公司管理层股权类激励方案的成本研究

Valuation of Equity Incentive Plan

股权类激励方案作为一种激励报酬方案 ,是企业所有者为了解决公司治理中的所有权与经营权分离的矛盾 ,从所有者的剩余收益中拿出的 ,让渡给经营者的部分剩余利润索取权 .这种激励方案的授予是有成本的 .合理评价管理类激励方案的成本成为这一类激励方案中至关重要的一个环节 .从成本角度研究了管理层股权类激励方案的性质 ,给出了股权类激励方案成本确定的两类基本框架 。

In practice,the type of the equity incentive plan is different,but for any incentive plan,in nature,it is a portion of whole residual profit by which the owner togethcr share the profit with the manager of their company.For the owner, it is a kind of cost.How to accurately value the cost of the equity incentive plan is an important problem.In this paper we study the cost of equity incentive plan, and define the frame of its cost. Then we try to provide some methods of calculating two special stock option plans.