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本文旨在分析我国上市公司实施限制性股票股权激励方案时面临的定价问题。我们发展了一个动态资产定价模型,分析具有准确“抄底”市场选时能力的投资者面临限售性约束时限制性股票的流动性价值和公允价值。我们给出了模型的解析解,可以在会计实践中用于计算限制性股票的股权激励费用。
The purpose of this paper is to analyze the pricing problems faced by listed companies in our country when implementing restricted stock equity incentive plan. We have developed a dynamic asset pricing model to analyze the liquidity and fair value of restricted stocks when investors face the restriction of sales restriction with the ability to accurately select the market. We give an analytical solution to the model that can be used in accounting practice to calculate the equity incentive costs of a restricted stock.