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作为激励和约束经理人员的一种报酬机制,经理股票期权与传统意义上的期权有着本质上的区别,所以对二者进行定价的目的和含义也就不同。20世纪70年代,Black-scholes模型的出现为期权的定价和交易奠定了坚实的数理基础,而如何科学、准确地计算经理股票期权的价值一直困扰着学术界。本文试图将上述B-S数理模型应用于对经理股票期权的定价,以便精确地计算经理股票期权的真实价值,从而为公司在实施激励计划时奠定坚实的数理基础。
As a kind of compensation mechanism to motivate and constrain managers, manager stock options have the essential difference with the traditional options, so the purpose and meaning of pricing the two are different. The emergence of the Black-Scholes model laid a solid mathematical foundation for the pricing and trading of options in the 1970s. How to calculate the value of manager stock options scientifically and accurately has plagued academics. This article attempts to apply the above B-S mathematical model to the pricing of manager stock options in order to accurately calculate the true value of manager stock options, thus laying a solid mathematical foundation for the implementation of the incentive plan.