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利益导向、收益平稳化和经理股票期权

Interest Orientation,Income Smoothing and Manager Stock Option
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摘要 本文以上市公司为例,首先分析了股东与经理对待收益的态度,认为利益导向产生收益平稳化,并通过实证依据证实了收益平稳化存在的原因。各国对收益平稳化的态度不一致,表现为一种会计准则的利益导向。收益平稳化有一定的好处,但更有明显的弊端。收益平稳化使经理背离股东财富最大化的理财目标,使股东与经理之间有着根本利益冲突。最后提出了解决利益冲突的途径:监督有成本效益的局限性,订立均衡契约也非理想选择,经理股票期权也许是协调双方利益关系的有效方式。随着我国企业激励机制的建立和成熟,经理股票期权也将成为我国企业所有者协调理财目标的重要工具。 Taking an example of listed company,thi s paper analyses shareholder and managers attitude towards income and thinks t hat interest orientation can bring about income smoothing This paper confirms th e reason why there exists income smoothing by positive evidence Each country h as different attitude towards income smoothing, which presents an interest orie ntation of accounting standards Income smoothing has a certain benefit,but ha s more obvious weakness Income smoothing makes the manager deviate from the fin a ncial objective, which makes radical conflict of interest between shareholder an d manager Finally this paper puts forward an approach to solve the interest co n flict: supervision sets a limit cost-benefit and it isnt an ideal choice to e n ter into an equilibrium contract,so manager stock option probably is the effecti ve way to coordinate both interest relation With the development and maturatio n of enterprises prompting mechanism in our country, manager stock option perha p s becomes the important instrument by which enterprises owners coordinate the financial objective 
作者 梁志强
机构地区 山东经济学院
出处 《兰州商学院学报》 2003年第4期73-77,共5页 Journal of Lanzhou Commercial College
关键词 利益导向 收益平稳化 均衡契约 经理股票期权 interest orientation income smoothing eq uilibrium contract manager stock option
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参考文献9

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