股票期权行权价格的局限与修订研究

股票期权计划在国内外受到广泛关注,并日益成为公司经理人激励的主要手段。但由于我国股票市场的弱式性,以股价为基础的股票期权并不能真正反映经理人的业绩表现。为此,本文引入超额EVA增长率和行业股票价格参数对现行以股票价格为基础的股票期权行权价格进行修订,以使经理人的激励报酬和业绩贡献变动相结合。与此同时,本文还引入行业分类指数变动率以消除股市波动对行权日行权价格的影响。调整后的行权价格更加真实的反映了经理人的业绩。论文最后指出该方案所具有的优势,认为经过修订的股票期权行权价格在我国更具有现实意义。

Research on the Limitation and Emendation of the Exercise Price of Stock Option

Being extensively focused at home and abroad, stock option plan is becoming the primary means of inspiriting corporate managers. But because of the weak efficiency of stock market in our country, the stock option based on stock price can not verily reflect the managers' performance. So this paper introduces excess growth ratio of EVA and industrial stock price index to emend the active exercise price based on stock price and combine the incentive payment of managers with their performance. This article also introduces industrial sorting exponential change ratio to eliminate the influence that the stock market fluctuation has on exercise price on the exercise day. This paper thinks that the adjusted exercise price can reflect the managers' performance more authentic and has more advantages and it is also more significant in our country.