行权价格

本文的研究和创新工作主要包括以下内容：（1）在中国权证市场上，权证的行权价格会随着股票或指数的分红进行调整，这一调整方式与现有的方式均不相同。

The thesis is organized as follows : ( 1 ) In China warrant market , the strike price will be adjusted with the payment of dividend . This adjustment is different with other dividend adjustment .

为此，本文引入超额EVA增长率和行业股票价格参数对现行以股票价格为基础的股票期权行权价格进行修订，以使经理人的激励报酬和业绩贡献变动相结合。

So this paper introduces excess growth ratio of EVA and industrial stock price index to emend the active exercise price based on stock price and combine the incentive payment of managers with their performance .

但其中有6个发生在大萧条（greatdepression）之后，有3个卖出期权的行权价格低于合同溢价的未来价值。

But of these , six followed the great depression and three would have seen a lower payout on the puts than the future value of the premium .

针对上市公司探讨了行权价格的确定。

The conforming on executive price aimed at listed company is discussed .

股票期权行权价格的局限与修订研究

Research on the Limitation and Emendation of the Exercise Price of Stock Option

经营者股票期权激励的强度和绩效取决于其行权价格的科学测定。

The intention and performance of the executive stock option encouraging depends on the executive price .

理应获得奖金的员工，将得到优先认股权，其行权价格比当前股价高出很多。

Deserving bonus recipients will receive stock options with an exercise price well above the current share price .

其基本要素应包括授予对象范围与授予时机、授予的考核标准与授予数量、行权价格、股票来源、所授予的有效期限、行权办法。

Its element should include the range of the awarding object , awarding occasion and awarding quantity and so on .

在购买股票以前，股票期权不会给经理人带来任何的现金收益。在执行期权后，经理人的股票期权收益就体现为行权价格与行权日市价之间的差额。

After the implementation of option , the income of managers is the difference between transaction price and market price in the transaction right day .

管理者为了获得较低的行权价格，在股票期权激励计划公告前会采取向下的盈余管理。

In order to get a lower exercise price , the managers will be taken downward earnings management prior to the stock option incentive plan .

最后，本文运用以上机制设计理念对海南海药股份有限公司股权激励方案进行改进，在实例中验证与行业股票指数相结合的行权价格模型的合理性。

Finally , this paper has analyzed equity incentive plan in Hainan Pharmaceutical Co. , Ltd , using exercise price model combined with marketing industry index .

大量看涨期权（赋予持有人以预定价格买入原油权利的合约）的行权价格被设定在每桶80美元。

A large number of call options contracts giving holders the right to buy crude oil at a predetermined price have been struck above $ 80 .

针对这四个方面的问题，本文也探索性地提出一些建设性的意见，针对外部资本市场无效这个缺陷，可以通过合理确定股票期权行权价格来克服。

Pointing to these problems , this paper also proposes some constructive ideas . We can overcome capital market deficiencies through formulating relative reasonable exercise price .

通常一个完整的股票期权方案至少包括六个要素：实施股票期权的企业范围、授予股票期权的对象、授予股票期权的数量、股票来源、行权价格、和行权时间表。

A typical SOP comprises 6 elements , namely the target enterprise , the target employees , the stock sources , the exercise price and the exercise schedule .

期末发行在外的股份期权或其他权益工具行权价格的范围和合同剩余期限。

The range of the vesting prices for the share options or other equity instruments issued outward at the end of period , and the remainder of the contractual period ;

但在授予对象、标的资产、期权的授出数量限制、确定行权价格的依据、行权期及有效期等方面有所不同。

But there are some different ways on the vesting object , upper limits of the amount of Options , the measurement of the exercise price and the effective date .

经纪商和分析师表示，石油价格逼近每桶80美元，并面临进一步上涨的压力，因为在年底前到期的大量期权合约的行权价格集中在这一位置。

Oil prices face further upward pressure as they near $ 80 a barrel because of heavy trading in options contracts ahead of the year end , brokers and analysts said .

国外股票期权制度实践涉及股票来源、授予主体、授予客体、行权价格、行权方式等，其成熟的经验制度值得我国借鉴。

The practice of other countries are involved with stock sources , grant subject , grant object , exercise price , exercise way . We should learn experience from foreign mature system .

从创业板股权激励方案的各方面统计来看，行权价格不是很合理、行权有效期及等待期过于谨慎、股票授予数量占总股本比例较小。

Statistics from various aspects of the GEM equity incentive program shows that the executive price is not very reasonable , the executive period of validity and the waiting period is too cautious , the total number of shares granted to equity ratio is too less .

另外，当出现公司变更、员工雇佣关系终止或期权股票价格低于行权价格等情形时，股票期权计划应当进行调整。可见，该合同成立于授予阶段，生效于授权日，履行完毕于行权日。

In addition , when presenting the situations that the change takes place in the company , staff s employer-employee relationship are ceased or the option price is lower than the price made while executing the rights , etc , the plan of stock option should be adjusted .

为了使股票期权激励机制发挥其应有的作用，应从确定股票期权收益人及行权价格等方面入手对股票期权计划进行合理的设计，同时应健全股票市场和经理人职业市场。

In order to make the incentive mechanism of the stock option function well in our country 's enterprises , we should re-recognize the mechanism , carry out the reasonable design of the stock option , and at the same time perfect the stock market and manager 's professional market .

第二，就授予（行权）价格而言，若采用限制性股票激励，无论经理人的风险偏好如何，授予价格应越高越好。

Secondly , the grant price for restricted stock should be as high as possible regardless the risk preference of managers .

再次，从股权激励对经理人的价值和对股东的成本两方面分析最优股权激励合约中激励数量、授予（行权）价格以及执行期限三个关键要素的确定方法。

Thirdly , I analyze how to determine the optimal grant quantity , grant or exercise price and validity period for the equity-based incentive contracts by considering the value and cost of equity-based incentive for managers and shareholders respectively .

与此同时，本文还引入行业分类指数变动率以消除股市波动对行权日行权价格的影响。

This article also introduces industrial sorting exponential change ratio to eliminate the influence that the stock market fluctuation has on exercise price on the exercise day .

股票期权的行权方面的一些法律问题，包括行权价格的确定、行权价格的调整、行权的时机、行权方式以及股票期权的转让、延迟和终止等问题；

Second , the legal problems in exercising include the exercising price , the adjusting of the exercising price , the forbidding transference of stock option , the postpone and ending of stock option etc.