經理人股票選擇權的時間價值、智慧資本及公司特定風險

The Time Value of Executive Stock Option Compensation, Intellectual Capital, and Firm-Specific Risk

本文首先結合智慧資本與公司特定風險因素於Ohlson model以估計選擇權的價值。其次，進一步檢驗股票選擇權的時間價值與給予公司未來經營績效的關係，以探討股票選擇權的誘因效果。研究結果發現，由Black-Scholes model估計之經理人股票選擇權的價值與公司特定風險及智慧資本呈正相關。藉由市場股價估計時，股票選擇權的時間價值對公司未來績效有同步及遞延之負向影響。然而，當股票選擇權是採用股價與結合公司特定風險及智慧資本來評價時，股票選擇權的時間價值對公司未來兩期經營績效有同步及遞延之正向影響。

This paper estimates stock prices by extending the Ohlson model, which incorporates both intellectual capital and firm-specific risk factors, and reevaluates the value of stock options. We further examine the relationship between the time value of stock options and the future operating performance of the granting firms to understand the incentive effects of stock options. The findings indicate that the value of executive stock options, which are estimated by the Black-Scholes model, is positively related to both firm-specific risk and intellectual capital. The time value of stock options that is estimated from market stock prices has both concurrent and deferred negative effect on the future operating performance of a company. However, when stock options are valued by method combines firm-specific risk and intellectual capital, the time value of the stock options also has both concurrent and deferred positive effects on operating performance for the next two years.