摘要
本文针对经理通过操纵股价牟利和非公司经营业绩下滑 ,股价下跌给经理期权收益造成损失两方面的问题 ,提出采用限制股票价格变化的方式 ,计算经理股票期权收益 ,构建了双障碍敲出期权用于经理激励 ,并给出了与 Black- Scholes公式的对比分析 .
Because of the executive profit-making by manipulating the stock price,and the loss of the executive option for long-term slump of the stock market,not the decline of corporate performance,the paper suggests to adopt a method to restrict the fluctuating of stock price to evaluate the profit of the executive stock option.It constructs the double knock-out call option pricing formula.It makes a quantitative contrastive analysis between this formula and the Black-Scholes option pricing formula in the end.
出处
《经济数学》
2003年第4期31-37,共7页
Journal of Quantitative Economics
基金
湖南省科技计划一般项目 (编号 :0 1 JZY2 0 0 7)
