效分析的万科公司股权激励方案评价1

上传人:lizhe****0001 文档编号:47867328 上传时间:2018-07-05 格式:PDF 页数:44 大小:2.46MB
返回 下载 相关 举报
效分析的万科公司股权激励方案评价1_第1页
第1页 / 共44页
效分析的万科公司股权激励方案评价1_第2页
第2页 / 共44页
效分析的万科公司股权激励方案评价1_第3页
第3页 / 共44页
效分析的万科公司股权激励方案评价1_第4页
第4页 / 共44页
效分析的万科公司股权激励方案评价1_第5页
第5页 / 共44页
点击查看更多>>
资源描述

《效分析的万科公司股权激励方案评价1》由会员分享,可在线阅读,更多相关《效分析的万科公司股权激励方案评价1(44页珍藏版)》请在金锄头文库上搜索。

1、11.11.1.150089%1wind2008- 10- 10232Diane L.Doubleday.Relative Performance Evaluation and the Selection of PeersA.in:Peter T.Chingos.Responsible Executive Compensation for a New Era of AccountabilityM.The United States of America:John Wiley & Sons Inc.,2004:172- 200. 3J20060416- 17341.1.2145GJ2006083

2、4- 37 6GJ20061167- 68 7GJ() 20070427- 28 8J20070555- 57421.21.2.111551.2.21.2.3672.12.1.1Executive CompensationTotal CompensationBase SalaryAnnualBonusLong- term IncentivesQualified and Supplemental BenefitsPerquisitescash salarybonusstock ownershipstockoptionsYermaekHallLiebman(1998)Murphy(1999)198

3、019949D20064- 6 10Stacey R. Kole. The complexity of compensation economicsJ. Journal of Financial1, 1997,43: 79- 104.11Kevin J. Murphy. Executive CompensationJ.Handbook of Labor Economics, Vol. 3, Amsterdam: North Holland,1999,06:44- 49. 12David Yermack. Do corporations award CEO stock options effec

4、tively?J. Journal of Financial Economics,1995,39:237- 269. 13B.J. Ha11 and J.B. Liebman.Are CEOs Really Paid Like Bureaucrats?J.The Quarterly Journal of Economics, 1998,8:653- 691.82.1.22.1.314D20059- 10915D20064- 6 16Michael C. Jensen, Kevin J. Murphy. CEO Incentives: Its Not How Much You Pay, But

5、How J. Harvard Business Review, May- June 1990:5- 20. 17J20081756- 57 18M2000 163- 175 19J19980942- 48 20J20000332- 39 21J20000124- 30 22J20020955- 59 23J20060532- 331024J20080617- 22 25J20060530- 32 26J20070612- 13 27D200716- 17 28J 20080396- 98112.22.2.11.absolute performancerelative performance2.

6、absolute performance evaluation APE29D 200614- 16 30D200620- 2112relative performance evaluationRPE2.2.2131J20020482- 83 32 Holmstrom. Bengt. Moral Hazard in teamsJ.Bell Journal of Econimics,1979,13:324- 340.1333Antle.R.and A.Smithan empirical Examination of the relative performance evaluation of co

7、rparate executivesJ.Journal of Accounting Research, 1986, 24:1- 39. 34Gibbons Robert and K. J. Murphy. Relative performance evaluation for chief executive officersJ. Industrial and Labor Relations Review, 1990, 43:30- 51. 35R. K.Aggarwal and A.A. Samwick.The other Side of the trade- off, the impact

8、of risk on executive compensitionJ. Joural of Political Economy, 1997, 107:65- 105. 36S. R. Janakiraman, D. Lambert, Larcker. An empirical investigation of the relative performance evaluation hypothesisJ. Journal of Accounting Research, 1992, 01:53- 69. 37Gibbons Robert and K. J. Murphy.Relative per

9、formance evaluation for chief executive officersJ.Industrial and Labor Relations Review, 1990, 43:30- 51. 38K.J. Murphy .Managerial compensationJ. Handbook of Labor Economics NorthHolland, 1998, 3: 27.14392.39M. Bagnoli and S.G. Watts. The Effect of Relative Performance Evaluation on Earnings Manage

10、ment A Game- theoretic ApproachJ. Journal of Accounting and Public Policy, 2000,9: 377- 397. 40Garvey.Gerald and Milbourn. Incentive compensation when executive can hedge the marketevidence of relative performance evaluation in the cross sectionJ. Journal of Finance, 2003,8: l5- 57. 41J19950730- 37

11、42J20030265- 74 43J2005 03115- 118 44J 20060233- 40 45J2006152.32.3.1DianeLDoubleday20042.3.2286- 89 46DianeL.Doubleday.Relative Performance Evaluation and the Selection of PeersA.in:Peter T.Chingos.Responsible Executive Compensation for a New Era of AccountabilityM.United States of America:John Wil

12、ey & Sons Inc.,2004:172- 200.162.3.31747A C200471- 74 48D200558- 6049J200729230- 23150J2008072761851J20080856- 64 52J200808112- 115193.13.253EB/OL2008- 10- 102021PriceC PriceAPriceC PriceBPriceAPriceB PriceC223.3200882320062006200613.8931.7720062006112006A7.102007A33.8120062006200882054J20060416- 17

13、 552006EB/OL2008- 08- 2323200715,227,0659.39%23,662,8606.58%31,548,9182.78%41,650,9782.96%51,487,6602.67%61,487,6602.67%71,548,9502.78%81,548,9502.78%91,650,9782.96%101,446,8492.60%111,343,5912.41%121,036,2041.86%1332,042,82957.54%2006200642.5%57.5%2008820121.76520389929.027.464.847.6456.78%10.46%3.

14、5929.027.9433.8156wind2008- 10- 10 572008EB/OL2008- 08- 05244.14.1.1000511.SZ200807163600325.SH200801145000031.SZ200712207000042.SZ200801295600383.SH200801316000667.SZ2008041110002133.SZ200801115600641.SH200802016000006.SZA200602243000046.SZ200609284000002.SZA200604283A254.1.220088 2005200620072008

15、158200520062007152010201145%60%20072006100%9%120082009201020119%22007M2008200920102011SS M*(1+0.12)NN=1- 420%375 10%120%(50)(2)2008- 201211%12%12%12%12%263751T- 1T- 2T- 350%250%310%2007 25%2008- 201220071.251.2521.2531.2541.2551200730%212%3A10%200730%,20 28/A(NP)15%(ROE)12%(EPS)10% AA1200620057 2200

16、720069320082007113.910%27/1073113A6511A2829820082009201020119%10%12%10%A12%10%2008- 201211%12%12%12%12%50%A2005 2006 20077%9%11%304 12131A,20 28/AA324.1.34.24.2.158J20041235- 44 59J( )20070191- 12733000002.SZA11110124184617255013019600048.SH476177839245381330585600383.SH277994393511446933596000024.SZ355650953752267730180601588.SH228305423971673332829000402.SZ2580808688

展开阅读全文
相关资源
相关搜索

当前位置:首页 > 学术论文 > 其它学术论文

电脑版 |金锄头文库版权所有
经营许可证:蜀ICP备13022795号 | 川公网安备 51140202000112号