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论文类型： 会议论文

发表时间： 2016-01-01

收录刊物： CPCI-SSH

页面范围： 50-56

关键字： stock option incentive; performance; simultaneous equation model; PCA

摘要： This article chose all the relevant panel data of the companies listed on the Shanghai and Shenzhen A-share market in the fields of communications, food and beverage and clothing textiles of manufacturing industry during 2010 and 2014. By building the simultaneous equation model between stock option incentive and performance, we revealed that the implementation level of the former one posed a positive "N" effect on the latter one, and the latter one influence the former one as the shape of positive linear. In this case, we found the two even more relevant under the non-state-owned control. The innovation and characteristic of this article are as follows: First, use PCA (Principal Component Analysis) to build comprehensive performance evaluation index, thus improving the incomplete, easily-controlled problem. Second, use the marginal utility theory and integral theorem to introduce the fist-power, square, cube of Senior management shareholding ratio (representative variable of stock option incentive) into the simultaneous equation, not only explore the relation between stock option incentive and performance, but also dig into its function and influence.