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股票期权的实施某种程度上是追求税收利益最大化的结果。税收因素因为决定实施股票期权的企业和经理人的现金收入,而影响企业授予经理人股票期权的行为,以及经理人持有行权所得股票的时间、股利政策和盈余管理等。税收的行为调节既可能促进股票期权的激励效应,也可能抵消其激励作用。因此,如何协调宏观层面的税收政策制定与微观层面委托代理问题的缓解是未来应该关注的问题。
The implementation of stock options is to some extent the result of pursuing the maximization of tax benefits. Taxation Factors that affect the firm’s stock options granted to managers due to the cash income of the business and managers who decide on the implementation of the stock options, as well as the time, stock dividend policies, and earnings management that managers hold in exercising the stock. Tax behavior regulation can not only promote the incentive effect of stock options, but also may offset its incentive effect. Therefore, how to coordinate the macro-level tax policy formulation and the micro-level commission agent problem alleviation is the future should be concerned about.