| 股票期权的重新认识--安然公司破产原因分析 |
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| 引用本文： | 雷小明,陈伟珍.股票期权的重新认识--安然公司破产原因分析[J].华南农业大学学报(社会科学版),2003,2(Z1):57-61. |
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| 作者姓名： | 雷小明 陈伟珍 |
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| 作者单位： | 华南农业大学,经济贸易学院,广东,广州,510642 |
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| 摘 要： | 人们对于安然公司破产的原因众说纷纭,但股票期权的先天缺陷无疑是其中很重要的一个.文章简要地回顾了股票期权制度的产生,然后分正、反两个方面论述了股票期权对公司管理层的激励效果,最后从理论上分析了股票期权产生负激励效果的原因,从而指出了安然公司破产的原因.在文章结尾处,列举了两个克服股票期权内在缺陷的措施,并指出了它们的不足.
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| 关 键 词： | 股票期权 安然 假账 激励 |
| 文章编号： | 1672-0202(2003)S0-0057-05 |
| 修稿时间： | 2003年7月14日 |
A New Knowledge of Stock Option: Analysis of Enron's Bankruptcy |
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| LEI Xiao-ming,CHEN Wei-zhen.A New Knowledge of Stock Option: Analysis of Enron''s Bankruptcy[J].Journal of South China Agricultural University:Social Science Edition,2003,2(Z1):57-61. |
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| Authors: | LEI Xiao-ming CHEN Wei-zhen |
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| Abstract: | People hold different opinions on the reasons of Enron' s bankruptcy, among which the inborn defect of stock option is obviously the most important one. In this article, a brief review on stock option' s emergence is made, followed by positive and negative elaboration of stock option' s stimulating effect on corporation managers. Then, a theoretical analysis on the reasons why the negative stimulating effect of stock option appears, thus pointins our the reason of Enron' s bankruptcy. At the end of this article, two measures, as well as their weakness, to overcome the inborn defect of stock option are suggested. |
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| Keywords: | stock option Enron false ledger stimulating |
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