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1、原文：原文：PurificationPurificationofofincentiveincentivecompatiblecompatibleallocationsallocationsJamesBerginAbstract.Thispaperexaminestherelativeincentivecostsofusingstockversusoptionsinmanagementincentivecontractsthatusema

2、rketpriceastheperfmancemeasure.Weestablishthatifthemanager’seffthaslittlenoeffectonafirm’soperatingriskthenthecostofincentiveriskislessusingstockratherthanoptions.Howeverthisresultisreversedifthemanager’seffthasasignific

3、antimpactonthefirm’soperatingrisk.Keywds:IncentiveefficiencyemployeestockoptionsexecutivecompensationAfirm’sstockpriceisoftenusedasaperfmancemeasureindeterminingmanagementcompensationbecauseincentivedevicesbasedonthestoc

4、kpricedirectlyalignmanagement’sinterestswiththeequityholders’desiretomaximizethevalueoftheirshares.Weclassifytheseincentivedevicesaseitherstockoptionbased.Thestockbaseddevicesincluderestrictedstockgrantsphantomstocksperf

5、mancesharestheirkeyfeatureisthatthemanager’scompensationisalinearfunctionofthefirm’sstockpricewhetherthatpriceishighlow.Theoptionbaseddevicesincludeincentivestockoptionsnonqualifiedstockoptionsstockappreciationrightsthei

6、rkeyfeatureisthatthemanager’scompensationvarieslinearlywiththefirm’sstockpricetotheextentthepriceexceedswhatisoftentermedthestrikeexerciseprice.Optionsshieldthemanagerfromthedownsiderisktowhichstockexposesthemanager.Many

7、empiricalstudiesofmanagementcompensationeitherigneoptions“l(fā)ump”themtogetherwithstockusingtheir“marketvalues”(theBlackScholesmodelisoftenusedtovaluetheoptions).1Howeveroptionsobviouslyhaveincentiveeffects“relativevalue”is

8、atbestacruderepresentationofthe“relativestrength”oftheincentivesprovidedbystockoptions.2Thispaper19981968ChangePlan(%)(%)(%)ProfitSharing393125401(k)141040PieceWk918–50Gainsharing228175Theuseof401(k)plansisreptedmainlyby

9、smallerproducersofmachinetoolbearingsgrinderscuttingtoolsCNCpartsgagesservomotcomponents.Theplanoperateslikeprofitsharingplanwithcompanycontributionsvoluntaryemployeecontributionsputintoaretirementfund.Liketheprofitshari

10、ngplanthe401(k)planbuildsgoodwillthroughcompanycontributionsbutdoesnotactasamotivatfdailyproductionefft.Higherpaidskilledemployeescanaffdtocontributetoafundbutonlyasmallfractionofthesemiskilledunskilledwkerscanaffdtodoso

11、.Whyare401(k)plansusedAgaintheyalsotendtocreatestabilityamongolderemployeeswhohavebuiltuparespectableretirementfundasaresultoftheplan.Second401(k)plansarepopularwithexecutivesmostofwhomcanaffdtocontributetotheplangaincom

12、panymatchingfunds.Stillthe401(k)planisnotamotivatfplantemployees.Thepiecewkbonussystemisreptedtoprovideexcellentincentivesfproductivityimprovementinlabintensivecompaniessuchbonusesarepopularwithplantemployees.Employeesar

13、eencouragedtoearnindividualbonusesfdailyoutputabovethestard.Suchbonusesarepaidweeklysothereisnowaituntilyearend.Thisplanisusedindifferentlabintensivedepartments(notplants)bysmallerproducersofbearingsclutchesgearsscrewmac

14、hinecomponentspinionscalipersmicrometerscuttingtoolcomponents.Howevercompaniesreptthatqualitydefectsoftenincreasebecauseoftheemphasisonquantity.Thepopularityofthepiecewksystemhasbeengreatlyreducedbymechanization.Gainshar

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