海问—广州杰赛—激励股票期权的理论与应用.txt

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2、人19995人人人2130%70%񡣲裬 1994100%35%35%35%20%45%35%1520%198416045%199935%199851%49%鲻MBO1200ISOs1200MBOISOs2.İ棬(1)(Internal Revenue CodeIRC)漰(2)9699人(3)籱棬硶(4)涨(5)衢(6)鹫(1)(2)(3)(4)(5)(6)(7)(8)(9)İ(1)(2)(3)(4)(5)(6)򼸸羻(7)(8)(9)򵥵(10)򡣪 漰磬1.硣(Berle)(Means)1932档潫󻯵q05%q5%2

3、5%q25%(Jensen and Murphy1988)鲻()100򵥵湫() 2.仯(1999)棬棬棬棬浼񱻸3.İ人ESOPESOPs(STOCK PURCHASE PLAN)(EXECUTIVE INCENTIVE PROGRAMS)(EMPLOYEE TRUSTEE)񡣪蹫񡣪4.󡣶İ󣬺󣬵5.(Berle)(Means)1932档潫󻯵q05%q5%25%q25%10%30%-199655%򣬹乺6.(CEO)󡣾1980CEO42199

4、0851992157199514119962091997326񣬴𺦽(1999)澡1. 仯棬涨涨 磺(1)1999820(2)巽10(3)档人(4)(5)幺 (6)(7)(8)2.1141934񱨸湫 棬6770涨涨147涨涨鹫 10000100003. 涨10%涨İ仯񣬻 $0.01$4.00$30.00$135.00199619971998$0.79$4.34$26.53 񽫸仯仯伤伤 人񡣪4. 򵥵1997888人򵥻 YahooBlackScholes (Mary Kay Inc.)(Stern Stewart & Co.) 翼仯 骥