中国上市公司高管人员股权激励研究

12122341234123412345311ReservationValue241()2VestingPeriodVestedOptions5-10At-the-moneyOptionFairMarkeValueOptionIn-the-moneyOptionsDiscountOptionOut-of-the-moneyoptionsPremiumoptionCashlessExercisePrograms3PhantomStocksStockAppreciationRights5455662%10%20%15%2.1012000500300055001984020006317223200011996-2001112281199620011996200196181224371366241823391602121264519820122746193222195168172362216264216Hall2002219925001102000119020027101992500220020002.3820021.41390500199235020001470199280200072093200250094040180KKRLBO90980331980-1999LBO219921994100103304197020021970500302002903602000570909041970-200211HallMurphy2003.200220021177200211120021220022002120324200238501600000ST2001200319982000,20002002522002200220022002117711771177120324.4027115012.6610125636.114786667.000081033.000086467.00003850.003533.003559.001600000.001600000.001600000.003550.92623808.54193761.0166520021361165158151139996969544432211214151158763546118020406080100120140160180200006000010000014000018000022000026000030000034000038000042000046000050000020022620021420027200220023151985CEO19852000CEO63199819981061998112519981125794117767.439949745989372.1611998501999712208020345617HH2.73130%70%100%2001200112345182001120%30%20%2357019998199920001951500370619982619991.570308020201058020“”“”10%10%320033213.122232344.124EnronSunbeam1999-2001A0.010.01450.10.0230.02920012BlackSholesBlackSholesRiskNeutuality25BlackSholes1.2.HallMurphy20002002V/C1V/C2V/C3V/C326,1.12CompensationConsultantFamaJensenWilliamson1985Comdisco1986-1988300Coarse193727NewmanMozes19971611Anderson200010199451001002MurphyBebchuk281998150027ABC19982529A199750081BCD11Baker,JensenMurphy,1988CoreHolthausenLarcker199930Gillian2001BizjackLemmonNaveen20001009696WadePoracPollack199750019871992331AB322.1FASBAccountngPrincipleBoardASB1972ASB251995FASBFAS123FairMarketValueBlackScholesFASBASB252002FASB20032001998FASBVariableAccounting334412EBITDA400100FixedAccountingVariableAccountingMarkedToMarket220033FASBFASBIASBAB.C.34Murphy2003199812FASB6666A.2B2Baumol,W.J.andB.G.Malkiel,“StockOptionsKeeptheEconomyAfloat,”TheWallStreetJournal,April4,200235CAboody1996DBlackScholesE.3F34433Bolton,Patrick,Scheinkman,Jose,Xiong,Wei,(2003),“ExecutiveCompensationandShort-TermistBehaviorinSpeculativeMarkets”,NBER,P26363.44Andjekovic,Aleksandar,Boyle,Glenn,McNoe,Warren(2000),“PublicDisclosureofExecutiveCompensation:DoShareholdersNeedtoKnow?3715A.B5C3D.5E.F.G.H.38526Yermack1997AboodyKasznik2000Ferri200320CAR11.8392.7SenarioAnalysisKedia200350440413111CliffVesting2-42StraightVesting3SteppedVesting424PerformanceVesting5-10199950TradingWindowsBlackoutPeriodsEnronSarbanesOxley121543EVA44EVAEVA2455Self-tenderOfferAtFixedPriceDutchAuctionA.5200046BC.D.E.47ABC321LeverageFragility485$0$0$0$0$02525825250503150197575637554100100100100100125125140124150150150183148215BrianHall2002Equity-PayDesignforExecutives”P125056100Black-Scoles2Black-ScolesNormalized100550835507550756992507581981999132001406LognormallyDistributed81006HallKnox4910012.51005180100860305812.55603052258250BackDoorRepricing20901992-19951.380630502176031235.4Chance20002517RetentionIncentives7LucianAryeBebchuk,JesseM.FriedandDavidI.Walker,ManagerialPowerAndRentExtractionintheDesignofExecutiveCompensation,at74-75,NBERworkingpaper(2002)523A.Mega-grantsUp-frontGrantsB.FixedValueGrantsBlack-ScholesC.FixedNumberGrants6533110307090Level312.530108050SkewedTheRight541010RmFirm-SpeificRiskRi100Rm100Rm5050Beta1RfRm-RfRiRmRi50100Rm50100Rm+RiRm0.5Ri100Rm0.5Ri100Rm50Ri100505055HimmelbergHubbard256A1002080BCHallMurphy2002101057Level30UnderlyingAsset100DeltaDeltaBeta041258315159TotalShareholderReturnVC60-2123261199826123219981.334266.81517.8624515151263343600840H64465(1)2002118()2003310461966.926612512673Bebchuk,LucianAryeandJesseM.Fried,2003.ExecutiveCompensationasanAgencyProblem,TheJournalofEconomicPerspectives,Vol.17,No.3,Summer2003.Core,JohnE.,WayneR.Guay,andDavidF.Larcker,2003.ExecutiveEquityCompensationandIncentives:ASurvey,FRBNYEconomicPolicyReveiew,April2003.Hall,BrianJ.andKevinJ.Murphy,2003.TheTroublewithStockOption,TheJournalofEconomicPerspectives,Vol.17,No.3,Summer2003.Hall,BrianJ.,Equity-PayDesignforExecutives,HarvardBusinessSchoolcoursematerials,September2002.Jensen,MichaelC.andKevinJ.Murphy,1990.“PerformancePayandTop-ManagementIncentives”.JournalofPoliticalEconomy,Vol.98,No.2(April1990).Meulbroek,LisaK.,2001.“TheEfficiencyofEquity-linkedCompensation:UnderstandingtheFullcostofAwardingExecutiveStockOption.”FinancialManagement.Vol.30,No.2(2001).2001682000,2000120032000,3200320038