股票期权激励的福利性特征界定及探索
发布时间：2018-10-25 13:23
【摘要】：股票期权激励往往被上市公司管理层利用,作为向管理层输送利益的工具,这反映了资本市场和公司治理的不足。更为重要的,股票期权激励本身就带有福利性特征,这一特征在不完善的资本市场可能被放大。本文提出股票期权"福利化"概念,并对股票期权"福利化"进行了分类界定,且在此基础上指出了股票期权激励在行权价格和业绩标准方面存在"理想状态",这是界定股票期权激励性质的关键。
[Abstract]:Stock option incentive is often used by the management of listed companies as a tool to convey benefits to the management, which reflects the lack of capital market and corporate governance. More importantly, stock option incentive itself has welfare characteristics, which may be magnified in imperfect capital markets. This paper puts forward the concept of "welfare" of stock option, and defines the concept of "welfare" of stock option. On this basis, it is pointed out that there is an "ideal state" in the exercise price and performance standard of stock option incentive, which is the key to define the nature of stock option incentive.
【作者单位】： 中央财经大学;
【分类号】：F832.51
[Abstract]:Stock option incentive is often used by the management of listed companies as a tool to convey benefits to the management, which reflects the lack of capital market and corporate governance. More importantly, stock option incentive itself has welfare characteristics, which may be magnified in imperfect capital markets. This paper puts forward the concept of "welfare" of stock option, and defines the concept of "welfare" of stock option. On this basis, it is pointed out that there is an "ideal state" in the exercise price and performance standard of stock option incentive, which is the key to define the nature of stock option incentive.
【作者单位】： 中央财经大学;
【分类号】：F832.51
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【共引文献】
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2 冯，
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