员工持股计划与股票期权激励制度研究

802312342.12.22.2.12.2.22.2.32.32.3.12.3.22.43.13.23.34.14.24.34.44.4.144.4.24.4.34.4.4565.15.1.15.1.25.1.35.1.45.2511monitoringmonitoringcost2incentive01=tV1=t1I1=tV,VI∗=δδ≤0121=tM1=teε()εδε+−−=+−−=VMevIMevV)(260)(≥deedv[]0=εE2δε++−=1)(MevV3[εδ]δδ+−+==MevVI)(14G[][MevIEG−+==)(1δ]δ50)(1≥∗+=∂∂deedveGδδ63.emaxMe)()(maxeeMKC−∗=70)(dMMdKN[])()()(1maxeeMKMevCGN−∗+−+=−=δδ84.eN),(Neuu=9ueN0∂∂eu0∂∂Nu10ee022∂∂eu11022∂∂Nu12780)(1+∗+=∂∂MKdedveNδδ13eNNueudedu∂∂∗∂∂+∂∂=0)(1=+∗+∂∂+∂∂=MKdedvNueuδδ14e*814e*δMe),(*Meδ*=)(ev),Mδ(*e0*∂∂δe0*∂∂Me1515δM14)(MKdMdKdMMdK)(1.2.14)(1MKdedvNueu+∗+=∂∂∂∂−δδ(16)8eueu∂∂−=∂∂e2),(**Meδ=δεδ++−=1)),((*MMevV17[]δδ+−=1)),((*MMevVEδM,()01)),(()1(2***=++−+∗∂∂∗∂∂=∂∂δδδδδMMeveevV18011**=+−∂∂∗∂∂=∂∂δMeevMV1918193**,Mδδ150→δe92ESOP1401KESPP2.11ESOPESOPESOPESOPESOPESOPESOPESOP108011985199717829020%30%199728%CEO536.2%61.2%350%50%41700010005001/410%90%20%40%5%15%5702090112.22.2.12050.LouisKelso5010%205040%90%60%1%5050%60%ESOPIRS1973.ESOP1974ERISAESOP2040119841986theTaxReformActs199612theSmallBusinessJobProtectionAct1997TaxpayerReliefAct2001theEconomicGrowthandTaxReliefReconciliationAct50ESOP1974ESOP200111000ESOP8501ESOPsESOP1990$1330000001994$1840000001995$226000000(ISO)NSObroad-basedstockoptionNCEO(theNationalCenterforEmployeeOwnership)20014000800-100050090%1619050080%ESOExecutiveStockOption1990800163.543%15048%11%23%8%22199990%199410%199745%3198919972006.9%13.2%199919855901000020001000199010IncentiveStockOptionISONon-qualifiedStockOptionNSOISO422ISO42210%110%NSO422NSOISOISONSO42221999410006554299%TYCO16544599%1207699%IBM929890%798185%17NSONSONSOTransferableStockOptionTSOSARSARTSO2.3.2207019991602000630408671401%182.4401kEmployeeStockPurchasePlanESPP401K1981401K401K401K1%15%401KESPPsESPPs32715%ESPPsESPPsESPPsESPPNCEO19984000ESPPs1570192200020002000ESOPs115008504000400080-1004000157030-10%11-30%31-50%51-100%ESOPs20%35%25%20%ESOPs62%34%3%1%401k85%10%5%045%53%2%04ESOPsESPPs5510ESOPs2033.1,21ESOPsESOPstrusteeESOPblockholderESOPsPearlMeyer&Partners1998200013.2%19975%54%37%199845180CEOCEOCEO3.222RutgersJosephBlasiDouglasKruse2000ESOP2.3-2.41987NCEO45ESOP225ESOP8-11GAOGeneralAccountingOffice1999NorthwesternUniversityHamidMehran382ESOPESOP2.7ESOPsESOPsESOPsESOPsESOPsESOPsESOPsESOPsESOPs1992JFE33SaeyoungChang,DavidMayers,Managerialvoteownershipandshareholderwealth23ESOPParkSangsoo4blockholderESOPESOPBaltimoreMichaelConte19952080ESOP1%ESOPESOP10%170%143%152%5ESOPESOPs19986WealthandIncomeConsequencesofEmployeeOwnershipESOPsESOPs5-12%ESOPsESOPs1980s1983-198674Employeestockownershipplans,firmperformance,andmonitoringbyoutsideblockholders,FinancialManagement,199556PeterKardasJimKeoghAdriaScharf7NCEOEmployeeOwnershipinAmerica45370024broadbasedstockoptionplanleverageratio2000817%2%3.31.2.8DouglasKruse,JosephBlasi,JimSesil,MayaKrumova253.44.126594.219991110101-42200020199419971999271996241998199924199830%70%50%28123429564.360703041.3%31123321491.2.3.4.44.4.133123454.4.2344.4.31491474.4.43555.15.1.15.1.2365.1.3ESOP5.1.45.21.2.372e0)(→deedv3dedv3./61.382.ESOPs123395-1020%4540673.41at-the-money,1223-42/324210%10%320%25%BlackScholes20021510010407.510B-S5*520%20%51100100443444.ESOPsESOPs455.6.PhantomStock46ESOPESOPsESOPsJohnE.Core,WayneGuayandDavidF.Larcker,“Executiveequitycompensationandincentives:asurvey”,2001LilliA.GordonandJohnPound,“ESOPsandcorporatecontrol”,JournalofFinancialEconomics,1990MichaelC.JensenandKevinJ.Murphy,“Performancepayandtop-managementincentives”,JournalofPoliticalEconomy,1990MichaelC.JensenandWilliamH.MecKinlay,“Theoryofthefirm:managerialbehavior,agencycostsandownershipstructure”,JournalofFinancialEconomics,1976PamelaPerun,“Employeestockownershipplans:astatusreport”,2000ParkSangsoo,“Employeestockownershipplans,firmperformance,andmonitoringbyoutside47blockholders”,FinancialManagement,1995RandallMorck,AndreiShleiferandRobertW.Vishny,“Managementownershipandmarketvaluation”,JournalofFinancialEconomics,1988SaeyoungChang,DavidMayers,“Managerialvoteownershipandshareholderwealth”,JournalofFinancialEconomics,1992SusanChaplinskyandGregNiehaus,“TheroleofESOPsintakeovercontests”,theJournalofFinance,1994UpinderS.DhillonandGabrielG.Ramirez,“Employeestockownershipandcorporatecontrol:anempiricalstudy”,JournalofBankingandFinance,1994theNationalCenterforEmployeeOwnership2001200152001200119962001748