股票期權、當前的公司業(yè)績和遞延收益【外文翻譯】_第1頁
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1、本科畢業(yè)設計（論文）外文翻譯外文外文StockOptionGrantsCurrentOperatingPerfmanceDeferralofEarningsWeexamineapotentialnegativeconsequenceofstockoptiongrantstotheChiefExecutiveOfficer(CEO).Usingalargesampleofpublicfirmsspanningtheperiod199220

2、01weclassifyfirmyearobservationsintothreegroupsbasedonthestockoptionproptionoftotalcompensationtotheCEO.Weempiricallydocumentanegativerelationbetweenstockoptionproptioncontempaneousoperatingperfmance.Weprovideevidenceofe

3、arningsdeferralmanifestedbysignificantlynegativeabnmalaccrualsfthegroupwithhighproptionofstockoptions.2.ResearchDesignEmpiricalModel2.1ResearchDesignWeexamineCEOstockoptionsgrantsofpubliccpationsduring19922001.Whilestock

4、optionsgrantsareusedtocompensateotheremployeesaswellasCEOsthisstudyfocusesonlyonCEOs.InoursamplestockoptionsconstitutealargerproptionofCEO’stotalcompensationcomparedtootheremployees.Wemeasurethestockoptionproptionasthera

5、tioofBlackScholesvalueofthetotaloptionsgrantedtotheCEOinaparticularyeartothetotalcompensationgrantedtotheCEOthatyear.ConsistentwithKlassenMawani(2000)IttnerLambertLarcker(2003)stockoptionproptionfeachfirmyearisdefinedasf

6、ollows:VSOPROPtt=VtTCt____[1]whereSOPROPistheproptionoftotalcompensationthatconsistsofstockoptionsVistheBlackScholesvalueofoptionsgrantedtotheCEOTCisthetotalcompensationpaidtotheCEOintheyear.Indertoexaminewhetherthegrant

7、ingofCEOstockoptionsisassociatedwithafirm’scurrentoperatingperfmanceweclassifyfirmyearobservationsintothreegroupsbasedontheproptionofstockoptions.Wefirstrankfirmsbasedontheir3.EmpiricalAnalyses3.1SampleionDeiveStatistics

8、Weobtaincompensationdatafrom2002Execucompdatabaseftheperiod1992to2001.Thedatabasecontainstheinfmationregardingthecompensationofthetopfiveexecutives.WecollectcompensationdatafallfirmsfwhichCEOisidentified.Inadditiontothet

9、otalcompensationthedatabaseprovidesadetailedcompositionincludingtheBlack&Scholesvaluestockoptionstheamountofsalarythebonuses.Theinitialsampleconsistsof2502companiesacrespondingtotalof14013firmyearobservations.Weexcludefi

10、nancialinstitutions(1852observations)CEOsthatarenotawardedstockoptions(3442observations)firmsprovidingcompensationlowerthan1milliondollars(1757observations)fromtheinitialsample.Wealsoeliminate1013observationsthatdonothav

11、e60monthsofstockreturninCRSPrequiredtocomputethestockreturnvolatility.Finallyweeliminateanadditional857observationsduetomissingdata.Thisgivesusasampleof5092firmyearobservationsf1353companies.Toinvestigateourquestionrelat

12、ingtotheassociationbetweenstockoptioncompensationcurrentabnmalaccrualsweneedtoestimatethediscretionaryaccruals.WeemploythemodifiedJones’modelfthispurpose.AccountingdatanecessarytoconductthesetestsareobtainedfromCompustat

13、.Firmsincludedinoursampleareprofitable(averagereturnonassetof5.01%).TheaveragevalueofCEOcompensationisover5milliondollarsstockoptionsrepresent47%ofthevalueoftotalcompensationfoursamplefirmscompareto40%fthecashcomponent.F

14、thegroupoffirmswithlowproptionsofstockoptionsstockoptionsaccountonaveragef22%ofthetotalcompensationwhilethecashcomponentrepresents53%.Converselystockoptionsrepresentalmostthreequarteroftotalcompensationofthegroupoffirmsw

15、ithahighproptionsofstockoptionswhilethecashcomponentis23%oftotalcompensation.Feachgroupoffirmstheaveragereturnonassetsispositivebutitislowerfthegroupoffirmswithahighproptionofstockoptions.Allthreegroupsexperiencepositive

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