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izzyli · 2023年10月06日

请教一个问题

NO.PZ2023040501000063

问题如下:

In fiscal year 2012, the company will begin granting employees stock awards (SAs) rather than stock options as part of its executive compensation plans. SAs are grants that entitle the holder to shares of company stock as the award vests (normally a four-year period) with the award being based on accounting performance metrics as determined by the Compensation Committee of the Board of Directors.

In reviewing the change in the company’s executive compensation, MacPhail made the following three observations:

1. Management will have the same downside risk exposure from the stock awards plan as they currently face with the stock options plan.

2. Because both the stock awards and stock options have the same vesting period, they will also have the same total effect on net income.

3. The issuance of new shares under the new stock awards plan should improve the company’s debt/equity ratio.

Which of MacPhail’s observations about the new executive compensation plan is most accurate?

选项:

A.

1

B.

2

C.

3

解释:


去帮忙解释一下A为何对。谢谢。

1 个答案
已采纳答案

王园圆_品职助教 · 2023年10月06日

同学你好,英文解析中已经解释了为什么1号observation的说法是正确的了

因为无论stock激励还是option激励都是一种激励,公司并没有出台什么惩罚措施(例如表现不好就倒扣工资这种,题干没有提及,市场上也没有这种说法)

所谓的downside risk,是指如果公司的财务表现变差了,高管会有什么风险——但是既然公司对高管并没有惩罚措施,那最多就是拿不到期权或者股权了,所以对高管来说,两种激励的downside risk都是一样,都是0

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