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| 风险企业股票期权类型选择机制研究 | |
| 引用本文： | 郑锦荣,徐福缘,后勇,陈永庆. 风险企业股票期权类型选择机制研究[J]. 商业研究, 2006, 0(18): 1-5 |
| 作者姓名： | 郑锦荣 徐福缘 后勇 陈永庆 |
| 作者单位： | 1. 上海水产大学,经贸学院 2. 上海理工大学,管理学院 3. 上海浦东发展银行,上海,200433 |
| 基金项目： | 国家自然科学基金项目,项目编号:70472075，上海市重点学科建设项目，上海市教委重点学科项目(第四期),项目编号:T0502 |
| 摘 要： | 在风险企业的创业过程中,风险企业家和员工的人力资本在很大程度上决定着创业的成败,然而人力资本具有非共生性,需要用一定的激励机制来共化人力资本于风险企业的价值之中。定量分析体现股票期权激励效果的因素,以边际激励效果因子大小为选择股票期权类型的标准,来比较标准的股票期权计划和基于业绩要求的股票期权计划所产生的激励效果,为风险企业采用高激励效果的基于业绩要求的股票期权计划提供依据。 |
| 关 键 词： | 风险企业 股票期权 激励效果 因子 |
| 文章编号： | 1001-148X（2006）18-0001-04 |
| 收稿时间： | 2005-12-29 |
| 修稿时间： | 2005-12-29 |
The Selection of Stock Options for Venture Firms |
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| ZHENG Jin-rong,XU Fu-yuan,HOU Yong,CHEN Yong-qing. The Selection of Stock Options for Venture Firms[J]. Commercial Research, 2006, 0(18): 1-5 | |
| Authors: | ZHENG Jin-rong XU Fu-yuan HOU Yong CHEN Yong-qing |
| Abstract: | In the development of venture firm, entrepreneur and employee' s human capital, to some extent, decide whether a venture firm becomes successful or not. However, the exteral human resource should be internalized by incentive mechanism. Stock option is a common and effective incentive way.This paper regards the marginal factors of incentive effect as stock option incentive effect on the basis of Black - Scholes option pricing model.It compares the incentive effect of Standard Stock Option with that of Base - perfermanced Stock Option according to the size of marginal factor, which can provide the references for venture firms to choose stock option. |
| Keywords: | venture firm stock option incentive effect factor |
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