Basing on the pricing model of the western mature stock market, the authors establish the pricing model of “the stock of good achievement and high growing” .

Through analyzing the existing stock options pattern of China Unicom A share, the paper discusses the advantage and disadvantage of the pattern, then provides that the incentive pattern should combine the performance stocks with account value added right,finally talks over the feasibility of this new pattern.

On the basis of M&A activity of the listed company and the sample of the event that the listed company mergers other enterprises voluntarily,the paper researches the stock price performance of Acquiring Firm in mergering way and industrial cycles differently under the two kinds of reference systems(index and trade reject),and has carried on the rational explanation.