期权与公司理财推广与应用(29页)详解：.pptVIP

* * * Inalienable means that they cannot be sold. * 股价下跌时，很多公司都会调整他们执行价格也降低。这样才能保障管理人员股票期权的激励效果。 这也使得期权可能价值非常高。不过，这种重新估值是否确实能保障代理成本降低已经引起了关注。 而且，最近的讨论说明，FASB已准备要求对期权的授予进行费用化处理。实际上，有些公司已经自愿选择这么做了。 * * By the way, note that this 3-period option is worth $4.52, which is much greater than the otherwise-identical 1-period call option value of $2.38. * Note that the 3-period option without the reset provision is worth only $4.52 * * * Of course, the collapse of Enron provides a discussion about not only this issue, but a host of others. 23-* 期权与公司理财：推广与应用 第23章 Copyright ? 2010 by the McGraw-Hill