上市公司实施股票期权影响公司绩效的实证研究——基于市场情绪、行权条件和过度自信的视角

An Empirical Study on the Impact of Stock Options on Corporate Performance: The Perspective of Market Sentiment, Exercise Conditions and Overconfidence

股票期权激励作为一种长期激励方式,是最受欢迎的高管激励手段之一。理论上,股票期权区别于其他股权激励方式,是一种凸性激励,可以更有效地提升公司绩效。然而,在实施过程中,股票期权对绩效的影响还受到诸多因素的影响。本文通过选取我国上市公司样本实证检验股票期权对企业绩效的影响,以及市场情绪、行权条件和高管过度自信对该效应的调节作用。实证结果显示股票期权对公司绩效能产生显著正向影响。进一步,市场情绪对股票期权影响企业绩效的过程具有显著的调节作用,相对于市场处于熊市,市场处于牛市时,期权激励对绩效的正向影响更为明显;当股票期权的行权条件为加权平均净资产收益率时,股票期权对企业绩效的提升作用显著提高;此外,高管过度自信对股票期权影响企业绩效不存在显著的调节作用。本文的研究扩展了国内对股票期权领域的研究视角,为上市公司实施股票期权激励方案提供了参考。

Equity incentive has been widely used since its birth. Stock option is a convex incentive, thus can improve company performance more effectively. However, due to such special nature, many factors will interfere as stock option affects corporate performance. This paper empirically tests the relationships among stock options, corporate performance, market sentiment, exercise conditions, and overconfidence by constructing multiple linear regression models. It is finally found that, first, there is a significant positive correlation between stock option and company performance. Second, market sentiment has a significant moderating effect on corporate performance. Compared to bear market, in bull market, the positive affect of stock option is more significant. Third, when the exercise condition is weighted average return on net assets, the effect of stock option is significantly improved. Fourth, the overconfidence of executives does not significantly adjust the impact of stock option on corporate performance. This paper expands the research perspective of stock option and provides references for listed companies on the implement of stock option.