机构投资者持股比例越高，就越倾向股权激励；
The higher shareholding of institutional investors, the more selective tendency;
本文将股票按照机构投资者持股比例高低分为不同子集，分别研究惯性和反转现象的发生情况。
The returns of the groups show the characteristics of reversal with lower institutional investor holding and the momentum with higher institutional investor holding respectively.
结果表明，当公司成长机会多、机构投资者持股比例高时，上市公司选择期权激励的概率就越高；
The results show that firms with more growth opportunities and higher institutional investors holding have more probabilities to choose stock option motivation;
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