【作者】 房海滨；

【导师】 陈立文；

【作者基本信息】 河北工业大学 ， 技术经济及管理， 2004， 硕士

【摘要】 当今世界经济大潮席卷全球，各个国家都在不遗余力地发展本国经济，大力发展生产力，提高企业在国际范围内的竞争力。 长期以来，企业经理人激励问题一直是企业股东和所有者面临的一项重要课题。在现代企业两权分离的制度下，企业经理人员与企业所有者形成了代理关系。代理过程中，由于代理主体双方信息不对称和目标函数的非兼容性，可能导致经理人员发生“逆向选择”和“道德风险”等与企业理财目标背离的行为，损害企业价值。所以，解决这一问题显得尤为重要，西方发达国家和中国先后采用了经理股票期权——这种有效的经理人长期激励机制。 本文总结了经理股票期权制度在国内外的实施情况，进行了深入细致地比较，分析了我国实施经理股票期权计划的必要性和可行性。在总结以往研究成果的基础上，针对经理股票期权计划实施的要素和方案设计进行了研究，如经理股票期权受益人、期权数量、行权价格和行权时间的确定，对布莱克-舒尔斯模型进行了适应性改进，使其定价和以此为基础的经理股票期权数量确定更加合理。最后，运用SAS统计软件，针对经理股票期权的有效性进行了实证分析。 本文在充分调查研究的基础上，既继承前人又推陈出新，充分结合当前基本国情，公司实际情况，使经理股票期权定价更合理，实施更有效，以期达到适用的目的，为公司的长远发展服务。更多还原

【Abstract】 Nowadays the economy waves have rolled up everywhere in the world. Meanwhile each country is sparing no effects to develop their economy and raising the efficiency in production for strengthening the worldwide competition.For a long-term, the empowerment of the business executives has been an important subject for theenterprise’s owners and the stockholders. Under the detachment system of the ownership and operatingpower, the relationship between the owners of enterprises and the enterprises’ executives is the agentrelation. In the process of agent, the ’reverse choice’ and ’moral risk’ resulted from the information asymmetry and the incompatibility in the object functions for the both bodies of the agent may be brought on with the result of the enterprise’s value decrease. It is vital to resolve the issue. So the effective,long-term empowerment mechanism (executive stock options) has been adopted successively in thewestern countries and Chinese.The dissertation sums up the details of the ESO executions both in Chinese and foreign countries,conducts a deep and delicate analysis and brings up the necessity and possibility for the execution of theESO. Based on the former fruits, I have studied the elements of ESO, such as the beneficiary of ESO, the amount of ESO, the executive price of ESO and the schedule of ESO etc. Meanwhile the Black-Scholesmodel is amended for adapting to the practice, which rationalizes the decision in making price and the stockamount of ESO. Finally the empirical analysis is carried out for checking the effect of ESO, then theconclusion is reached.On the basis of adequate investigation and research, the dissertation becomes a creative thesiscombining the contemporary circumstances, which has a few rational improvements. The author expects that the dissertation could sever the enterprise efficiently in the long-term executives empowerment with agood effect.更多还原