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本文从经理人行为特征、经理人股票期权主观价值评估、经理人主观价值对期权激励效应的影响等方面,对基于经理人行为视角的经理人股票期权主观价值相关研究进行了综述,并结合这些理论对美国“股票期权激励实践谜团”进行了解释;最后分析了目前备受关注的中国上市公司期权激励问题,并从经理人行为角度展望了今后研究的方向。
This article reviews the research on the subjective value of manager’s stock options based on the manager’s behavioral characteristics, the subjective valuation of the manager’s stock options and the manager’s subjective value on the option’s incentive effect. Combined with these Theories explain the “Stock Option Incentives Puzzle” in the United States. Finally, I analyze the current incentive issues of listed companies in China, and look forward to the direction of future research from the perspective of manager behavior.