论文部分内容阅读
尽管股权票期权对企业治理的正面作用不容否定,但股票期权并不是完美无缺的,它本身是带刺的玫瑰,如果应用不当,非但得不到预期的收益,还有可能招致损失。在2000年春天NASDAQ指数下滑以后,随着熊市的来临以及安然公司等财务丑闻案的爆发,许多美国公司重新考虑期权实践,一些经理要求支付现金而不是期权,作为反应,许多公司删掉了期权激励计划。1992年标准普尔500公司中的公司授予的期权以授予时的价值衡量是110亿美元,2000年标准普尔500公司中授予期权的价值为1190亿美元,2002年标准普尔500公司中授予期权的价值回落到710亿美元。当然,随着股
Although the positive role of the stock option in corporate governance can not be denied, the stock option is not perfect. It is itself a barbed rose. If not properly applied, it will not result in the expected return and may result in losses. After the NASDAQ index dipped in the spring of 2000, with the onset of bear markets and the financial scandals such as Enron, many U.S. companies re-considered options practices and some managers demanded cash instead of options. In response, many firms erased their options Incentive plan. The options granted by companies in the S & P 500 in 1992 were valued at $ 11 billion at grant time, the value of options granted in the 2000 S & P 500 was $ 119 billion, the value of options granted in 2002 to the S & P 500 Back to 71 billion US dollars. Of course, with the stock