整体实施永久经理期权模型若干问题.doc

 N￠–[è2n?  .  eZˉK  á?  á ?  2n  |?  (executive stock options,±e{?ESOs)§′úi?·?7u‰  ó  ± úi |·I ]  ??wT? g20-V80c“±5§ESOs?3{Iú  ?3ù|I[  ·v  uD?+l?O  Y?′+n??  Y·?§??úi  u1ESOs ¤ c·-?· Uün‰?ESOs d?§I?n5y?2n?5 ￠–ü?  ·C§Song Liping Yu Wanghui￡??·?z[8]¤§l2n  ?  ^·?z  Y5?? N￠–[èESOs d?ú2n ￠–ü? N￠–′·2n3? ??￠–?·§?o?￠–ù±k ESOs§?o?g5 ü￠–ù±k ESOs3|  ?  .￥§2n  ?  ^·??′??·`ê?ˉK  ??ê§T??êéA  u??òz ?.C?? aD?ˉK )|?y2 TC?? aD?ˉK)  ·35! K5±9gd.  ?Y5úüN5§?3·  ^?ey2  )  ·?  5 |?vky2¤  C?? aD?ˉK) (éAu2n ? ^·  ??§  ? 8  ′?)?ù?ˉK  ??k??y2 μ?z[8]￥ ? ^·?z . d??ê§éAu[8]￥  ¤?? òz ?.C?? aD?ˉK ê5), y2 ?z[8]￥¤  )  ·′ê5)·  y2  ê5)  ·?5ù  § ?òy2  [8]￥¤  )(￠  ′2n ?  ^·??§ó??y2 TC?? aD?ˉK )′·?  …cμ? ^·?z?2n? ?d??ê? N￠–?ê5)  ?  ?μ  L  · P“μ{ ? I Abstract  Several problems on the model · · ·  Several problems on the model of permanent American ESOs with block exercise Abstract Executive stock options(ESOs hereafter)are call options granted by a ?rm to its employ- ees as a form of bene?t in addition to salary.They provide both compensation and incentive to the employees.Since the mid in 1980s,ESOs have developed quickly in the United States and other countries.However,ESOs are an expense to the ?rm because the ?rm is buying survice from the executive. Either from an accounting perspective or from the perspective of management control, accounting issue costs is important.In order to give a reasonable valu- ation for the ESOs,it is necessary to have a rational prediction of future exercise strategy of the employees. Lately,Song Liping Yu Wanghui[ref7]research the model of permanent American ESOs with block exercise from the perspective of expected utility maximization for the em- ployees.The meaning of block exercise is that the employees can either exercise all ESOs or don’t exercise any more during the exercise time.Expected utility maximum of the employ- ees is a value function of the optimal stopping problems,which corresponding to the soluti