The Determinants of the Subjective Value of Executive Stock Options

摘要：

Based on risk aversion and the lack of diversification ,the subjective value of executives stock options is less than the cost of shareholders, which makes stock options give less incentives than expected. This paper construct a modified principal-agent model and derive the derterminants of the subjective value of executive stock options , which are consistent with the conclusions of literatures .In addition to that , we also find the effort levels of managers ,the human capital value and the quantities and levels of stock options granted to managers affect the subjective value. We give some advice to Chinese listed companies which have been focused in the long time. Which give some implications to equity-based incentives of Chinese listed companies in the process of share split reform.

关键词： Stock options The Subjective value The determinants

作者: 李双燕 万迪昉 史亚蓉

作者单位: 西安交通大学管理学院,陕西西安,710049

会议类型: 国际会议

会议名称: 2007年中国国际金融年会

会议地点: 成都

会议语种:英文

在线出版日期: 2007-07-09（万方平台首次上网日期，不代表论文的发表时间）