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首页> 外文期刊>Business week >OPTIONS ARE USEFUL― BUT ONLY IF THEY'RE USED RIGHT
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OPTIONS ARE USEFUL― BUT ONLY IF THEY'RE USED RIGHT

机译:选项是有用的,但前提是正确使用它们

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摘要

The growing use of stock options in the 1990s has been partly blamed for the bubble in tech stocks during that decade and for some of the misleading accounting practices of Enron Corp. and other companies. But politicians and others have excessively criticized options, which are a valuable tool that can encourage management to work effectively for their companies. Options only add to management compensation if a company's stock rises above the exercise price. This gives managers incentives to work hard to increase profits and raise share prices enough to make their options more valuable. Greater profitability usually also benefits employees, stockholders, and others with close ties to the company. Options also penalize managers when companies do not do well; their options then become of little value and are unlikely ever to be exercised.
机译:在1990年代,股票期权的使用日益增加,部分归因于该十年科技股的泡沫以及安然公司和其他公司的一些误导性会计做法。但是政界人士和其他人士过度批评了选择方案,这是一种有价值的工具,可以鼓励管理层有效地为公司工作。只有当公司的股票价格高于行使价时,期权才会增加管理层的薪酬。这使管理人员有动力去努力增加利润和提高股票价格,以使他们的选择权更有价值。更高的盈利能力通常也会使员工,股东和与公司关系密切的其他人受益。当公司表现不佳时,期权也会对经理人造成不利影响。这样,他们的选择就没有什么价值了,几乎不可能被行使。

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