Some problems on the implementation of the permanent manager option model整体实施永久经理期权模型的若干问题.pdfVIP

N¢ñ[»nœ.eZ ØK £á £ á n¶œ(executive stock options, ±e{°ESOs) ߥ˙iäè7uâÛ ±˙i¶èI]ò´wfiœg20V80cì ±5ßESOs Æ3{ I⁄ ÓŸ¶ I[v u–ÿ+l¨O›Ñ¥+nõõ›ƒßÿé˙i u1ESOs §cèáèU‹nâ—ESOs däßIán5˝ˇnô5 ¢ñ¸— ÅCßSong Liping Yu Wanghui £ÑΩz[8]§ßlnœ^Ååz ›5ÔƒN¢ñ[»ESOs dä⁄n¢ñ¸—N¢ñ¥çn3? øå¢ñûèßáoÿ¢ñŸ±kESOs ßáoòg5‹¢ñŸ±kESOs 3¶ Ç .•ßnœ^Ååä¥òáÅ` ûØKäºÍßTäºÍÈA uòáÚz‘.C©ÿ™–äØK)¶ÇyTC©ÿ™–äØK) 35!K5±9 gd.ÎY5⁄¸N5ßø3^áey)çò 5¶Çvky§C©ÿ™–äØK)(ÈAunœ^Å åäß©8¥á)˚˘òØK ©ƒkÓÇyµ©z[8]•œ^Ååz.däºÍßÈAu[8]• §ÔƒÚz‘.C©ÿ™–äØK 5),y©z[8]•§) è¥ 5)Åy 5)çò5˘ß©“y[8]•§)(¢ ¥nœ^Ååäß”ûÑyTC©ÿ™–äØK)¥çò Öcµœ^ÅåznœdäºÍN¢ñ 5) ä ˆµ L çPìµ{ü 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 firm to its employ- ees as a form of benefit 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 firm because the firm 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