经理股票期权定价模型

Executive Stock Options Pricing Model

作为激励和约束经理人员的一种报酬机制,经理股票期权与传统意义上的期权有着本质上的区别,所以对二者进行定价的目的和含义也就不同。20世纪70年代,Black-scholes模型的出现为期权的定价和交易奠定了坚实的数理基础,而如何科学、准确地计算经理股票期权的价值一直困扰着学术界。本文试图将上述B-S数理模型应用于对经理股票期权的定价,以便精确地计算经理股票期权的真实价值,从而为公司在实施激励计划时奠定坚实的数理基础。

As a rewarding mechanism of motivating and disciplining the managers, Executive Stock Options have the different nature with the traditional options, so the objectives and meanings are different to valuate them. In 1970s, the emerge of Black-scholes Pricing Model provided the solid numeral foundation to the price and transaction of the options, but how to calculate the value of ESO exactly and scientifically is still disturbing the academic circles. This paper tries to apply the pricing model to evaluate ESO and calculate its real value, so that we can provide the solid numeral foundation when we carry out the incentive plan, for example.