股市弱有效性与股票期权约定价格的修正

Weak Efficiency of Stock Market and Modification of Fixed Exercise Price

基于激励机制的股票期权的运用需要强有效性股市的支持 ,我国股市存在弱有效性 ,股价是企业绩效、外部政治经济因素和投机行为的多元函数 ,不能敏捷的反应企业绩效 ,在股市大幅波动时 ,约定价格定值化使股票期权失去激励意义 ,对约定价格定值化的定价方案提出挑战 ,本文针对股市弱有效性对股票期权造成的影响 ,对定值化约定价格提出了修正方案。

The application of stock options need a efficient stock market, but the China stock market is weak efficient,stock price can not link with the performance of company,so fixed exercise price of stock options should not be modified, the paper points out a coefficient k according to stock market index.