CAJ | 학술논문

我国的股票期权激励制度在2006年开始正式实施，已有上百家上市公司实施了股票期权，但是对于股票期权在中国上市公司业绩提升中的实践效果缺乏相关实证研究。本文运用2006-2011年我国制造业上市公司的经验数据，建立了面板数据模型，对这一问题进行实证研究。研究发现上市公司股票期权激励效果明显，确实提高了企业绩效。
아국적고표기권격려제도재2006년개시정식실시，이유상백가상시공사실시료고표기권，단시대우고표기권재중국상시공사업적제승중적실천효과결핍상관실증연구。본문운용2006-2011년아국제조업상시공사적경험수거，건립료면판수거모형，대저일문제진행실증연구。연구발현상시공사고표기권격려효과명현，학실제고료기업적효。
The stock option incentive mechanism was formally implemented in China in 2006. Hundreds of listed companies have implemented the stock option incentive mechanism. However, little empirical research has been done on the effect stock option incentive mechanism on the performance of China’s listed companies. This paper uses the da-ta of China’s manufacturing listed company from 2006 to 2011 as the sample,establishes a panel data model and con-ducts an empirical research on this issue. The result shows the effect of stock option incentive is obvious and it really can improve the corporate performance.