经理人股票期权问题的研究.pdfVIP

山东大学学报 2004 6 刘海英 许春华 ( , 250 100; , 250100) : 经理人股票期权作为企业激励方式已发展为国际化趋势但随 安然世通财务舞弊及2002 年春美 国股市出现的下跌, 经理人股票期权确认及由此而产生的一系列问题再次引起了企业政府准则制定机构 的广泛关注通过分析经理人股票期权会计确认的方法及其经济后果, 指出经理人股票期权制度在激励经 理人的同时会诱导道德风险, 而且这种制度受到股票市场股价波动企业所处的发展阶段等因素的影响 : 经理人股票期权; 激励机制; 经济后果 : F830.91 : A : 1001- 9839(2004) 06- 0109- 06 The Study of the Problems Related to Executive Stock Option L IU H ai- ying X U Chun- hua ( School of Business Administr tion, Sh ndong University, Jin n 250100 , P. R.Chin Depertment of Accounting , Sh ndong University, Jin n 250100, P.R.Chin ) Abstract: Execu ive S ock Op ion ( ESO) as an en erprises compensa ion policy has become an in erna ional rend. T he accoun ing fraud of Enron and World Telecommunica ion, he fall of America s ock marke began in he spring of 2002 again bring he issues caused by he iden ifica ion of E SO and o her rela ed series of problems o he broad a en ion of en erprises, governmen and accoun ing ins i u es. T he accoun ing iden ifica ion me hod of ESO and i s economic consequences have been discussed in his paper, and he follow ing conclusion has been arrived a : ESO sys em may no only mo iva e h e execu ives bu resul in e hic risk, and he E SOs compensa ion sys em also can be influenced by fac ors such as he fluc ua ion of s ock marke price and en erprises developing s ages. Key words: Execu ive S ock Op ion; compensa ion sys em ; economic consequences , 20 50 , 1950 9 23 , 1950 , , , , , : 2004- 06- 20 : ( 1964- ) , , , , ,