资源描述：
《股权激励【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文翻译原文EQUITYBASEDINCENTIVESMaterialSource:SocietyProfessionalsAuthor:RichardDStockIncentiveSystem(SIS),isasystemacompanyadoptstoincentmanagersorordinaryemployees.Inthissystem,toincentmanagersorordinaryemployees,acompanywillmakethembecomestockownersbyassigningasumofstock
2、sorstockoptionstothem.StockIncentiveSystemResearchonOutstandingAchievement,isaresearchbaseontheexistingStockIncentiveSystem.Thisresearchemphasizesonanalyzingthepertinencybetweensystemstructureandoutstandingachievement.Bydoingtheresearch,theauthortriedtosetupapertinencer
3、elationbetweenpracticingSISandcarryingoutoutstandingachievementtoenhancetheefficiencyofaStockIncentiveSystem.Inthisthesis,theresearchisfocusedontheproblemsofoutstandingachievementdeviation,capitalresourceforbuyingoptionsorstocks,andshortsightofmanagers.Alotofdataandcase
4、shavebeenadoptedtofindoutthebugsfromtheexistingSISandsetupanewmodeltoenhancetheefficiencyoftheSIS.Inthisthesis,theauthordemonstratesthefollowingideas.1.Fortheweakpertinencebetweenstockpriceandoutstandingachievementunderthecircumstanceofthecapitalmarket,itisstronglyrecom
5、mendedthatthestocksfromSISnotcomeintothemarket,oritwillbeinefficientforincentingmanagers,furthermore,itmaycauserisksofdeceivingtoincentmarketprices,whichwillruinthecompanyandshareholdersutmostly.Thenhowtopricetheincentivestocks,andhowcanthestocksbeencashed?Inchaptertwo,
6、apricingmodelofEVAhasbeensetuptoanswerthequestions.Inthismodel,thereislinearitypertinencebetweenthestockpriceandEVA.Whilepricedbythismodel,theincrementofstocksgetanonlyresourceofoutstandingachievementmadebymanagers,whichwillincentmanagerstoworkhardtoincreasestockprice.I
7、nthismodel,wecanalsofindoutthatthecapitalresourceforstockencashmentisexercisecapitalandEVA.2.Anfavorableexercisecapitalresourcemaybebuiltuponcapitalbonus,whichwillenhancetheefficientofSISbyformingabenignincentivecirclesystem.ThissystemisnamedCapitalBonusExercisingSystem
8、.Sincethecapitalbonusistheonlyresourceforexercise,andweknowthatmanagers’outstandingachievementistheonlyresourc
