The Incentive of the Stock-Based Compensation: A Comparison Between Restricted Stocks and Stock Options from the Executive's Perspective

股權相關薪酬之誘因效果：以經理人角度比較限制性股票與股票選擇權

施忠華(Chung-Hua Shih) ； 楊東曉(Tung-Hsiao Yang)

《台灣管理學刊》 18卷2期 (2018/08) Pp. 1-28

https://doi.org/10.6295/TAMJ.201808_18(2).0001

摘要

We apply the certainty equivalent approach to find the incentive effect of restricted stocks and stock options under the executive perspective. Our numerical simulation results show that incentive effects are different between restricted stocks and stock options under different measures. Under the delta measure, the restricted stocks have higher incentive than stock options but under the modified delta, the stock options have higher incentive than restricted stocks. We conclude that the difference of incentive measure is the reason of the inconsistent pattern of incentive effect between restricted stocks and stocks options. We define a more appropriate incentive measure, the liquidity effect, and compare the incentive effects. The result shows that the liquidity effect can explain the inconsistency caused by the delta and the modified delta. Finally, we show that the substitution of restricted stocks for stock options may not have a significant effect on the incentives for the executives.

關鍵字

incentive effect ； stock-based compensation ； stock options ； modified delta

並列摘要

本文利用確定約當量模型來探討比較經理人股權相關薪酬中，限制性股票與股票選擇權的誘因效果。模型中數值模擬的結果指出，不同的誘因效果衡量指標，在兩種薪酬工具所產生的誘因效果並不相同，在delta指標中限制性股票的誘因效果高於股票選擇權，但在修正後的delta指標中股票選擇權的誘因效果卻高於限制性股票。基於衡量指標不同所造成誘因效果的結果不同，本文提出一個較適當的誘因衡量指標：流動性誘因效果，此指標能解釋上述兩種指標所產生的不一致結果。最後，以流動性指標研究發現股權相關薪酬的改變，利用限制性股票來替代股票選擇權，其所造成誘因效果的差異並不顯著。

並列關鍵字

誘因效果 ； 股權相關薪酬 ； 股票選擇權 ； 修正後detla指標

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