基于Black-scholes框架的员工认股权的柔性定价模型(英文)

A humanized model of employee stock options in back-scholes framework

建立了一个更具有柔性特征的ESOs定价模型,既EFF模型,它显性地嵌入了退出率、员工行为参数或信念参数.与此同时,在删除了无风险利率r的条件下,它考虑了ESOs的不可转让性,并引入了激励参数与主观折现率.EFF模型能更好地反映员工认股权价格的变化.

The authors construct a more flexible ESOs pricing model-the so-called EFF model. It explicitly incorporates the exit rate, the employee＇s behavior or their belief parameter into the EFF model. It considers its non-transferability and then explicitly incorporates the compensation incentive parameter and the subjective discount rate. At the same time, the risk free interest rate parameter r is struck off from the EFF model.