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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
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