风险企业股票期权类型选择机制研究

The Selcction of Stock Options for Venture Firms

在风险企业的创业过程中,风险企业家和员工的人力资本在很大程度上决定着创业的成败,然而人力资本具有非共生性,需要用一定的激励机制来共化人力资本于风险企业的价值之中。定量分析体现股票期权激励效果的因素,以边际激励效果因子大小为选择股票期权类型的标准,来比较标准的股票期权计划和基于业绩要求的股票期权计划所产生的激励效果,为风险企业采用高激励效果的基于业绩要求的股票期权计划提供依据。

In the development of venture finn, entrepreneur and employee＇ s human capital, to some extent, decide whether a venture firm becomes successful or not. However, the exteral human resource should be intemalized by incentive mechanism. Stock option is a common and effective incentive way. This paper regards the marginal factors of incentive effect as stock option incentive effect on the basis of Black - Scholes option pricing model. It compares the incentive effect of Standard Stock Option with that of Base - perfermanced Stock Option according to the size of marginal factor, which can provide the references for venture firms to choose stock option.