期权市场的机制讲述.ppt

Employee Stock Options (see also Chapter 15) Employee stock options are a form of remuneration issued by a company to its executives They are usually at the money when issued When options are exercised the company issues more stock and sells it to the option holder for the strike price Expensed on the income statement 雇员股票期权是公司给其高管人员发行的看涨期权，以便激励公司高管人员们为公司股东权益最大化而努力工作。对于管理层股票期权应不应该在公司损益表中被记为一项支出，近期存在很多争论。一些公司及其会计师们认为没有非常可靠的理由一定要把它记入支出。期权专家们认为相比财务报表中的其他项目，股票期权还可以被精确估值的。权证和管理层股票期权的定价问题将在15章讨论。 * Convertible Bonds Convertible bonds are regular bonds that can be exchanged for equity at certain tim