经理人股票期权主观价值研究及启示
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外国经济与管理 2007 年 第 29 卷第 06 期, 页码：27 - 33
摘要
参考文献
摘要
本文从经理人行为特征、经理人股票期权主观价值评估、经理人主观价值对期权激励效应的影响等方面,对基于经理人行为视角的经理人股票期权主观价值相关研究进行了综述,并结合这些理论对美国“股票期权激励实践谜团”进行了解释;最后分析了目前备受关注的中国上市公司期权激励问题,并从经理人行为角度展望了今后研究的方向。
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[2]Caepenter,J.The exercise and valuation of executive stock options[J].Journal of Financial Economics,1998,48(2):127-158.
[3]Brian J Hall,and Kevin J Murphy.Optimal exercise prices for executive stock options[J].America Economics Review,2000,90(2):209-214.
[4]Lisa K Meulbroek.The efficiency of equity-linked compensation:Understanding the full cost of awarding executive stock options[J].Financial Management,2001,30(2):5-44.
[5]Brian J Hall,and Kevin J Murphy.Stock options for undiversified executives[J].Journal of Accounting and Economics,2002,33(1):3-42.
[6]Brian J Hall,and Kevin J Murphy.The trouble with stock options[J].Journal of Economics Perspectives,2003,17(3):49-70.
[7]Brian J Hall,and Thomas A Knox.Underwater options and the dynamics of executive pay-to-performance sensitivities[J].Journal ofAccounting Research,2004,42(2):365-412.
[8]Holmstrom,B.Moral hazard and observability[J].The Bell Journal of Economics,1979,10(1):74-91.
[9]Tian,Yisong.Too much of a good incentive?The case of executive stock options[J].Journal of Banking and Finance,2004,28(6):1225-1245.
[10]Jonathan E Ingersoll,Jr.The subjective and objective evaluation of incentive stock options[J].Journal of Business,2006,79(2):453-487.
[11]Michael C Jenson,and Kevin J Murphy.Performance and top-management incentives[J].Journal of Political Economy,1990,98(2):225-264.
[12]David Yermack.Do corporations award CEO stock options effectively?[J].Journal of Financial Economics,1995,39:237-269.
[13]Bryan,S,L Hwang,and S Lilien.CEO stock-based compensation:An empirical analysis of incentive-intensity,relative mix,and eco-nomic determinants[J].The Journal of Business,2000,73(4):661-693.
[14]Michelle Hanlon,Shivaram Rajgopal,and Terry Shevlin.Are executive stock options associated with future earning?[J].Journal ofAccounting and Economics,2003,36(1-3):3-43.
[15]Jin,L,and L K Meulbroek.Do underwater executive stock options still align incentives?The effect of stock price movements on man-agerial incentive-alignment[R].Working Paper,Harvard Business School,2001.
引用本文
李双燕, 万迪昉, 徐细雄. 经理人股票期权主观价值研究及启示[J]. 外国经济与管理, 2007, 29(6): 27–33.
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