股票期权激励草案公告与机会主义择时

The Announcement of Stock Option Incentive Plan and Opportunistic Time

通过考察案例公司股票期权激励草案公告时点的机会主义选择、草案公告前后的信息披露以及盈余管理机会主义择机的三个方面,分析了上市公司股票期权激励计划推出前后的机会主义择时行为。结果发现:管理层为了最大化自身利益,最小化行权价格,有意识地选择了公司股价较低点时公布股权激励计划草案,并且会在草案公告日之前发布坏消息,公告日之后发布好消息,影响公司的股价,进而配合机会主义择时行为。

The opportunistic timing behaviors around the draft announcement of stock option incentive plan were analyzed in the paper ,which interviews the trend of cases the company accumulated excess re-turn to determine the introduction of the draft stock option incentive plan ,after further information before the announcement of the draft analysis and related disclosure of data in the financial statements in order to determine whether disclosure and earnings management through to affect the stock price , with manage-ment′s opportunistic behavior .The research found that the company′s management in order to minimize the exercise price ,a conscious choice when company shares were lower point introduced the draft equity incentive plan .Furthermore ,the draft will be disclosed before the announcement of bad news in advance , postpone disclosure of good news ,downward earnings management in order to achieve the purpose of af-fecting the stock price ,market timing with opportunistic behavior .