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本文使用我国69家实施股票期权的上市公司数据,对公司特征、股票期权与公司业绩之间的关系进行了研究。结果表明:成长性好、高管团队平均年龄较轻、董事会独立性高和股权集中度低是公司使用股票期权的显著影响因素;实施股票期权后,高管人均现金报酬与高管团队期权持有比例显著负相关,两种薪酬制度呈互补作用;股票期权与公司短期业绩无显著相关,而现金薪酬激励与短期业绩显著正相关。
This paper uses the data of 69 listed companies that implement stock options in China to study the relationship between corporate characteristics, stock options and corporate performance. The results show that: the growth is good, the average age of the senior management team is light, the board independence and the low ownership concentration are the significant influence factors of the company using the stock option. After the implementation of the stock option, the average per-capita cash reward and the executive team option There is a significant negative correlation between the two types of compensation system, the two compensation systems play a complementary role; stock options and the company’s short-term performance is not significantly related to the cash incentive and short-term performance incentives significantly positively correlated.