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Nicole Xiang · 2024年12月29日

你好请问

NO.PZ2023112701000034

问题如下:

A company’s compensation committee seeking to discourage excessive risk-taking by managers is most likely to design an incentive compensation plan that:

选项:

A.allows directors and managers to have greater discretion over their remuneration. B.includes a variable component comprising stock options contingent on near-term stock performance. C.grants shares, rather than options, that vest over several years and are subject to minimum holding requirements.

解释:

Correct Answer: C

C is correct. Granting shares, rather than options, that vest over several years and must be held discourages “short-termism” or excessive risk-taking by managers.

A is incorrect. By allowing shareholders to express their views on remuneration matters, companies can limit the discretion of directors and managers in granting themselves excessive (or inadequate) remuneration, thus not allowing managers to have greater discretion over their own pay.

B is incorrect, because a variable component comprising stock options contingent on near-term stock performance may encourage excessive risk-taking by managers. Stock-based remuneration does not serve its purpose if managers can improve their personal gains at the expense of the company while limiting their exposure to weak stock performance.

1,这个问题的意思是不是: 薪酬委员会采取什么措施能减少管理层excessive risking seeking 对吗?

2,选项b, 为什么错了呢?

这里要区分stock grant 和 stock option grant的区别, stock grant 应该是会更容易导致risk seeking 才对呀。 然而stock option grant应该是可能会risk 厌恶或者risk seeking呀。

1 个答案

Kiko_品职助教 · 2024年12月30日

嗨,爱思考的PZer你好:


1.是的。

2.

  • 首先要明白股票期权的基本原理。股票期权给予管理者在未来某个特定时间以特定价格购买公司股票的权利。如果股票价格上涨一旦超过期权的行权价格,管理者就可以行使期权,以较低的行权价格买入股票,然后在市场上以较高价格卖出,从而获得差价收益。所以股票期权更看重短期的股票表现,这样就会激励管理者关注短期股票价格。因为一旦短期股价被抬高,他们就可以形式期权获益。所以不能选。
  • 授予股票,并且这些股票是在几年内逐步授予(vest over several years),同时还有最低持股要求(minimum holding requirements)。这种方式使得管理者的利益与公司的长期利益更加紧密地结合在一起。由于股票是在几年内逐步授予,管理者不能通过短期冒险行为获取全部利益后就离开公司。而且最低持股要求也确保他们在较长时间内持有公司股票,更关注公司的长期稳定发展,而不是为了短期利益进行过度冒险,这符合公司薪酬委员会阻止管理者过度冒险的意图。


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