金融專業(yè)畢業(yè)論文外文翻譯--股票期權(quán)、當(dāng)前的公司業(yè)績(jī)和遞延收益-金融財(cái)政-預(yù)覽頁(yè)
【正文】 。 and TC is the total pensation paid to the CEO in the year. In order to examine whether the granting of CEO stock options is associated with a firm’ scurrent operating performance, we classify firmyear observations into three groupsbased on the proportion of stock options. We first rank firms based on their SOPROPby year and by industry. The first group prises the bottom one third of firms (low),the second group the middle one third (medium) and the third group includes firms withtop one third (high) proportion of stock options. Empirical Model To examine the association between current performance and stock options, we regressthe proportion of 我國(guó)民營(yíng)上市公司股權(quán)激勵(lì)與公司業(yè)績(jī) 的 相關(guān)性 分析 6 stock options on firmspecific performance as well as control variablesidentified in prior studies as determinants of stock option grants. As in Core, Holthausen and Larcker (1999), we use the accounting return on assets (ROA) as the proxy for firm performance. Specifically, we examine the following relation: SOPROPit = β0 + β1 ROAit + β2 FINANCIAL_COSTit + β3 VARIABILITYit1 +β4 CHG_SALEit1 + β5 SIZEit1 + β6 GROWTHit1 + β7 LEVERAGEit1 + β8 RETURN_1it + β9 RETURN_3it + eit [2] SOPROP it = the proportion of the CEO’ s total pensation of firm i that is posed on stock options in year t as defined by equation [1]. The stock options are valued using the Black amp。 VARIABILITYit1 = variability of firm i’ s stock return for the period of 60 months prior to year t。 LEVERAGEit1 = financial leverage (liabilities over equity) of firm i at the beginning of period t。算上 直接成本和間接成本， 避免 雇員流失 的 總成本 ， 是 其 一年工資和福利 的最小量 ，或兩年的薪酬和福利 的最大值 。 此外， Toracco（ 2020 年 ）指出 ， 雖然現(xiàn)在知識(shí)已經(jīng) 被 認(rèn)為 是 一個(gè)組織最寶貴的資產(chǎn) ，但是， 大多數(shù)組織缺乏必要 的 保留和利用知識(shí)價(jià)值的配套制度。 Stewart, 1997).。人力資本理論 假定 某些 勞動(dòng)力 更有生產(chǎn)力僅僅是因?yàn)樵絹碓蕉嗟馁Y源投資 在勞動(dòng)力培訓(xùn) 上 ， 相當(dāng)于一臺(tái)機(jī)器投入了更多的資源來提高生產(chǎn)率 ller, 1982)。 一個(gè)人 對(duì)與 工作有關(guān)的知識(shí)或能力的 了解， 影響該人的工資， 推銷自己和工作的 類型 (Becker， 1975； Hulin amp。在未來幾年 ， 個(gè)人對(duì)組織的承諾 將得到更 重要的承認(rèn)，以及該組織需要我國(guó)民營(yíng)上市公司股權(quán)激勵(lì)與公司業(yè)績(jī) 的 相關(guān)性 分析 10 創(chuàng)建一個(gè) 有 人會(huì)愿意留下來 的 環(huán)境 (Harris, 2020)。 Stern, 1997。 Katz, 1978). The understanding of length of service in an organization relates back to Ulrich’s (1998) ponent of mitment in his definition of intellectual capital. His definition was simply “petence multiplied by mitment” (p. 125), meaning intellectual capital equals the knowledge, skills, and attributes of each individual within an organization multiplied by their willingness to work hard. It will bee significantly more important in the years ahead to recognize the mitment of individuals to an organization, as well as the organization’s need to create an environment in which one would be willing to stay (Harris, 2020). Organizations will need to either create an intellectual capital environment where the transmission of knowledge takes place throughout the structure, or continue to lose important individual knowledge that has been developed through the length of service. This deep knowledge is what many believe will help to meet the needs and expectations of the customers and to create and sustain a petitive advantage within the global economy in which organizations are peting in today. Author： Sunil Ramlall Nationnality： America Originate from： The Journal of American Academy of Business， September 2020,P5259
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