【摘要】 建立了一个更具有柔性特征的ESOs定价模型,既EFF模型,它显性地嵌入了退出率、员工行为参数或信念参数.与此同时,在删除了无风险利率r的条件下,它考虑了ESOs的不可转让性,并引入了激励参数与主观折现率.EFF模型能更好地反映员工认股权价格的变化.更多还原

【Abstract】 The authors construct a more flexible ESOs pricing model—the so-called EFF model.It explicitly incorporates the exit rate,the employee’s behavior or their belief parameter into the EFF model.It considers its non-transferability and then explicitly incorporates the compensation incentive parameter and the subjective discount rate.At the same time,the risk free interest rate parameter r is struck off from the EFF model.更多还原