2015年底证监会对《上市公司股票期权激励管理办法(试行)》进行修订,在征求意见稿中曾多次提出“上市公司的持续发展”的概念。本文以在2009年至2015年中实施股权激励的上市公司为研究对象,通过实证分析方法来验证这些公司在实施股权激励后是否真正达到了公司的可持续发展。 At the end of 2015, the CSRC revised the Measures for the Administration of Stock Option Incentives for Listed Companies (Trial), and repeatedly put forward the concept of “sustainable development of listed companies” in the draft. In this paper, the listed companies that implement equity incentive in 2009 to 2015 are selected as the research objects, and the empirical analysis method is used to verify whether these companies truly achieve the sustainable development of the company after the implementation of equity incentive.