The Comparison of Option Compensation from the Viewpoints of Firms and Executives

從公司與經理人立場比較不同股票選擇權薪酬之優劣

楊東曉(Tung-Hsiao Yang)

《財務金融學刊》 19卷1期 (2011/03) Pp. 63-96

https://doi.org/10.6545/JFS.2011.19(1).3

摘要

本文從公司與經理人的角度比較三種股票選擇權報酬的優劣，三種股票選擇權為：傳統股票選擇權、市場連動選擇權及資金成本連動選擇權。利用傳統及修正後的Black-Scholes公式計算公司發放不同選擇權報酬的成本，結果發現資金成本連動選擇權的發行成本最低。除此之外，經理人對於資金成本連動選擇權的評價高於市場連動選擇權；從誘因效果及選擇權報酬的效率性比較發現，資金成本連動選擇權比市場連動選擇權擁有較高的誘因效果及效率性，若經理人需負擔一部分的發行成本時，兩種連動型選擇權間誘因效果與效率性的差異都因此而加大。公司為減少傳統股票選擇權報酬所延伸出的問題，計劃以連動型選擇權取代傳統型股票選擇權時，資金成本連動選擇權為優於市場連動選擇權的報酬工具。

關鍵字

經理人報酬 ； 連動選擇權 ； 誘因效果

並列摘要

We compare three types of stock options: traditional stock options, market-indexed options, and cost-of-capital indexed options from the firm's and executive's perspectives. Applying the traditional and modified Black-Scholes formulae, we find that the cost-of-capital indexed options, in general, have the lowest cost to a company relative to the traditional stock options and market-indexed options. In addition, executives place higher values on the cost-of capital indexed options than those on the market-indexed options. These options also have higher incentives and are more efficient than the market-indexed options. Especially when managers pay certain amount of money for their options, the differences of both the option values and the incentives between these two indexed options become larger.

並列關鍵字

Executive compensation ； indexed option ； incentive effect

參考文獻

(Financial Accounting Standards Board, 2004, Statement of Financial Accounting Standards No.123: Equity Based Compensation, FASB: Norwalk, Connecticut).

Bedchuk, L. A.,Fried, J. M.,Walker, D. I.(2002).Managerial power and rent extraction in the design of executive compensation.The university of Chicago Law Review.69,751-846.

Bertrand, M.,Mullainathan, S.(2001).Are CEOs rewarded for luck? The ones without principals are.The Quarterly Journal of Economics.116,901-929.

Carpenter, J. N.(1998).The exercise and valuation of executive stock options.Journal of Financial Economics.48,127-158.

Chance, D. M.,Yang, T. H.(2005).The utility-based valuation and cost of executive stock options in a binomial framework: issue and methodologies.Journal of Derivatives Accounting.2,165-188.