share (stock) option 中文意思是什麼
share (stock) option
解釋
期權，股票認購權-
With the rapid development of the security stock market especially the stock market in chian issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time more and more investors are attracted by the relately high initial return of stock however the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks most new issues had great raise in the first trade day and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections in the first part we introduced the method of the estimate of pricing decision in the second part we analyzed the method of the pricing decision and issuing system in china discussed the advantage and weakness of the various issuing methods and compared the economic efficiency between the examine and approve system and authorization system in the third part we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part we analyzed the data of chinese stock market with spss made a analysis of the administrative pricing decision and market pricing decision studied the underpricing phenomena of chinese stock market and analyzed it ' s causes in the fifth part we made a analysis of the examine approve system and authorization system and in the last part we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation 1 from the results of this empirical study we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing 2 we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system there is no significant difference among the underpricing of shares but considered with the market entironment we think that the ipo ' s underpricing has been correspondingly reduced 3 to reduce difference between the primary market and the second market we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。 -
How to tax benefits related to share awards and stock option
股份獎賞和股份認購權利益如何課繳薪俸稅 -
Convertible bond is a convertible financing tool between bond and stock, convertible bond concurrently have features of bond, stock and option. its issue - clauses include interest rate, convertible ratio and convertible price, convertible date, call provision, put provision, strike - price - adjusted provision etc, convertible bond can reduce corporate financing cost and improve capital structure, investor can share corporate performance and income of convert bond
可轉換債券是一種介於債券和股票之間的可轉換融資工具，可轉換債券兼具了債券、股票和期權的特徵。可轉換債券發行條款包括票面利率、轉換比率和轉換價格、轉換期、贖回條款、回售條款、向下修正條款及強制轉股條款等等；發行可轉換債券降低了公司融資成本和改善債務結構，投資者可以分享發行人業績增長和股票價格的上漲帶來的轉股收益。 -
If the operation of the issuer is fairly good, the option embedded the convertible bonds will probably be implemented. thus the issuer may decrease the debts and financing cost through the conversion of the bonds into stock share
如果發行人經營良好，可轉換債券的期權將可能被執行，發行人就可以通過持有人把債券轉成股票而降低債務融資成本。 -
On coordination of reducing state - owned share and building managers ' stock - option
論國有股減持與經營者股權激勵機制建立的協同推進 -
Eso achieves a good cycle, i. e., the eso gives incentive - managers work hard and maximize the enterprise value - rise of the stock price - managers exercise the option, sell the stocks and take the benefits - managers work even harder. the principle of eso is to combine managers " interest to enterprises " interest. managers can share the benefit of the increase of the enterprises " value so that they can exert themselves in the enterprises " development
經理股票期權制度實現了這樣的良性循環，即： eso提供期權激勵經理人員努力工作，實現企業價值最大化企業股價上升經理人員行使期權獲得股票差價收益經理人員更加努力地工作，從而將經營者利益與企業利益有機地結合起來，讓經理人員參與分享企業增值的好處，從而促進經理人員在企業發展過程中發揮更大的作用。 -
Practically, the paper makes analyses of the realistic predicament of the staff share - holding system and the stock option in law and proves that the human capital
在實踐層面上，建立在人力資本基礎上的職工持股制度和股票期權制度都所面臨的現實法律困境，證明在中國制度背景下，人力資本出資是有效、實用的制度創新。 -
Stock option plays an important role in long - term incentive system. the main concern of share option is achieving a " better balance between the personal motives and financial incentives of executives and their fiduciary responsibility to shareholders "
股票期權作為企業長期激勵制度的重要部份，解決剩餘索取權、控制權相分離的矛盾，令企業家和股東目標相一致。 -
Qingdao haier has to strengthen management in order to make the conversion successful. the paper analyzes qingdao haier ' s operation status and financial status in 2001, analyzes its competitiveness and the impact of the change of environment on it, points out the problems existing in its capital structure, forecasts its income and earning before interest and tax in 2002, and compares convertible bond with stock and bond with respect to individual capital cost, overall capital cost, differential cash flow nud earning per share, and draws the conclusion that convertible bond is the best choice for haicr. the paper continues to systematically design convertible bond for haier and evaluate the convertible bond using the option pricing model
本論文分析了青島海爾有限公司2001年的經營狀況和財務狀況，分析了青島海爾有限公司的競爭優勢以及它所面臨的環境變化的影響，指出了青島海爾有限公司資本結構上存在的問題，然後根據公司的發展戰略及公司2001年的各種財務比率，預測公司2002年的收入及息稅前利潤，並從個別資本成本、綜合資本成本、差異現金流量和每股收益等方面對青島海爾有限公司增發新股融資、可轉換債券融資及企業債券融資三種融資方式進行了全面細致的比較分析，最終得出青島海爾有限公司以可轉換債券融資是最合適的。 -
Law > >, this paper bring forward the plans and steps to establishes stock system of the beinei group corp ' s every fittings and service center. in the plans of stock system construction of every fittings and service center, the paper design the following plans such as the aim and feasibility of stock system construction, the formation of enterprise ' s property, the scale of capital and dept, the scale and the structure of capital stock, the administration structure and running mechanism of every fittings and service center. at the same time, the paper bring forward and design the plans such as whole member of every fittings and service center hold the share, carry out executive stock option ( eso ) to inspirit and restrict the managers, stopping the length of service by compensate to replace the status of employee in the plans, especially about the structure of share, the paper makes the equilibrium of share. it is to hold the beinei group corp. ' s share by its 3 underling units
在各配件服務中的股份制改造方案中，本文設計了以下內容：各配件服務中心的改制目的與可行性；企業財產的形成過程；各配件服務中心的資產負債規模、股本規模及結構；各配件服務中心的治理結構與組織運行構架。同時，本文提出了北內集團總公司各配件服務中心實行全員持股，對經營者實行股票期權進行激勵和約束，通過買斷工齡對員工進行身份置換等方案，並對這些方案進行了設計。在股份制改造后的各配件服務中心的股份結構中，本文特別注意到使各配件服務中心的股份均衡，將北內集團總公司的股份分別由其三家下屬單位持有。 -
Although there is no real option pricing trading market all across the nation, the application of the theories will enjoy the bright future because many financial tools and businesses embody the idea of the option. the main applications include : the pricing of the company ' s financing tools, including stock, bond, convertible bond and so on ; the calculation of the proportion of liability to stock in case of changing the liability a company owes to a creditor into the stock share ; the evaluation of the value of a loan and analysis of the credit risk of loans in our country from the point of option ; and the evaluation of the effectiveness of executive stock. option and the improvement of the executive stock option
盡管目前中國還沒有期權交易市場，但由於許多金融工具和金融業務中都包含了期權的思想，期權定價理論在我國仍有廣闊的應用前景，本文對此進行了探索。主要的應用內容有以下四方面：公司融資工具，既包括傳統融資工具股票、債券的定價，也包括新型融資工具可轉換債券和認股權證的定價；債轉股業務中比例的確定，用布萊克-斯科爾斯模型和二項分佈模型兩種方法計算；貸款業務定價，並從期權角度分析我國貸款的信用風險狀況、成因；經理人期權激勵，包括其原理、對其有效性的實證分析，並引進指數期權作為改進方法。 -
Therefore, most of the enterprises investigated in this paper are soes that have established employee share scheme. yet, enterprises of different ownerships, such as stone group which introduced mbo to resolve ownership conflict, neu - alpine which includes employee share as part of its welfare program, and shanghai belling which implements virtual stock option plan, are also worthy of study for their inspiration to reforming of soes
但一些其他所有制類型的企業，如北京「四通」集團引入mbo （經理層融資收購）以解開懸置多年的產權之解，沈陽「東大阿爾派」以職工持股作為福利計劃之一部分，上海「貝嶺」的虛擬股票期權計劃，以此留住人才等，這些職工持股模式也同樣對國有企業有所啟示。
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