经理股票期权的重新定价分析

An Analysis on Repricing Executive Stock Option

本文对ESO重新定价行为正反两方面的效应进行了分析,提出了公司可以进行ESO重新定价的两个前提条件,在此基础上,初步讨论了对ESO进行重新定价时需要注意的几个问题,比如股东和监管环境;最后,考虑到ESO重新定价的负面影响,论文还提出了避免ESO重新定价行为的一些措施(如指数期权等)。

The paper reviews the argument about whether the practice of repricing ESO (executive stock option) should be viewed as beneficial. Then,several preconditions are analyzed under which firms had better reprice ESO. When firms have to reprice ESO,some factors such as shareholders and accounting treatment should be considered. At the end, the paper also offers some alternatives to ESO repricing,including indexed options and variable-exercise option. When such alternatives are adopted, the company can avoid the practice of repricing ESO which always has little and more negative effects.