock option incentive system, it has demonstrated increasing influence on solving the agency cost between the owners and the operators. Because of its good long-term characteristics, it had been the only agent both contributed to the convergence of interest choice in the western mature capital market. In China, the implementation of equity incentive is in the ascendant because of the policy environment and the characteristics of the capital market.Based on this, we select the listed Corporation which had implemented the equity incentive scheme during 2008 to 2013 to conduct the Empirical research from the perspective of contract.First, this paper analyze the influence of different equity plans index on the company value; and then analyze the change of the stockholder’s rights and interests,the management and the ordinary employee’s salary income after executing stock incentive.The research results show that the incentive plan which designed by the listed companies in our country is feasible as a whole, which could stimulate enthusiasm for the work of the object and bring its salary income increase at the same time, enhance the value of the company;implement more positive impact on shareholders’ equity; increase ordinary workers income significantly, indicating that the listed company’s incentive scheme is effective. But on the other hand, the different elements of the industry should take their own situation into account, to optimize the incentive plan, maximizing the equity incentive to charge the structure of the company governance.In the end of the paper,it gives the relevant counter measures and suggestions basing on the conculsion we have got before.