关键词: 限制性股票 , 股票期权 , 风险态度 , 股权激励机制

Abstract: How to select effective equity incentive method has always been an important topic in theoretical researchThis paper analyzes the impact of executives risk attitude on the company equity incentive method，using Ashare listed companies as research sample which announced implementation of equity incentive during 2006—2016The results indicate that if the risk aversion tendency of executive is stronger，the company is more inclined to grant riskier stock options to motivate executives to be more risktakingIf the senior executives are more strongly tend to take risk，the shareholders prefer to take restricted stock with lower risk to undermine executives excessive risk pursuitThe further study shows that if incentive method meets with the executives risk preference based on risktaking logic，the company will have a better future performanceThe conclusion of this study provides important implications for the design of incentive contracts

Key words: restricted stock , stock option , risk attitude , equity incentive mechanism