股票期權(quán)重新定價(jià)正面我贏，反面你輸【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：StockOptionRepricing:HeadsIWinTailsYouLoseIntroductionInmostpubliclytradedcompaniesstockoptionsareabigpartofexecutivecompensationfavedasawaytobindthefinancialinterestsofexecutiveswithshareholders.Alth

2、oughtheexercisepriceoftheseoptionsisfixedatthetimeofgrantsomecompaniesrepricestockoptionswhenstockpricesbelowtheexerciseprice.Therecentdownturninstockmarketshaspromptedmanycompaniestojumpontherepricingbwagon(BusinessWeek

3、December112000).Repricingoccursintwoways:(1)eithertheexercisepriceislowered(2)theexistingoptionsarecancelledfreshoptionswithalowerexercisepriceareissued.Criticsopposerepricingbecausemanagerssttogainwhetherstockpricegoesu

4、pdown.Thisunderminestheincentiveeffectsofstockoptionsbyeliminatingthefinancialpunishmenttoexecutiveswhosemismanagementperhapsledtostockpricedeclineinthefirstplace.Theultimateironyisthatrepricingincreasesmanagerialcompens

5、ationwhenmanagersoughttobefiredfpoperfmance.Institutionalinvestsviewrepricingasasymptomofmanagerialentrenchmentcausedbyineffectivecpategovernanceroutinelyusetheirvotingpowertoblockrepricingproposals.Theyareopposedtorepri

6、cingbecauseeachnewsharegrantedtoemployeesdilutesthecontrolreturnsofexistingstockholders.Boardofdirectsofrepricingfirmsdefendthepracticebyarguingthatoptionsfaroutofmoneyaredevoidofanymotivationalpowerrepricingcanrestemana

7、gerialincentives.AnotherexplanationprevalentinSiliconValleyisthatrepricingisnecessarytoretaintalentedemployeeswhowouldbeotherwiseluredbyrivalfirms.Thesefirmsgrantemployeesstockoptionstoconservecashviewboardshumanresource

8、managersexecutivesundersthowoptionvaluationfmulassuchasBlackScholesBinomialmodelswksothatthoseinvolvedindesigningthecompensationmixrealizethatbothstockoptiongrantsrepricingexistingoptionsarecostlytothecompany.Anincreasei

9、ntheawarenessaboutthetrueeconomiccostsofoptionswillalsoexertpressureonpolicymakerstochangetheaccountingtaxregulationstomakesuchcostsexplicitensurethatrepricingfirmsbearthesecosts.2.PromoteregulatychangesTwomostcriticalre

10、gulatyrefmsneededare(1)toensurethatthecostofoptionsisrecognizedexplicitlyinthefinancialstatements(2)thatthereissymmetrybetweenaccountingtaxtreatments.Financialeconomistsagreethatstockoptionsarecostly.Inarecenttestimonyto

11、U.S.SenateFinanceCommitteeFederalReserveBankChairmanAlanGreenspandescribedtheseveremarketdisttionsfromnotshowingthecostofoptionsinfinancialstatements.InthesamehearingsNobelLaureateProfessJosephStiglitztalkedaboutthemisin

12、fmationinthemarketsadvocatedthatstockoptioncostsberecognizedasanexpensesincereasonableestimatesofvaluesareavailable.Whenoptionsareexercisedinthefuturetheactualcostwhichisthedifferencebetweenthemarketpriceexercisepricecan

13、bedeterminedanydiscrepancybetweentheestimatedcostatthetimeofgrantactualcostscanbeadjustedagainstincome.Iftheoptionsarenotexercisedtheestimatedstockoptioncostcanbereversed.Thiswilldiscouragethecounterproductivebehaviofgiv

14、ingoutexcessoptionsasiftheywerefreeencouragecompaniestoprovideexecutiveswiththerightkindofincentivessuchasthetheeticallysuperiindexedoptions.Thedistinctionbetweenfixedvariablepriceoptionsisabsurdsoistheperpetuationofrepr

15、icingbythe“sixone”tacticallowedunderI44.Changesinthetaxcodearealsoneededtoensuresymmetrybetweenaccountingtaxtreatments.SpecificallyifcompaniesdeductNQOsfromtaxableincometheyshouldalsoberequiredtogeitagainstreptedincome.3