关键词: 期权, 经理人股票期权制度, 期权定价模型

Abstract: This paper analyzes the degree and efectiveness of incentive provided by Executive Stock Option (ESO). First it gives definition and character of ESO system, points out that ESO is in fact a bull option based on company’s stock, and sets up an analysis model. The basic conclusion of the model is the following: ESO is exactly playing an incentive role to the president of a company, but it is limited; and it is effected by many factors, such as market environment, enterprises’ risk features, and so on; it is conditional, such as, stock market should be efficient, and under these conditions the pricing function of stock market then plays a correct and full role. At the end, with a USA’s data an empirical evidence for the basic conclusion of the model is given.

Key words: option, ESO system, optimum pricing model