Research On The Comparison Of The Stock Option Plan's Financial Effect In Eastern And Central Listed Companies

Stock option as a typical way of equity incentive,produced in America in the 1970 s.The main purpose of this incentive way is by making some employees participate in the distribution of the enterprise operating to let them become shareholders,in order to effectively solve the principal-agent problem in the enterprise brought by the separation of ownership and management.And finally realizes the staff self-interest pursuit of a high degree of unity and enterprise performance enhancements.So far,the stock option incentive plan in the United States and other developed countries has been widely used.But in our country,this plan has not been widely recognition and promotion.How about the financial effect of stock option plan that implemented by the companies in our country? Whether there is a difference in the financial effect of stock option plan that implemented by listed companies in central and eastern? If there is a difference,what is the specific reason? How to narrow the differences,so as to make the stock option plan can be promoted and used widely in our country? All of these problems,are worthy of our in-depth discussion and research.It is based on considerations for the above problems,we select the topic.On the one hand,we check whether or not the implementation of stock option incentive plan is conducive to the development of listed companies in our country,to enrich and improve the equity incentive system of listed companies in our country.on the other hand,analysis of the difference between the two regions and put forward feasible policy suggestions to narrow this difference.To let the stock option plan get more widely promotion and application in special economic environment of our country.After the topic proposed,we selected some listed companies which implement the stock option from 2006 to 2015 as sample.First of all,choose nine indicators including earnings per share,return on equity,net profit growth rate,accounts receivable turnover,total assets turnover,inventory turnover,asset-liability ratio,current ratio and quick ratio,as the starting point of the factor analysis.To build comprehensive performance evaluation index system of the enterprise.And then,use the stock option rate of listed companies as the test variable,with enterprise risk,enterprise scale and enterprise growth as control variables,to build a multiple linear regression model between the stock option plan and the corporate performance.Through the empirical research,we draw the following conclusions.First,to listed company both in eastern and central regions,the stock option plan is positive correlation with corporate performance.That is to say,the stock option plan of listed company has a positive financial effect.Second,the stock option plan and corporate performance is significantly positive correlation in listed companies that located in eastern region.But the positive correlation is not significantly in listed companies that located in central region.That is to say,the financial effect of stock option plan in listed companies located in eastern region is better than that located in central region.